A report has indicated that the cost of building materials has skyrocketed, amounting to over 100 per cent hike in the last 1 year.
The development has led to disruptions in the construction industry, posing significant challenges to large-scale developers and homeowners...CLICK TO READ THE FULL NEWS HERE▶▶
The increment can be attributed to a combination of factors, including disruptions in the supply chain, escalating labour cost and wholesalers raising prices compared to factory rates.
According to a report by Daily Trust, Cement prices surged from N4,000 to N8,800 per bag, representing a 100 per cent increase.
Blocks, which were selling for N250 each, last year, are now between N550 and ₦600 depending on the size.
Iron rods, which range from 10mm to 16mm, which cost N800,000 per ton in 2023, are now N1,600,000 per ton or more, depending on the company.
The cost of paints has also gone up as a big rubber, which hitherto cost between N23,000 and N25,000, is now between N46,000 and N50,000.
According to the National Bureau of Statistics, (NBS), Nigeria’s headline inflation rate in September 2024 rose to 32.70 per cent, up from 32.15 per cent in August 2024, marking a 0.55 per cent increase month-on-month.
The NBS added that inflation during the month was propelled by increases in transportation costs and food prices.
As a result of this inflationary pressure, there has been a slowdown in construction activities as developers struggle with the financial implications of soaring materials’ costs…CLICK TO READ THE FULL NEWS HERE▶▶
