The costs of steel, tiles, doors, and Plaster of Paris (PoP) cement, among others, have risen by over 20% between March 2021 and August 2021. This is according to a survey of major building materials markets across Lagos.
For instance, the cost of steel, which was sold at N360,000 per tonne as of March 2021, had increased to N441,000 at the end of August 2021, representing a 22.5% increase within the period under review.
- The cost of super white cement increased from N3,200 (25kg) to N8,000 and N9,000, and the cost of high-quality white cement (40kg) also increased from N6,500 to N16,000.
- The cost of 8mm diameter and 25mm diameter (imported) steel increased from N330,000 and N380,000 to N380,000 and N420,000 respectively.
- Doors are not left out in the hike. The cost of Flush door (high quality), Panel door and Turkish steel door (1,500 x 2,100) also rose from N60,000, N75,000, N235,000 to N85,000, N115,000 and N350,000 (or N400,000 depending on the brand) respectively.
- The hike also affected other building materials like cement blocks, binding wires and roofing sheets. Cement block (6 inches) are up from N180 to N230; 9 inches blocks are up from N210 to N280. The cost of binding wires and roofing sheets also rose from N8,000 and N6,500 per square metre (psm) to N16,000 and N9,000 psm.
Industry experts reveals the hike in the cost of building materials could lead to an increase in the use of substandard building materials, cost of rent or sale of buildings and further affect the purchasing power of intending homeowners among others.