The dictionary definition of trends simply means “to move or extend in a specific direction” (Long Man Family Dictionary) also trends simply means “a general direction in which a situation is changing or developing” (Advance Learner’s Dictionary).
Leaning on, this definition of “trends” thus the subject matter “trends in building cost in Nigeria” can be described as a way to move or extend in a specific direction of building cost in Nigeria.
This trend in building cost is associated with the cost of erecting a building which includes the physical preparation and developmental cost.
The construction industry is very vital to the socio-economic development of a nation, this is because the affordability or otherwise of construction affect the confidence of the citizen in their existence in any nation.
One of the first and most fundamental aspect of human needs is shelter, therefore, it become necessary that the cost of constructing a given building project should be within the reach of the average citizens, (Dr. A.R Oladele 2007).
Over the years, the discovery of oil in Nigeria alongside with increasing population led to the increase in the demand for building in Nigeria.
Also the unscheduled changes of government in Nigeria lead to the formulation of policics from one government to the other which sometimes do not favour the construction industry.
These trends in building cost are caused by the following factors which include:
Method of construction
Limited number of manufacturers of building materials
Employment of foreign expatriates
Increment of wages
Bribery and corruption
Second tier of foreign exchange
These reasons mentioned above are making a tremendous contribution to the increasing building cost which in turn posing a potential blockage to the chance of the less privileged ones to own a house or building and also went further to make it difficult for them to pay rent charged by the lessor on a house.
Therefore, this project is aimed at highlighting various factors that influence these trends in building cost in Nigeria. And to come up with possible solution to curtail these treads through oral interview and questionnaires with parties involved also to asses the changes within the period of ten years (10 years) (2000-2010).
Previous studies in building sector have indicated thatbuilding materials account for between 50 to 60% of the total construction input (Adedeji, 2012:1; Ogunsemi, 2010:2). Building materials constitute the largest single input in building construction, of which housing is one part. Adedeji (2012:2) revealed that the cost of building materials has been one of the factors prohibiting successful housing delivery. Nega (2008) opine that increase in costs of construction is caused by increase in the cost of building materials, an increase which has a significant impact on overall budgeted cost of construction.Construction cost has been the most significant consideration for the execution of any construction project. Previous studies have determined that delays in housing deliveries have resulted in client and contractor disputes, litigations and project abandonment, and cost and time overrun. Hence, there is a need to address this increase in the cost of building materials that are impeding the delivery of sustainable affordable housing that in Nigeria.
While excessive costs of building materials has significantly slowed down the housing delivery, nevertheless, the problem of increase in the cost of building materials cannot, be rationally minimised by using non-conventional building materials, without due consideration of the sustainability of these alternative materials, the appropriate initiative and the cost of processing. The theory of sustainability has called for major attention in the construction industry over recent decades.
Housing availability is characterized by its method of production as well as life cycle which enhances the economic stability of the inhabitants by taking into consideration – at every stage of construction – the use of land and materials resources (Solanke, 2015:2). Thus, to deliver sustainable housing, it is crucial to consider the implications of cost of materials and the resource availability (sustainability) from the housing design stage to construction stage in order to ensure adequate building materials’ utilisation.
The cidb (2007) Report indicates that the volatile building materials in the Nigerian construction industry are steel, cement, sand, copper, timber, PVC, bitumen and masonry blocks/bricks, which according to the Engineering News document cited within the cidb report, have increased up to 100% between October 2000 and October 2006.