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Like Cement, Price Of Iron Rods Jumps From N8,500 To N18,500
EKO HOT BLOG reports that amidst the skyrocketing prices of cement nationwide, the costs of iron rods, also known as reinforcements, have surged significantly, surpassing the increases seen in cement prices.
This online media platform highlights the ongoing challenge faced by Nigerians in realizing the dream of owning affordable homes, as the exorbitant prices of key building materials persistently weigh down on prospects.
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According to BussinessDay, a recent survey revealed that the price of a 16mm rod has risen from N8,500 to N18,500, reflecting N10,000 or over 100% increase in a few days.
Although rods are of different sizes for different uses, it was reported that structural engineers recommend 12mm, 16mm, 20mm, 25mm, 10mm, or 8mm, depending on the strength of the material and other design specifications.
In an interview with the aforementioned publication, property consultant, Smith Ezenagu, lamented that if nothing is done to curb the rising cost of building materials, shelter might become a luxury rather than a basic necessity.
He said, “In fact, if nothing is done to curb the current prices of building materials in Nigeria, we might get to a point where shelter will become a luxury and not a basic necessity. Apart from the government stepping in like they are doing to curb these things, I believe this is the time we explore alternative buildings like wooden houses and others.”
He further disclosed that he started a project in the Epe area of Lagos in October last year when he bought a trip of sand for sand-filling at the cost of N37,000.
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He added, “Three months after in January, I started a project in one of my estates in Ibeju Lekki, Emerald Garden Estate, and I bought sand at the rate of N90,000. That’s an almost 200 percent increase in price in just three months.”
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