EFFECT OF BUILDING MATERIAL COST ON HOUSING DEVELOPMENT IN NIGERIA. CASE STUDY OF LAGOS STATE

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EFFECT OF BUILDING MATERIAL COST ON HOUSING DEVELOPMENT IN NIGERIA. CASE STUDY OF LAGOS STATE

Abstract:

The cost of building materials is a critical factor influencing housing development, particularly in rapidly urbanizing regions like Lagos State, Nigeria. This study investigates the effect of building material costs on housing development in Lagos State, exploring the challenges faced by developers, homeowners, and policymakers in providing affordable and sustainable housing. Using a mixed-methods approach, the research combines quantitative data on material price trends with qualitative insights from stakeholders in the construction industry. The findings reveal that fluctuating costs of essential building materials, such as cement, steel, and sand, significantly hinder housing development, leading to increased construction costs, delayed projects, and a growing housing deficit. The study also highlights the impact of external factors such as inflation, foreign exchange rates, and supply chain disruptions on material costs. Furthermore, it examines potential solutions, including local material alternatives, government interventions, and innovative construction technologies, to mitigate these challenges. The research concludes that addressing the issue of building material costs is essential for achieving sustainable housing development in Lagos State and recommends policy measures to stabilize prices and promote the use of cost-effective materials. This study contributes to the discourse on affordable housing and provides actionable insights for stakeholders in Nigeria’s construction sector.

Keywords: Building material costs, housing development, Lagos State, affordable housing, construction industry, Nigeria.

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