More
    HomeNewsBlocks, paint, cement, other materials increase by more than 100 percent

    Blocks, paint, cement, other materials increase by more than 100 percent

    Published on

    The construction industry has been disrupted by the development, which presents serious difficulties for households and huge developers.

    A number of variables, such as supply chain disruptions, rising labor costs, and wholesalers hiking prices above factory rates, are responsible for the increase.

    A Daily Trust report claims that the price of cement increased by 100%, from ₦4,000 to ₦8,800 per bag.

    Last year, blocks sold for ₦250 each, but currently, depending on their size, they range from ₦550 to ₦600.

    The price of 10mm to 16mm iron rods, which cost ₦800,000 per ton in 2023, might now reach ₦1,600,000 or higher, depending on the manufacturer.

    Paint prices have also increased. For example, a large rubber that used to cost between ₦23,000 and ₦25,000 now costs between ₦46,000 and ₦50,000.

    Nigeria’s headline inflation rate increased by 0.55 percent month over month from 32.15 percent in August 2024 to 32.70 percent in September 2024, according to the National Bureau of Statistics (NBS).

    The NBS also noted that rising food and transportation expenses drove inflation during the month.

    Construction has slowed as a result of this inflationary pressure, as developers grapple with the financial ramifications of skyrocketing material prices.

    Latest articles

    Police Service Commission Deploys Monitors for Ondo Governorship Election Security

      By Hosea Parah, Abuja The Police Service Commission (PSC) has deployed staff monitors to Ondo...

    Kogi traditional medicine practitioners laud Ododo over workers’ welfare

      Olu Samuel, Lokoja Members of the Traditional Medicine Practitioners Association in Kabba/Bunu Local Government Area...

    $35 million Atlantic Refinery project:Ex-Reps member commend Tinubu, EFCC over diligent prosecution of graft cases,zero tolerance to corruption.

        A Former Member of the Federal House of Representatives, Hon. Israel Sunny Goli has...

    Educate to empower: Combating maternal mortality through SRHR access

      By Hosea Parah, Abuja Maryam Jiddah story begins in the bustling city of Abuja, in...

    More like this

    Police Service Commission Deploys Monitors for Ondo Governorship Election Security

      By Hosea Parah, Abuja The Police Service Commission (PSC) has deployed staff monitors to Ondo...

    Kogi traditional medicine practitioners laud Ododo over workers’ welfare

      Olu Samuel, Lokoja Members of the Traditional Medicine Practitioners Association in Kabba/Bunu Local Government Area...

    $35 million Atlantic Refinery project:Ex-Reps member commend Tinubu, EFCC over diligent prosecution of graft cases,zero tolerance to corruption.

        A Former Member of the Federal House of Representatives, Hon. Israel Sunny Goli has...