Stakeholders Advocate Price Regulation Amidst Rising Cost of Building Materials

Stakeholders in Nigeria’s real estate sector have called on the federal government to subsidise building materials to address the rising cost of construction materials across the country.

The managing director of Rural Homes Limited, Sa’adetu Aliyu highlighted the urgent need for government intervention during an inspection tour of the newly developed Karimo Market in Abuja.

While urging the government to regulate prices, particularly for building materials, to stabilise the industry and ensure affordability, he said: “The government should take decisive action to regulate prices in the real estate industry, particularly regarding building materials. They could consider subsidizing the sector or directly controlling the costs of building materials.”

The Karimo Market project, valued at N5billion and developed by Rural Homes Limited, covers 10 hectares and features over 3,000 shops, warehouses, and modern infrastructure.

Aliyu noted that, while the economy has impacted project costs, the market is poised to boost the local economy by attracting thousands of traders and increasing productivity.

“With thousands of traders coming here, productivity will increase, and the local GDP will substantially boost. This project will not only provide trading opportunities but also contribute significantly to the Gross Domestic Product of Abuja Municipal Area Council (AMAC),” Aliyu added.

The chairman of AMAC, Christopher Zakka, praised the development, expressing satisfaction with the market’s progress, even as he pledged support to help the market reach its full commercial potential.

Similarly, the District head of Karimo, Sarki Danlami, described the market as the largest in Abuja, reassuring the community that security measures would be in place to safeguard traders and prevent theft or vandalism.

“Any development area without a market is incomplete, and Karimo is no exception. This market will bring growth to the area, and we are committed to ensuring it is well-maintained,” Danlami remarked.

The Karimo Market is expected to become a major commercial hub in Abuja, contributing to the city’s economic growth and creating opportunities for traders across the region.