2 months ago
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Stakeholders have called on the government to subsidise building materials in a bid to bring down the high cost of construction in the country.
The Managing Director of Rural Homes Limited, Sa’adetu Aliyu, stressed the need for the Federal Government to subsidise building materials to mitigate the rising costs within the real estate sector.
Speaking during an inspection tour of the newly developed Karimo Market in Abuja, recently, Aliyu emphasised the need for government intervention to stabilise the industry.
“The government should take decisive action to regulate prices in the real estate industry, particularly regarding building materials,” she said.
She explained that while the broader economy had an impact on price fluctuations, there was still room for the government to step in and ensure affordability within the sector.
“They could consider subsidising the sector or directly controlling the costs of building materials,” Aliyu added.
The N5bn Karimo Market project, spearheaded by Rural Homes Limited, spans 10 hectares and includes various facilities, such as shops, warehouses, and modern infrastructure.
According to Aliyu, economic conditions have significantly affected project costs, but the market is poised to drive economic growth by attracting traders from across the region.
“With thousands of traders coming here, productivity will increase, and the local GDP will substantially boost. This project will not only provide trading opportunities but also contribute significantly to the Gross Domestic Product of AMAC,” Aliyu noted.
The new market, which boasts over 3,000 shops and stalls, is expected to become a major commercial hub in Abuja.
In his remarks, the Chairman of Abuja Municipal Area Council, Christopher Zakka, expressed satisfaction with the market’s progress and praised the developers for their dedication.
He pledged support to ensure the market achieves its full potential.
Meanwhile, the District Head of Karimo, Sarki Danlami, described the market as the largest in Abuja and reassured the community that security measures would be prioritised to prevent theft and vandalism.
“Any development area without a market is incomplete, and Karimo is no exception. This market will bring growth to the area, and we are committed to ensuring it is well-maintained,” Danlami said.
