Surge In Prices: Iron Rods Cost From N8,500 To N18,500

Surge In Prices: Iron Rods Cost From N8,500 To N18,500

As cement prices continue to soar across the nation, the cost of iron rods, also known as reinforcements, has seen a significant surge, surpassing the hike in cement prices……READ ALSO Exploiting Naira Depreciation: Neighbouring Countries That Profits From Nigeria

The prospect of Nigerians owning affordable homes is diminishing by the day due to the exorbitant prices of major building materials.

According to a report by BusinessDay, a recent survey indicates that the price of a 16mm rod has escalated from N8,500 to N18,500, marking a staggering increase of over 100% in just a short span.

While rods come in various sizes tailored for different construction needs, structural engineers typically recommend sizes such as 12mm, 16mm, 20mm, 25mm, 10mm, or 8mm, depending on material strength and design specifications.

In an interview with the publication, property consultant Smith Ezenagu expressed concern, stating that unless measures are taken to address the escalating costs of building materials, shelter may soon become a luxury rather than a fundamental necessity.

Ezenagu remarked, “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 highlighted his firsthand experience, revealing that the cost of sand for construction projects has nearly doubled within a short timeframe. For instance, he cited purchasing sand for N37,000 in October last year, only to find the price escalate to N90,000 just three months later in January, representing an almost 200 percent increase.

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