Soaring Prices of Building Materials: Iron Rods Outpace Cement in Nigeria

The prices of iron rods, also known as reinforcements, have skyrocketed in recent days, outpacing the already high prices of cement.

A recent survey has revealed that the cost of a 16mm rod has surged from N8,500 to N18,500, reflecting an increase of N10,000 or over 100% in a matter of days.

Property consultant Smith Ezenagu has expressed his concerns about the situation, stating that if the rising cost of building materials is not addressed, shelter may become a luxury rather than a basic necessity in Nigeria.

He believes that the government must intervene to curb the price increases and that exploring alternative building materials, such as wooden houses, could be a viable solution.

The impact of these soaring prices is already being felt by builders and developers. Ezenagu shared an example of a project he started in the Epe area of Lagos in October 2022, when he bought a trip of sand for sand-filling at the cost of N37,000.

Just three months later, in January 2023, he started another project in Ibeju Lekki’s Emerald Garden Estate and had to purchase sand at the rate of N90,000, representing a nearly 200% increase in price.

The construction industry in Nigeria is grappling with the challenge of escalating prices of building materials, which is not only affecting the affordability of housing for the general population but also the overall growth and development of the country.

The government and industry stakeholders must work together to find sustainable solutions to this pressing issue, ensuring that