Kelvin Bowoto
The Coalition of Abuja Builders has warned that the collapse of Nigeria’s real estate and construction industries creates serious “national security risks” and an “economic emergency” that requires immediate government involvement.
Speaking on behalf of its members, prominent real estate developers responsible for delivering over 25,000 homes in the Federal Capital Territory, Abdulmalik Mahdi, Co-Convener, and Taiwo Yusuf, Co-Convener, asserted in a statement that unprecedented price increases of more than 100% on key building materials such as cement, iron rods, and quarry products threatened the viability of construction companies across the nation.
“Firms are grappling with existential threats, amplifying the strain on our already fragile national economy,” the coalition said in a statement.
It stated that the collapse of the Nigerian real estate industry would cause widespread hardship among stakeholders, including customers, suppliers, affiliates, government bodies, and the workforce.
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“Such an outcome has the potential to destabilize local communities, impair housing access, remove jobs and livelihoods for skilled laborers, diminish government income, and hinder key infrastructure development, all of which would have a significant influence on national stability and security.
“We assert that this constitutes a national security imperative and an economic emergency demanding urgent attention,” the group said in a statement.
It applauded some initial government attempts to control growing cement costs but emphasized that further “necessary measures must be taken to avert this crisis.”
In addition to advocating for regulatory reforms and incentives to boost domestic production capacity, the builders coalition emphasized real estate’s critical role as the primary employer of skilled workers, who number in the millions in Nigeria and are now facing layoffs and income losses due to insufficient housing industry support.
“The Renewed Hope Agenda for Housing risks derailment within the prevailing economic climate,” warned Abuja developers, calling for extensive engagement between politicians and manufacturers.
“And real estate associations should protect the construction sector as a source of future growth. Failure to act decisively puts Nigeria in jeopardy,” it stated.
Techrectory with Agency Report.
