Cement, Blocks, Paint Prices Soar by Over 100% in Nigeria (See Price List)

A recent report reveals that the cost of building materials in Nigeria has surged by over 100% in the past year, causing significant disruptions in the construction industry.

This sharp rise in prices has posed major challenges for large-scale developers and homeowners alike.

Several factors have contributed to this increase, including disruptions in the supply chain, rising labor costs, and wholesalers raising prices above factory rates. According to Daily Trust, cement prices have more than doubled, increasing from ₦4,000 to ₦8,800 per bag.

Similarly, the price of blocks, which were previously sold for ₦250 each, has now risen to between ₦550 and ₦600, depending on size. Iron rods, ranging from 10mm to 16mm, which cost ₦800,000 per ton in 2023, have now jumped to ₦1,600,000 per ton or higher, depending on the supplier.

The price of paints has also seen a significant rise, with a large rubber, previously priced between ₦23,000 and ₦25,000, now costing between ₦46,000 and ₦50,000.

The National Bureau of Statistics (NBS) reported that Nigeria’s headline inflation rate reached 32.70% in September 2024, up from 32.15% in August 2024, driven by increased transportation costs and food prices.

This inflationary pressure has led to a slowdown in construction activities, as developers struggle to cope with the escalating costs of building materials, further straining the industry.

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