CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF 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 STATEMENT OF THE PROBLEM
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 QUESTIONS
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.
REFERENCES
Akanni, P.O (2006). Small Scale Building material Productionin the context of the informal economy. The professional Builders, Pp13-18.
Akanni, P.O, One, E.A, Akpomiemie, O.A (2014). Impact of Environmental Factors on building project performance in Delta Star, Nigeria. HBRC Journal. Advance online publication.
Anosike, P. (2009). Nigerian groans under high cost of building Material. The daily Sun, pp 38-39.
Idoro, G.I. and Jolaiya, O.(2010). Evaluating material storage strategies and their relationship with construction project performance. Proceedings of CIB International Conference on Building Education and Research University of Cape Town (Pp. 103-113).
Jagboro, G.O, and Owoeye, C.O. (2004). A model for predicting the prices of building materials using the exchange rate in Nigeria. The Malaysian surveyor, 5(6), 9-14.
Mekson, j. (2008). Prices change of building materials in developing Communities in Nigeria. The professional Builders, Pp.21-27.
Mohammed, H.Y (2008). Nigeria: Builders groan on rising cost of building materials. Daily Trust, P. 29
Njoku, J. (2007). Grappling with escalating cost of construction materials. The vanguard, pp.36-37.
Udosen, J.U, and Akanni, P.O (2010). A factorial analysis of building material wastage associated with construction projects. Journal of Civil and Environmental systems Engineering 11(2), 81-90.
United Nations Center for Human Settlement. (1993). Building materials for housing. An appropriate intermediate, cost effective building materials, technology and transfer mechanism for housing delivery.