The Rising Cost of Building Materials In Nigeria 2022

Building Materials In Nigeria

Building materials in Nigeria have seen a drastic rise in price in the past few years, forcing many people to ask why this has happened and what can be done about it? 

 

It’s important to understand that there are many different reasons why building materials have increased in price, but it’s also important to know that not all of these reasons are valid or permanent. 

 

In this article, we’ll discuss some of the factors behind the rising cost of building materials in Nigeria, along with ways to stay on top of any additional changes to the market that may come down the road.

About the cost of building materials in Nigeria and their prices in 2022

The cost of building materials has been on the rise in Nigeria for the past few years. 

 

This is due to a number of factors, including the devaluation of the naira, inflation, and the overall increase in the cost of living. 

 

As a result, many Nigerians are finding it difficult to afford basic necessities, let alone save for a rainy day. 

Door Locks

The price of door locks in Nigeria in 2022 is expected to be higher than it is today. This is due to the fact that the cost of raw materials and labor will continue to increase. 

 

In addition, the demand for door locks is expected to increase as the population grows. As a result, prices are expected to rise by about 5% per year. 

 

For example, if an individual wants to purchase five lock sets today, they can expect to pay N5,000. 

 

If this same individual purchases lock sets in 2022 at the same rate of inflation (5%), they would have to pay N5,054 which amounts to an additional N54.

Chairs, Tables, and Chairs

The prices of chairs, tables, and chairs in Nigeria in 2022 are expected to rise due to the continued devaluation of the naira.

 

 To mitigate these price increases, importation costs will also increase as they will be priced in US dollars, which is likely to cause the prices of imported goods to go up even more. 

 

In turn, this could lead to inflation for the Nigerian people with less disposable income; chairs sold for N20,000 +, tables around N25,000+, and chairs around N40,000+. 

 

These estimates don’t take into account importation costs, which may add to the prices of imports as a result of the devalued currency.

Iron & Metal Construction Materials

In 2022, the average price for iron and metal construction materials is expected to be about N1,500 per ton. 

 

This is a slight increase from the current average price of N1,400 per ton. The main reason for the price increase is due to the increased demand for these materials.

Doors, Windows & Roofs

 In 2020, one large window was sold for N23 000 (USD78) with a door costing around N18 000 (USD59). 

 

By 2022, these prices are expected to be even higher – a door could sell for as much as N40 000 (USD141) and a window could go for around N35 000 (USD122).

Plumbing and Electrical Components

The prices of building materials in Nigeria have been on the rise in recent years, and this trend is expected to continue into 2022. 

 

This is due to a number of factors, including the increasing cost of raw materials, transportation costs, and the devaluation of the naira,

 

 Inflation has already caused big price increases, but it is still not expected to be a problem into 2022. Prices will continue to rise, though at a slower rate than they have in recent years.

Building Material Prices Rising?

According to a recent report, the cost of building materials in Nigeria is on the rise. 

 

This is due to a number of factors, including the devaluation of the naira, inflation, and the overall increase in the cost of living. 

 

As a result, many Nigerians are finding it difficult to afford basic necessities, let alone construction materials. 

 

The situation is exacerbated by the fact that there is a shortage of building materials in the country. 

 

The government has said they will help bridge this gap, but it may take some time before things improve. 

 

In the meantime, both consumers and builders will have to deal with higher prices. 

 

For those looking to build their own homes, now might be a good time to start saving up for material costs that are only going to get more expensive. 

 

For those who already own homes, you might want to consider making repairs or doing any upgrades you can now before your budget gets too tight.

Causes of High Construction Costs

The high cost of construction is due to a number of factors, including the high cost of labor, the high cost of raw materials, and the high cost of land. 

 

The high cost of construction is also due to the low productivity of the construction sector, which results in higher costs per unit of output. 

 

The high cost of construction is a major constraint on the development of the Nigerian economy. 

 

Furthermore, this issue has led to an increase in mortgage fraud as well as increased economic inequality. 

 

Consequently, there are some policies that can be adopted by policymakers that would help mitigate the negative effects of the high cost of construction. 

 

One such policy would be for policymakers to invest more heavily in constructing more affordable housing units through an investment-led approach, which would involve borrowing money at cheaper rates than the rates at which it lends to private developers. 

 

Another solution would be for policymakers to cut down the power tariffs charged by state governments. 

 

Another solution is for policymakers to adopt sound economic policies such as expansionary monetary policy and fiscal consolidation, which will lead to lower interest rates on loans from commercial banks.

How to Cope With the Increased Cost of Building Materials

The cost of building materials has been on the rise in Nigeria for the past few years. 

 

This is due to a number of factors, including the devaluation of the naira, inflation, and the overall increase in the cost of living. 

 

The good news is that there are ways to cope with the increased cost of building materials. 

 

Here are a few tips for those looking to save money on their next home improvement project:

 

  • Compare prices across different stores or online retailers. It’s worth it to take time and shop around before making a purchase.

 

  • Buy your items as close as possible to when you plan on using them, especially if they are perishable goods like paint or insulation material.

 

  •  Wait until there is a sale before making a purchase. Often, buying something at regular price isn’t as economical as buying it on sale.

 

  •  Buy secondhand. Whether you buy your appliances or furniture secondhand, it’s important to remember that you can save a lot of money by purchasing something used.

 

  •  Keep an eye out for special offers. Stores run promotions regularly, and they can often be combined with sales to offer great deals.

 

  •  Take advantage of trade discounts. If you’re a member of a trade organization, see if you can get a discount from some stores or online retailers.

Some of the other changes needed 

In order to keep up with the rising cost of living, the Nigerian government will need to make some changes. 

 

They include: 

1. Reviewing the current minimum wage and making adjustments where necessary so that workers can afford basic necessities like food and shelter.

 

2. Investing in infrastructure so that the country can become more self-sufficient and reduce its reliance on imported goods.

 

3. Providing tax breaks or other incentives for businesses that manufacture building materials locally.

 

4. Imposing tariffs on imports. While this is not an ideal solution, it could be a temporary fix until the economy has recovered from this recession. 

 

However, these are just some of the things that should be done to help control inflation and stabilize prices of all products in Nigeria. 

Conclusion 

In conclusion, the cost of building materials is going up. Building a house today costs more than it did 10 years ago. 

 

The average Nigerian’s income has not increased at the same rate as the price of material and labor. 

 

As a result, less homes are being built. With this trend continuing, many people will be unable to afford their own home.

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