ANALYSIS OF TREND IN PRICE OF BUILDING MATERIAL AND BUILDING DEVELOPMENT IN SOUTH EAST NIGERIA (2013-2022)

This study examines the trend in the prices of major building materials and its implications for building development in South East Nigeria between 2019 and 2022. The persistent rise in construction costs has become a major concern for stakeholders in the Nigerian housing sector, particularly in the South East geopolitical zone where rapid urbanization and housing demand continue to exert pressure on available resources. Within the study period, key building materials such as cement, reinforcement bars, sandcrete blocks, timber, and roofing sheets experienced significant and consistent price increases. For instance, the average price of a 50kg bag of cement rose from about ₦2,500–₦3,000 in 2019 to between ₦5,500 and ₦8,000 by 2022, reflecting a sharp upward trend. The study adopts a descriptive and ex-post facto research design, utilizing both primary and secondary data collected from construction professionals and market surveys across selected states in South East Nigeria. The findings reveal that the price escalation of building materials is largely driven by macroeconomic and structural factors such as inflation, exchange rate fluctuations, high transportation costs, inadequate local production, supply chain disruptions, and increased demand relative to supply. Furthermore, the continuous increase in material costs has adversely affected building development by raising the overall cost of construction, slowing down project completion rates, and reducing access to affordable housing for low- and middle-income earners. The study also establishes a direct relationship between rising material prices and the decline in building project initiation and completion within the period under review. The study concludes that unless effective policy measures are implemented to stabilize prices and improve local production capacity, the construction sector in South East Nigeria may continue to experience setbacks. It therefore recommends government intervention through price regulation policies, encouragement of local manufacturing of building materials, improved infrastructure for transportation, and strategic economic policies to curb inflation and stabilize the exchange rate. These measures are essential for enhancing sustainable building development and addressing the housing deficit in the region