High cost of building materials in the country is currently affecting activities in the property sector, posing a huge challenge to the government’s quest for affordable housing.
It has also affected private property developers as many of them have slowed down on construction, while individuals craving to build their houses through direct labour are also complaining.
Also, suppliers of building materials said their capitals have depleted and wares shrank in shops and stores due to uncertain market forces.
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 N600 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.
