Abuja residents are powerless to stop the skyrocketing rent prices in the nation’s capital.
This is because a number of capital city homeowners have pointed the finger at the exorbitant cost of construction supplies as the source of the problem.
While the price of construction in Abuja has increased by more than 200 percent from a few months ago, existing buildings are just as difficult to maintain, according to some landlords.
The materials needed for building, development, and upkeep, they said, had become prohibitively expensive in Nigeria.
Maintenance is an ongoing expense for any building, and some property owners lament that it is becoming more difficult with each passing year.
According to a MISMOB investigation into various Abuja marketplaces selling construction supplies, commonplace items like sand, cement, granite, concrete, wood, Plaster of Paris, POP, glass, paint, and plumbing supplies are now out of reach for the average man.
For example, a 50-kilogram bag of cement costs between N9,000 and N15,000 now, more than three times what it did a few weeks ago.
The construction industry has a substantial impact on the growth of the Nigerian economy and the development of the country’s infrastructure.
A lot of buildings that were being built have been abandoned by their owners because of how expensive cement is. The price of cement now varies from N9,000 to N15,000 per 50kg, depending on the quality.
The current price range for 10 kilograms of flexible binding wire in Nigeria is N85,500 to N125,000, with individual rolls costing between N8,000 and N12,000.
Prices for 10 kilograms of solid binding wire vary from N69,000 to N72,000, while bundles cost between N12,500 and N13,800.
Thirty by thirty tiles cost between 12,500 and 13,500 Naira, forty by forty tiles cost between 12,400 and 13,800 Naira, thirty by sixty tiles cost between 12,700 and 13,000 Naira, and sixty by sixty tiles cost between 14,700 and 16,000 Naira.
The price range for 300×300 pack of vitrified tiles is N9000-10,000, and the price range for 450×450 pack is N10,100-12,500.
Polished porcelain, steel rod, concrete, granite, sand, and their respective prices are also on the rise.
Things on the higher side include roofing sheets, building blocks, laterite, Nigerian wood, windows, doors, and so on.
Because everyone is aware of the country’s economic crisis, Mr. Jov Richard, owner of a 16-bedroom flat in the Gudu District of the FCT, told DAILY POST that the subject of why rent is increasing should not be considered.
This question has no business being asked, says Jov, a native Tiv. Is anyone denying the reality of the situation? What is the current price of a bag of cement? When I was building my house, how much were the nails? Are you aware of the current selling price of a block?
You should inquire at the local block industry. Where did you look for sand or tiles to purchase? Upon learning the current price of cement, I had to abruptly halt my plans to begin constructing my plot of property in Kuje. It seems like every politician you meet these days is also a home builder. Therefore, the question has already been answered.
Rent in Abuja has soared due to the high cost of construction materials, according to Mr. Aliyu Wamakko, national president of the Real Estate Developers Association of Nigeria (REDAN), who was also interviewed by MISMOB on the same topic.
You see, what we are currently facing due to the economic downturn is the substantial rise in the price of everything, including commodities and rent,” he remarked. That is something you must grasp. Now that the price of cement has risen to N22,000 a bag, how can one hope to pay a reasonable rent? So, it’s beyond your comprehension.
This is due to the fact that the price of construction materials has recently risen significantly. Did you know that there are certain houses that accept dollars as a form of payment? I was wondering, what is the current exchange rate for one dollar to naira? The current state of the currency rate has compounded the rent situation even further. You can see that some of the apartments are paid for in dollars. And there has been horrible volatility in the FX market.
The reasons for the increase in housing rent are as follows. On top of that, we believe this administration should do something to alleviate the country’s severe housing deficit.
Keep in mind that problems like insurgency, banditry, and natural disasters like floods cause housing prices to rise.
Furthermore, these problems stem from the elimination of subsidies; it’s a shame the government wasn’t better prepared before making the decision.
Just take a look at the workers’ salaries: N30,000. What does a bag of rice cost? Now you should get it. You have a lot on your plate already: rent, food, transportation, your kids’ tuition, and clothing. In what ways do you believe it is feasible?
Please, I beg you, all Christians and Muslims in our nation, keep praying for our nation’s stability. No other way out exists but that. No one can offer you “this is the way out” at the moment.
According to Tony Ogunleye, director of press for the Federal Capital Territory Administration (FCTA), as previously reported by MISMOB, no legislation in Nigeria governs the amount of rent that a landlord chooses to collect.
He maintained that Abuja’s rent has always been expensive.
It is not something that started today; Abuja rent has always been exorbitant compared to locations like Lagos and Port Harcourt, he claims.
The owners of those vacant structures in the FCT are acting legally, according to Ogunleye, who was commenting on the issue. They are not in violation of any laws.
“Assuming they are meeting their ground rent obligations. It is none of anyone’s concern if someone decides to construct ten dwellings and then abandons them. Being compliant with government demands is their main concern, therefore they don’t have anything to worry about.