According to an analysis, building material prices have increased by more than 100 percent in the last year.
It has sparked construction disruptions and has posed a challenge for massive developers and homeowners.
The rise is a result of multiple reasons, such as supply chain interruptions, higher labour costs and wholesalers charging more than factory rates.
Cement prices jumped from 4,000 to 8,800 per bag or 100 per cent, Daily Trust reported.
Blocks, which had been priced at 250 a piece last year, now range from 550-600 depending on the size.
Iron rods (from 10mm to 16mm), which had sold for 800,000 a ton in 2023, now sell for 1,600,000 a ton or more, depending on the company.
Paints too have increased, for example, the price of a big rubber, which had been around 23,000 to 25,000, now is between 46,000 and 50,000.
Nigeria’s headline inflation rate stood at 32.70 per cent as of September 2024, compared to 32.15 per cent in August 2024, representing a 0.55 per cent increase from month-on-month, the National Bureau of Statistics (NBS) said.
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Increases in transportation expenses and food prices pushed inflation higher this month, the NBS said.
Resulting from this inflationary pressure, construction activities have slowed down as developers grapple with the financial implications of higher materials prices.
