An Abuja-based estate developer, Femi Adeniyi, has raised the alarm over the skyrocketing costs of building materials in the nation’s capital, which has sent shockwaves through the construction industry.

In an interview with our reporter, Adeniyi said that the prices of essential materials like cement, steel, and lumber have gone through the roof, forcing him to reassess his project budgets.

He said that on top of this, the wages of labourers working on construction sites have also seen a significant hike, further eating into his margins.

“And if that wasn’t enough, the cost of transporting these materials to sites across Abuja has added another layer of expense.”

Adeniyi lamented that these cumulative costs have ultimately been passed on to tenants, resulting in exorbitant house rents that are making it hell for people to afford accommodation in the capital city.

Tenants are getting squeezed from all sides as Adeniyi echoed their frustrations, he called for some relief from these crippling costs.