Nigeria’s 70 per cent reliance on imported building materials is leaving the housing market dangerously exposed to crippling supply and currency shocks, the State of Lagos Housing Market Report (Volume 3) has warned.

According to the report, Nigeria’s abundant raw materials still fall short of reducing reliance on imports due to limited local processing capacity.

It stated, “A staggering 70 per cent reliance on imported building materials exposes the market to global supply chain disruptions and currency volatility.

It reads, “To foster a more stable and efficient building materials market, the report recommends a multi-pronged approach: enhancing local production through manufacturing hubs and incentives, optimising supply chains, implementing consistent policy reforms, promoting sustainable and innovative building practices, and actively attracting both domestic and foreign investment. These measures are crucial not only for stabilising prices but also for addressing Nigeria’s severe housing deficit and ensuring sustainable economic development.