CHAPTER ONE
1.0     INTRODUCTION
The dictionary definition of trends simply means “to move or extend in a specific direction” (Long Man Family Dictionary) also trends simply means “a general direction in which a situation is changing or developing” (Advance Learner’s Dictionary).
Leaning on, this definition of “trends” thus the subject matter “trends in building cost in Nigeria” can be described as a way to move or extend in a specific direction of building cost in Nigeria.
This trend in building cost is associated with the cost of erecting a building which includes the physical preparation and developmental cost.
The construction industry is very vital to the socio-economic development of a nation, this is because the affordability or otherwise of construction affect the confidence of the citizen in their existence in any nation.
One of the first and most fundamental aspect of human needs is shelter, therefore, it become necessary that the cost of constructing a given building project should be within the reach of the average citizens, (Dr. A.R Oladele 2007).
Over the years, the discovery of oil in Nigeria alongside with increasing population led to the increase in the demand for building in Nigeria.
Also the unscheduled changes of government in Nigeria lead to the formulation of policics from one government to the other which sometimes do not favour the construction industry.
These trends in building cost are caused by the following factors which include:
Method of construction
Limited number of manufacturers of building materials
Employment of foreign expatriates
Increment of wages
Import tariff
Fuel scarcity
Bribery and corruption
Second tier of foreign exchange
These reasons mentioned above are making a tremendous contribution to the increasing building cost which in turn posing a potential blockage to the chance of the less privileged ones to own a house or building and also went further to make it difficult for them to pay rent charged by the lessor on a house.
Therefore, this project is aimed at highlighting various factors that influence these trends in building cost in Nigeria. And to come up with possible solution to curtail these treads through oral interview and questionnaires with parties involved also to asses the changes within the period of ten years (10 years) (2000-2010).