House Urges Probe into Soaring Building Materials Prices Amid Local Supply Glut

By Ifeyinwa Ike

The House of Representatives has called on the Federal Government to investigate the relentless surge in building materials costs, despite abundant local raw materials.

The house directed the Ministries of Housing and Urban Development, Industry, Trade and Investment, and the Federal Competition and Consumer Protection Commission (FCCPC) to probe potential anti-competitive practices, and other factors fueling the hikes..

The resolution followed a motion sponsored by Bayelsa lawmaker, Oboku Oforji, during Thursday’s plenary session.

Leading the debate, Oforji noted that the price of cement has risen sharply from about seven thousand, five hundred naira in late 2025 to between eleven thousand, five hundred and twelve thousand, one hundred naira in 2026.

He added that similar increases have also affected steel, sand, granite, and timber, placing additional pressure on housing development and construction projects nationwide.

Lawmakers resolved to set up an ad-hoc committee to investigate possible anti-competitive practices, supply chain bottlenecks, and market distortions responsible for the rising costs.