The cost of building materials in Nigeria has been a topic of concern for many years, as it directly affects the affordability and accessibility of housing for the average Nigerian. In recent times, the cost of building materials has increased significantly, causing a ripple effect in the real estate industry.
There are several factors that contribute to the high cost of building materials in Nigeria, including inflation, foreign exchange rates, transportation costs, and government policies. The COVID-19 pandemic has also had a significant impact on the cost of building materials, as it disrupted global supply chains and caused a shortage of raw materials and it hasn’t recovered up till now.
The high cost of building materials has led to a decrease in demand for housing, as many Nigerians cannot afford to build or buy homes. This has had a negative impact on the real estate industry, which is a critical sector of the Nigerian economy.
The government has taken some steps to address the high cost of building materials, including reducing the cost of import duties on some materials and increasing local production. However, more needs to be done to make building materials more affordable and accessible to Nigerians.
In this context, it is crucial to analyze the current cost of building materials in Nigeria and explore potential solutions to reduce it. This analysis can help stakeholders in the real estate industry, policymakers, and the government to make informed decisions and take appropriate actions to address the issue.
Current Cost of building materials in Nigeria (2024)
Prices of Wires in Nigeria
A bundle of flexible binding wire costs approximately ₦5,300-₦6,000, whereas the 10kg roll is priced at around ₦43,500-₦47,000.
On the other hand, a bundle of stiff binding wire is sold for ₦6,300- ₦6,800, with the 10kg roll being sold for about ₦47,000- ₦48,000.
Prices of Pit Latrines in Nigeria
7 tonnes of Broken blocks and sand Crete sells for ₦17,5500 – ₦18,700.
The cost of 10 tons of latrine varies, and it is as follows:
| Very clayey red Laterite | ₦20,000 – ₦35,000 |
| Clayey yellow-brown Laterite | ₦20,000 – ₦32, 000 |
| Moderately clayey greyish Laterite | ₦20,000 – ₦32,000 |
| Fairly clayey red Laterite | ₦20,000 – ₦32,000 |
| Moderately clayey whitish Laterite | ₦20,000 – ₦32,000 |
| Fairly clayey brownish-yellow Laterite | ₦20,000 – ₦32,000 |
The cost of absorbent filling materials for latrines varies depending on the type of material. Filling sand is priced between ₦30,000 – ₦32,000, while black soil filling sand sells for around ₦19,000 – ₦21,000 per 10 tonnes. Bubbles filling material is available for ₦22,000 – ₦24,000 per 10 tonnes.
If you need boulders for latrine construction, the cost will depend on their size. Small boulders cost between ₦50,000 – ₦55,000 per 15 tonnes, while large boulders are priced at around ₦70,000 – ₦175,000 per 15 tonnes.
Prices of Water Closets in Nigeria
| Twyford | ₦73,000 – ₦80,000 |
| A & S | ₦55,000 – ₦62,000 |
| Nismad | ₦61, 000 – ₦77,000 |
| Sweethome’s | ₦60,000 – ₦78, 000 |
| Virony | ₦75,500 – ₦85, 000 |
Prices of Aluminium Roofing Sheets in Nigeria
0.45 ₦2,550 – ₦2,700 while that of 0.55 sells within ₦2,900 – ₦3,200.
The 0.70, however, costs ₦3,400 – ₦3,600, and the 0.90 finally is ₦4,700 – ₦4100.
Prices of Steel Rods in Nigeria
| 25 mm steel rod | ₦21,500 – ₦21,8000, while a ton of the rod sells around ₦480,000 – ₦585,000 |
| 20 mm steel rod | ₦13,000 – N16,000, then a ton of it costs ₦480,000 – ₦485,000 |
| A piece of 16 mm steel rod | ₦8,500 – ₦9,000, but a ton goes for ₦440,000 – ₦474, 000 |
| A piece of 12 mm steel rod sells around | ₦4,800 – ₦5,500, a ton, however, costs ₦445,000 – ₦470,000 |
| A 10 mm steel rod | ₦4,300 – ₦4,500 and a ton of it goes for ₦445,000 – ₦467,000 |
| One piece of 8 mm steel rod | ₦2100 – ₦2850, but a ton cost ₦465,000 – ₦470,000 |
| A 20 m of 3.5 mm BRC Mesh | ₦14,000 – ₦15,000, ₦18,000 |
| the 4.0 mm BRC Mesh | ₦17,000 |
| the 25 m of 4.0 mm BRC Mesh | ₦25,000 – ₦27, 000. |
Prices of Concrete in Nigeria
A cargo of 1-1/4 inch Gravel weighing seven tons is sold for approximately ₦33,000 – ₦37,000. On the other hand, the cost of a cargo of Granite weighing 20 tons varies depending on their sizes, which are listed below.
| 3/4-inch | ₦100,000 – ₦120,000. |
| 1/2-inch | ₦120,000 – ₦150, 000 |
| 1/4-inch | ₦190,000 – ₦195,000 |
| Granite stone dust | ₦200,000 – ₦255,000 |
| 1-inch Granite | ₦85,000 – ₦90, 000 |
Prices of Building Blocks in Nigeria
Blocks come in different sizes as well as varying prices.
| 9-inch block | ₦320 – ₦370 |
| 6 inch vibrated block | ₦250 – ₦260 |
| 9-inch hand mold block | ₦300 – ₦335 |
| 6-inch hand mold block’s | ₦260 – ₦280 |
Prices of Cement In Nigeria
The price of cement in Nigeria is notoriously unstable and fluctuates frequently. However, it is an essential commodity in the construction industry, and erecting a building without it would be practically impossible. Below are the current market prices of cement in Nigeria:
| A 50kg bag of Dangote cement | ₦3800 – ₦4200 |
| A 50kg bag of Elephant cement | ₦3600 – ₦3900 |
| One 50kg bag of Ibeto cement | ₦3500 – ₦4100 |
| One 50kg bag of Ashaka | ₦3500 – ₦3600 |
| A 50kg bag of Portland | ₦3500 – ₦3700 |
| One 50kg bag of BUA cement | ₦3600 – ₦4000 |
Price of Tiles in Nigeria (Per Square Meter)
In Nigeria, there is a wide range of floor and wall tiles available, each with its unique texture, size, quality, and design. Here are some examples of tiles commonly found in the Nigerian market:
Vitrified tiles price in Nigeria
| 300×300 pack | ₦4,000 – ₦5,400 |
| 450×450 pack | ₦5,100 – ₦6,500 |
Polished Porcelain Price in Nigeria
| 40 x 40 | ₦2,800 – ₦3,000 |
| 60 X 120 High Gloss Porcelain Slab Tiles | ₦ 4,000 – ₦5,500 |
| 300×600 Wall Porcelain Tiles | ₦ 5,000 – ₦ 10,000 |
Granite Tiles Price in Nigeria(Per Square Meter)
| 30 x 30 | ₦6,300 – ₦7,500 |
| 40 x 40 | ₦6,400 – ₦6,800 |
| 30 x 60 | ₦5,700 – ₦6,000 |
| 60 x 60 | ₦7,700 – ₦8,000 |
Unpolished Porcelain Price in Nigeria
| 40 x 40 | ₦2, 700 – ₦3, 000 |
| 30 x 60 | ₦3, 400 – ₦4, 000 |
Ceramic tiles price in Nigeria
| 60 × 60 pack | ₦3,300 – ₦5,500 |
| 60 x 120 | ₦8,400 – ₦15,850 |
Price of Sand and Granite in Nigeria
Sand is an essential building material, and there are various types of sand used in construction. The prices of different types of sand used in building erection in Nigeria are listed below:
| 20 tons of relatively smooth sand | ₦90,000 – ₦100,000 |
| 20 tons of plaster sand’s | ₦90,000 – ₦100,000 |
| 20 tons of Laterite | ₦48,000 – ₦50,000 |
| 20 tons of Sharp sand | ₦52,000 – ₦60,0000 |
| 20 tons of Granite | ₦180,000 – ₦200,000 |
| 20 tons of Sharp Filling Sand | ₦52,000 – ₦60,000 |
Wood Prices in Nigeria
| Wood Type & Size | Price (NGN) |
|---|---|
| Afara ¼-inch Plywood | ₦2, 000 – ₦2,400 |
| Afara ½-inch Plywood | ₦2,800 – ₦3,400 |
| Afara ¾-inch Plywood | ₦4,900 – ₦5,700 |
| Obeche ¼-inch Plywood | ₦1,500 – ₦1,900 |
| Obeche ½-inch Plywood | ₦2,200 – ₦3,700 |
| Obeche ¾-inch Plywood | ₦4,000 – ₦4,600 |
| Msgs ¼-inch Plywood | ₦1, 600 – ₦2, 000 |
| Msgs ¾-inch Plywood | ₦7, 600 – ₦8,200 |
| Resin Coated ¼-inch Plywood | ₦2,400 – ₦2,900 |
| Resin Coated½-inch Plywood | ₦2,900 – ₦3,200 |
| Resin Coated ¾-inch Plywood | ₦3,200 – ₦3,600 |
| Veneer ¼-inch Plywood | ₦2,100 – ₦2,700 |
| Veneer ½-inch Plywood | ₦2,600 – ₦3,100 |
| Veneer ¾-inch Plywood | ₦3,400 – ₦4,200 |
| 2×3×4 Softwood | ₦100 –₦200 |
| 2×3×12 Softwood | ₦200 – ₦250 |
| 1×2×12 Softwood | ₦400 – ₦500 |
| 2×2 Hardwood | ₦100 – ₦200 |
| 2×3 Hardwood | ₦180 – ₦250 |
| 2×4 Hardwood | ₦300 – ₦400 |
| 2×5 Hardwood | ₦400 – ₦550 |
| 2×6 Hardwood | ₦500 – ₦600 |
| 3×4 Hardwood | ₦550 – ₦650 |
Different Door Prices in Nigeria
| Door Type | Price (NGN) |
|---|---|
| Domestic furniture doors | ₦5,500 – ₦8,200 |
| Flush plywood (low-density) door | ₦6,000 – ₦8,000 |
| Flush plywood (high-density)door | ₦8,500 – ₦12,00 |
| Chinese (Single) door | ₦10,000 – ₦20,000 |
| Chinese (Double) door | ₦20,000 – ₦38,000 |
| Turkey door | ₦22,000 – ₦33,000 |
| Imported Security (double) door | ₦27,000 – ₦38,000 |
| Metal Security (Single) door | ₦19,000 – ₦26,000 |
| Metal Security (Double) door | ₦45,000 – ₦65,000 |
Prices of Windows in Nigeria
| Types of windows | 600×600 mm Aluminum-covered | 600×600 mm Bronze-glazed | 600×750 mm bronze-glazed |
|---|---|---|---|
| Casement windows | ₦7,000 – ₦8,000 | ₦7,000 – ₦8,000 | ₦9,000 – ₦10,500. |
| Sliding windows | ₦4,000 –₦5,500 | ₦6,500 – ₦8,000 | ₦9,000 – ₦10,500. |
| Fixed windows | ₦3,500 –₦ 5,000 | ₦6,000 – ₦7,500 | ₦7,000 –₦8,000. |
| Louvre windows | ₦1,800 –₦ 2,000 | ₦7,500 – ₦8,000 | ₦9,000 – ₦10,000. |
Prices of Nails in Nigeria
| Sizes | Price (NGN) |
|---|---|
| 1 pack of 3-inch concrete nails | ₦800 – ₦1,200 |
| 1 pack of 2-inch concrete nails | ₦900 – ₦1,200 |
| 1 pack of 4-inch concrete nails | ₦1,000 – ₦1,200 |
| 1 bag of 2-inch nails | ₦5,300 – ₦6,000 |
| 1 bag of 3-inch nails | ₦5,800 – ₦6,000 |
| 1 bag of 2 ½-inch nails | ₦6,000 – ₦6,200 |
| 1 bag of 1-inch nails | ₦6,000 – ₦6,500 |
| 1 bag of 4-inch nails- | ₦6,200 – ₦6,500 |
Factors Affecting the Cost of Building Materials in Nigeria
There are several factors that affect the cost of building materials in Nigeria. Here are five significant factors:
1. Foreign exchange rate: Many building materials in Nigeria are imported, and the cost of these materials is heavily dependent on the foreign exchange rate. Fluctuations in the exchange rate can significantly impact the cost of building materials, leading to price increases or decreases.
2. Inflation: Inflation is a significant factor that affects the cost of building materials in Nigeria. As the general price level of goods and services increases, the cost of building materials also increases, leading to higher construction costs.
3. Transportation costs: Building materials need to be transported from the point of production or importation to the construction site. The cost of transportation, including fuel prices, transportation infrastructure, and security, can significantly impact the cost of building materials.
4. Availability and demand: The availability and demand for building materials can also impact their cost. If there is a high demand for a particular material and its supply is limited, the cost of the material may increase.
5. Government policies: Government policies, including taxes, tariffs, and regulations, can significantly impact the cost of building materials. For example, high taxes or tariffs on imported building materials can increase the cost of construction, while policies that promote local production or reduce taxes can lower costs.
These factors can fluctuate based on a range of economic and political conditions, making it essential to closely monitor their impact on the construction industry. By understanding the factors affecting the cost of building materials, stakeholders in the industry can make informed decisions to reduce costs and promote affordability.
Solutions to Reduce the rising costs of building materials in Nigeria
There are several potential solutions that could be implemented to reduce the rising costs of building materials in Nigeria. Here are five potential solutions:
1. Increase local production: One of the main reasons for the high cost of building materials in Nigeria is the dependence on imported materials. By increasing local production, the cost of materials can be significantly reduced.
2. Promote the use of alternative building materials: Some alternative building materials, such as bamboo and compressed earth blocks, are cheaper and more sustainable than traditional materials. Promoting the use of these materials can help reduce the cost of building while also promoting sustainability.
3. Streamline importation processes: The government can streamline the importation processes for building materials, making it easier and faster for builders to import materials. This could help reduce the cost of transportation and other associated costs.
4. Reduce taxes and tariffs on building materials: High taxes and tariffs on building materials can significantly increase the cost of construction. By reducing these taxes and tariffs, the cost of materials can be reduced.
5. Implement policies to regulate prices: The government can implement policies to regulate the prices of building materials. This could involve price ceilings or subsidies for certain materials. However, it is essential to ensure that such policies do not result in market distortions or inefficiencies.
By implementing these potential solutions, stakeholders in the real estate industry, policymakers, and the government can work together to address this critical issue.
This post should give you an insight to what the prices of building materials looks like in today’s market. Hopefully the government implements favorable policies that will lead to cost reduction of these goods.
Source:https://www.privateproperty.com.ng/news/current-cost-of-building-materials-in-nigeria-2023/
