The Federation of Construction Industry has raised alarm over the rising costs of construction materials and diesel prices saying it risks plunging the industry into a state of unprecedented hardship.
The Association demands the urgent intervention of the federal government to address the situation as it riske jeopardizing the viability of ongoing projects across the country.
The FOCI President, Chief Vincent Barrah, who raised the concerns at a news conference in Abuja, said the exorbitant inflation of construction materials, including cement, steel, gravel, and asphalt, has significantly escalated project costs and responsible for delay in delivery of projects across board.
Barah who stated that the situation is at the verge of pushing many companies to the brink of collapse, urged government and prospective clients to review and update contract provisions to accommodate the inflationary impacts on materials costs.
He said the FOCI on its part is in discussion with relevant associated employees’ unions in the Construction Industry to adjusts the salaries of its employees to the current economic realities.
FOCI is the umbrella body for Construction Industry in Nigeria.
