Residents of the Federal Capital Territory, FCT, Abuja, find themselves in a predicament due to the escalating cost of rent in the nation’s capital. House owners in the city attribute this concerning trend to the exorbitant prices of building materials.
Landlords express dismay over the fact that the expenses associated with constructing new buildings in Abuja have surged by over 200 percent in recent months. Maintaining existing structures is no less challenging, with landlords contending that the materials required for construction, development, and upkeep are no longer within affordable reach in Nigeria.
Iwitnesslive’s investigation at various markets for building materials in Abuja reveals that crucial items such as sand, cement, granite, concrete, wood, Plaster of Paris (POP), glass, paint, and plumbing materials have become financially burdensome for the average individual. For instance, a 50kg bag of cement, which was sold at a considerably lower price a few weeks ago, now commands a price of N15,000 and above.
The building and construction industry significantly influences Nigeria’s infrastructure development and economic growth. Cement, a vital construction component, has witnessed a steep increase in cost, causing many construction projects to be abandoned. Flexible binding wires are now priced between N8,000 to N12,000, with a 10 kg roll ranging from N85,500 to N125,000. Other essential materials like tiles, steel rods, concrete or granite, sand, building blocks, laterite, roofing sheets, woods, windows, doors, etc., have all experienced a surge in prices.
Mr. Jov Richard, the owner of a 16-bedroom apartment in the Gudu District of the FCT, points out that the skyrocketing rent is a direct consequence of the prevailing economic challenges in the country, making it a well-known and understood circumstance.
According to Jov, a Tiv native, “This question shouldn’t be asked at all. Who is not seeing what is happening? How much do you buy a bag of cement today? How much was the nails when I built my house? Do you know how much a block is sold today?
“Please go to the nearest block industry and ask. Have you tried to buy tiles or sand? I wanted to start developing my piece of land in Kuje but had to stop immediately when I heard the current price of cement. Anybody you see building a house now is a politician. So, this question has answered itself.”
Also speaking on the subject matter, National President of Real Estate Developers Association of Nigeria, REDAN, Mr. Aliyu Wamakko, blamed the high cost of building materials for the sky-rocking rent in Abuja.
He said, “You see, the high rise in price of everything, including commodities and rent is what we are experiencing now because of the economic downturn. You need to understand that. How can you now sell a bag of cement for N22,000 and expect an affordable rent? So, it is something you cannot even comprehend.
“The high rise of building materials’ price is the cause of the situation. Do you know that some house rents are being paid in dollars? And how much is a dollar to naira now? The exchange rate is what is now adding another problem to the rent issue. Some of the apartments you see are paid in dollars. And the forex is fluctuating to a terrible stage.
“So these are some of the reasons the house rent goes up. And to add to that, there is a lot of house deficit in the country which we feel this government should do something to ameliorate that issue.
“You could remember we have insurgency, banditry and natural disaster like the floods and all these are issues that encourage the house rent to move up.
“Also, these issues are connected to the subsidy removal and it is unfortunate that the government did not prepare well before taking the decision.
“Look at the salary of the workers, N30,000 (minimum wage). How much are they selling a bag of rice? So you should understand. You have house rent to pay, you have feeding, transport, school fees for your children and you need to cloth yourself. How do you think it is possible?
“I call on you people to ask the country, both Christians and Muslims to keep praying for the stability of our country. That is the only way out. For now, nobody can tell you ‘this is the way out.”
The Federal Capital Territory Administration, FCTA, Director of Press, Tony Ogunleye had earlier told DAILY POST that there’s no law in Nigeria regulating how much a landlord decides to collect as rent.
He insisted that rent has always been on the high in Abuja.
According to him, “Abuja rent has always been high when you compare to places like Lagos and Port Harcourt; it is not something that started today.”
Speaking on unoccupied buildings around the FCT, Ogunleye said that “owners of those empty buildings you see are conducting themselves within the law. They have not gone against the law of the land.
“As far as they are paying their ground rent. Someone can build 10 houses and decides to leave them empty, it’s nobody’s business. They don’t have anything to worry about as much as they are complying with what the government demands of them.”
