1.1 Background to the Study
The construction industry in Nigeria is
upcoming industry; the sector is regarded as a catalyst for growth while
its performance serves as an indicator of the nations economy (Akanni
et al.,2014). It us supported by the association of construction
players, which encompasses developers, contractors, building material
and equipment suppliers, manufacturers, financiers, regulators and
others in the value chain.
Building material have been playing an
important role in the construction industry. They are those materials
put together in erecting or constructing structures, no field of
engineering is conceivable without their use (Akanni, 2006; Udisen and
Akanni, 2010). Building materials contribute immensely to the quality
and cost of housing, from what is used in the foundation to the
materials for roofing and finishes, while the building material industry
us an important contributor to the national economy of any nation as
its output governs both the rate and the quality of construction work.
The cost of building materials poses a
significant threat to both the construction industry and people aspiring
to own houses (Anosike, 2009; Mekson, 2008; Mohammed, 2008; Njoku,
2007). For example a bag of cement is valued at N1350 in 2006 goes as
high as N1850 in 2009 (Anosike,2009) depicting about 37% increment; the
bag goes as high as N2000 in 2012 during peak season (Field survey
2012). Supporting this view, Jagboro and Owoeye (2004) earlier
established that increase in prices of building materials has multiplier
effects on the industry while Idoro and Jolaiya (2010) affirmed that
many projects were not completed on time due to the cost of materials,
which have been on the increase. Besides timely completion, high prices
of building materials form a crucial constraint to improving housing
conditions in the low income earning countries, Nigeria inclusive
(United Nations Center for Human Settlement (UNCHS),1993).
1.2 Problem Statement
Inspire of the past studies on the cost
of building materials in Nigerua , little us publicized about the
effects of the rise in cost on property development; most literature
(Jagboro and Owoeye,2004; Meckson,2008; Njoku,2007; Oladipo and
Oni,2012) has concentrated on identifying the causes with little
emphasis on the implications, hence, the research seeks to provide
information on effects of the rising cost of building material by
examining its influence on property development.
1.3 Objectives of the Study
The major objective of the study is the effects of rising cost of building materials on property development.
1.4 Research Questions
(1) What are Building Material?
(2) what is property development?
(3) what are the factors that can increase cost of building materials?
1.5 Significance of the study
This study gives a clear insight into
the effects of rising cost of building materials on property
development. The study also produces results that corroborate the Fo
dings of a great deal of the previous work in this field.
1.6 Scope of the Study
The research focuses on the effect of rising cost of building materials on property development.
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