J
Justina Otio
Guest
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.
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 ₦4,000 to ₦8,800 per bag, representing a 100 per cent increase.
Blocks, which were selling for ₦250 each, last year, are now between ₦550 and ₦600 depending on the size.
Iron rods, which range from 10mm to 16mm, which cost ₦800,000 per ton in 2023, are now ₦1,600,000 per ton or more, depending on the company.
The cost of paints has also gone up as a big rubber, which hitherto cost between ₦23,000 and ₦25,000, is now between ₦46,000 and ₦50,000.
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.
The post Cement, Blocks, Paint, Others Rise By Over 100 Percent (See Price List) appeared first on Naija News.