Nigerian Lawmakers Launch Probe Into Soaring Building Material Prices
Cement prices in Nigeria have jumped as high as ₦12,000 per bag, intensifying the country’s housing crisis. Lawmakers now suspect possible market distortions and anti-competitive practices within the construction sector.
Nigeria’s House of Representatives has launched an investigation into the sharp rise in building material prices, warning that escalating construction costs are worsening housing affordability nationwide.
Lawmakers raised concerns over soaring prices for cement, steel, timber, sand, and granite during a plenary session focused on the growing pressure facing developers and households.
The probe comes as affordable housing projects struggle under rising input costs, with some developments reportedly delayed or abandoned entirely.
Officials also fear that inflated construction expenses are driving higher rents and property prices across major cities including Lagos and Abuja.
The investigation could trigger new regulatory reforms targeting pricing practices, supply chain inefficiencies, and competition within Nigeria’s construction industry.
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