Costs of Building Materials in Nigeria – 2024: For years, the surge in building material prices has been a cause for concern in Nigeria. This surge directly affects the affordability and accessibility of housing for ordinary Nigerians, creating a ripple effect in the real estate sector.
Various factors contribute to the high cost of building materials, including inflation, foreign exchange rates, transportation expenses, and governmental policies. The 2023 General Election consequences further exacerbated the situation by disrupting stakeholders’ decision-making in major sectors, supply chains and causing a shortage of raw materials, which has yet to fully recover.
The spike in construction material costs has led to decreased demand for housing, as many Nigerians struggle to afford building or buying a home. This has significantly impacted the crucial real estate sector, which plays a vital role in the country’s economy.
To address the high cost of building materials, the government has initiated measures such as reducing import levies on specific commodities and promoting local manufacturing. However, more efforts are needed to make building materials more affordable and accessible to Nigerians.
Considering the present cost of building materials in Nigeria is crucial, along with exploring potential cost-cutting measures. This analysis can assist real estate stakeholders, policymakers, and the government in making informed decisions and taking necessary actions to tackle the issue.
Also read: Real estate list price and selling price explained
Here’s an overview of the current prices of various building materials in Nigeria:
- Wires:
- Flexible binding wire (bundle): N5,300-8,000
- Flexible binding wire (10kg roll): N43,500-49,000
- Firm binding wire (bundle): N6,300-8,800
- Firm binding wire (10kg coil): N47,000-52,000
- Cement:
- Dangote cement (50kg pack): N3,500-6,000
- Elephant cement (50kg pack): N6,200
- Eagle cement (50kg pack): N6,250
- UNICEM cement (50kg pack): N6,200
- Cellular Concrete cement (50kg pack): N5,900
- Ibeto cement (50kg pack): N6,000
- Ashaka cement (50kg pack): N6,000
- Wapco cement (50kg pack): N6,400
- Sokoto cement (50kg pack): N6,050
- Tiles (Per Square Meter):
- Vitrified tiles (300×300): N4,000-7,000
- Vitrified tiles (450×450): N5,100-8,500
- Polished Porcelain (40×40): N2,800-6,000
- Polished Porcelain (60×120): N4,000-7,500
- Wall Porcelain Tiles (300×600): N5,000-13,000
- Steel Rods:
- 8 mm steel rod: N700-1,050 (per piece)
- 16 mm steel rod: N1,500-5,000 (per piece)
- 12 mm steel rod: N1,100-4,500 (per piece)
- 10 mm steel rod: N1,000-4,100 (per length)
- 25 mm steel rod: N4,500-7,800 (per piece)
- BRC Mesh (20m of 3.5 mm): N14,000-18,000
- Concretes:
- 7 tons of 1-1/4 inch Gravel: N33,000-40,000
- 20 tons of Granite stone dust: N50,000-58,000
- 20 tons of ¾-inch Granite: N80,000-100,000
- Blocks:
- 9” blocks: N230-570
- 6” vibrated blocks: N270-650
- 9” hand mold blocks: N270-630
- Sand:
- Sharp coarse sand (20 tons): N42,000-49,000
- Smooth/plaster sand (7 tons): N25,000- 53,000
- Laterite:
- 10 tons of very clayey yellow-brown Laterite: N10,000-15,000
- 10 tons of not very clayey red Laterite: N10,000-18,000
- Roofing Sheets:
- 0.45 Aluminum roofing sheets: N1,550-1,900 (per sheet)
- 0.70 Aluminum roofing sheet: N2,400-2,900 (per sheet)
- Windows:
- Louvre Windows (750×750 mm): N2,100
- Sliding Windows (600×600 mm): N4,000-8,500
- Casement Windows (600×600 mm): N7,000-11,000
- Wood:
- Afara ¼-inch Plywood: N2,000-5,400
- Obeche ¾-inch Plywood: N4,000-7,600
- Doors:
- Domestic furniture doors: N5,500-10,200
- Flush plywood (low-density) door: N6,000-12,000
- Turkish door: N22,000-38,000
- Nails:
- 1 pack of 3-inch concrete nails: N800-5,200
- 1 bag of 2-inch nails: N5,300-9,000
Please note that these prices are subject to change due to various factors, including currency exchange rates, location, and market dynamics. It’s advisable to check the current market prices before making any purchases.
Understanding the factors influencing the cost of building materials, such as foreign exchange rates, inflation, transportation costs, availability and demand, and government policies, is essential for informed decision-making in the construction industry.
In conclusion, with a comprehensive understanding of the current building material prices and the factors influencing them, stakeholders can make informed decisions and work towards making construction more affordable for all Nigerians.