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.
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.
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