Nigeria’s property sector faces severe setbacks as the cost of building materials soars, stalling both public and private construction projects and dampening hopes for affordable housing.
The rapid increase in prices, affecting materials such as cement, iron rods, and paints, poses a significant hurdle to the government’s efforts to address the nation’s housing deficit, estimated at 27 million units.
A survey reveals a staggering 100% rise in building material costs over the past year, fueled by inflation, supply chain disruptions, high transportation expenses, and escalating energy prices. Cement prices, for instance, have doubled from N4,000 to N8,800 per bag, while iron rods now cost over N1.6 million per ton.
Developers and individual builders are feeling the pinch. Many have been forced to pause or abandon projects as expenses spiral beyond reach. A civil servant, Joshua Oluwatobi, shared that the price of iron rods for his personal project spiked within hours, while Abuja-based builder Nasiru Mohammed noted that his company has had to halt all ongoing projects.
