The Rising Cost of Building a House in Nigeria
Despite the biting economic effects of the recession in Nigeria, the cost of building a house has continued to rise. Between October 2016 and April 2017, several building materials have become more expensive than they used to be. In October 2016, it cost N2,500 to buy the ¼ white plywood board whereas, in April 2017, the same plywood was sold for N4,200 per unit.
As expected, this holds grave consequences for developers, the government, Nigerians planning to rent or buy property as well as other stakeholders.