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Residents of the Federal Capital Territory, FCT, Abuja, are helpless over the soaring cost of rent in the nation’s capital.
This is as some house owners in the capital city blame the high cost of building materials for the troubling situation.
Some landlords complained that while the cost of erecting a new building in Abuja has gone over 200 percent from what it used to be some months ago, maintaining the old ones is no less a task.
According to them, materials used for the construction, development, and maintenance of buildings were no longer affordable in Nigeria.
A building goes through maintenance throughout its lifespan and some landlords say it is no longer an easy task.
A check by Journalist at different markets where building materials are sold within Abuja, showed that major materials such as, sand, cement, granite, concrete, wood, Plaster of Paris, POP, glass, paint and plumbing materials are now beyond the reach of the ordinary man.
A 50kg bag of cement, for instance, is now sold for N15, 000 and above which is more than three times what it was sold just some weeks back.
Nigerian infrastructure development and economic growth are significantly influenced by the building and construction industry.
Cement is an essential ingredient in the construction of buildings, but Journalist understands that many buildings under construction have been abandoned by the owners due to the high cost of this material which now ranges from N10,000 to N15,000 per 50kg, depending on the product.
Flexible binding wires in Nigeria now sell between N8000 to N12,000 while a 10 kg roll costs between N85,500 to N125,000.
A bundle of solid binding wire ranges from N12,500 to N13,800, and a 10kg coil costs between N69,000 and N72,000.
For tiles, 30 × 30 ranges from N12,500 to N13,500; 40 x 40 ranges from N12,400 to N13,800; 30 x 60 ranges from N12,700 to N13,000 while 60 × 60 ranges from N14,700 to N16,000.