Experts in construction industry complains over continued rise in inflation, high cost of diesel, power, taxation.
Written by News Room on April 15, 2022
Experts in the construction industry, under the aegis of the Federation of Construction Industry (FOCI), have complained that the continued rise in inflation, high cost of diesel and power, as well as taxation are killing the sector.
The FOCI, which is made up of contractors and consultants, said the situation is further worsened by the variation of prices in ongoing projects, which is pegged at five per cent.
They made the complaint during the Construction Industry Business Roundtable on Appropriation Act 2022, which was held in Abuja.
While saying that this is unrealistic in light of the current inflation rate, they warned that construction firms may be forced to disengage workers, which would worsen the unemployment situation in Nigeria.
The FOCI also observed that the industry is the biggest employer of labour and that many households would face a crisis if any construction firm shuts down.