DEVELOPMENT OF A MOBILE BASED CONSTRUCTION MATERIALS PRICE MONITORING SYSTEM FOR COST OPTIMIZATION IN NIGERIA

ABSTRACT

Rising volatility in construction material prices poses significant challenges to cost planning and financial risk management in Nigeria’s construction industry. This study examines the factors driving construction material price fluctuations and proposes a mobile-based price monitoring system for real-time tracking and predictive analytics to support cost optimization. Using secondary price data for major construction materials from 2020 to 2025, trend analysis and forecasting techniques were applied to simulate future price movements and evaluate budget efficiency under real-time pricing scenarios. The findings reveal persistent upward price trends largely influenced by inflationary pressures, exchange-rate instability, and supply-chain disruptions. The proposed system framework demonstrates strong potential to improve procurement timing, reduce cost overruns, and enhance financial decision-making despite the absence of a fully deployed mobile application. The study contributes a practical digital framework for construction cost management in developing economies and offers policy-relevant insights for improving market transparency and price stability.