WRITTEN BY: CHIOMA MADONNA NDUKWU
In the wake of skyrocketing cement prices, the cost of iron rods, essential for construction, has surged dramatically, surpassing the increase in cement rates.
A recent survey by BusinessDay indicates that the price of a 16mm rod has skyrocketed from N8,500 to N18,500, marking a staggering N10,000 hike, or over 100% increase, within a short span. The escalating prices of building materials are casting a shadow over the prospect of affordable housing for Nigerians, prompting concerns about the accessibility of shelter as a fundamental necessity.
Property consultant Smith Ezenagu warns of a potential future where shelter could become a luxury rather than a basic need if immediate measures are not taken to address the mounting costs of construction materials. Ezenagu highlights his firsthand experience, citing a nearly 200% increase in the price of sand within a span of three months, underscoring the urgency of finding solutions to mitigate the escalating construction expenses.
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