"From N8,500 to N18,500": Man Who Sells Iron Rod Gives New Price as Cost of Building Materials Rise

• A man who is into the building materials business in Nigerian has given an updated price when a lady visited his shop
• The lady said she was there to know how much iron rods used for building reinforcement currently costs
• When she got there, the man at the shop told her the cost of a 16mm rod had risen from N8,500 to N18,500

As the cost of building materials continues to rise in Nigeria, a man who deals in iron rods has given an updated price.

A lady had gone to the man's shop to ask him questions on how much iron rods currently cost in Nigeria.

The man said things were no longer the same as the cost of a 16mm iron rod had risen from a meagre N8,500 to N18,500.

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This meant an increase of N10,000, and the lady was surprised. Also, the incomplete 16mm rod is sold at N17,500. Last year, it was sold at N7,500.

In a video posted on TikTok by @obrealestate, the building materials dealer said a 10mm rod currently sells at N8,500 from a previous price of N4,500.

Rod is not the only building material whose price has skyrocketed in Nigeria. In recent times, the cost of cement has climbed. There are reports of a bag of cement selling between N10,000 and N13,000 in different parts of the country.

Many Nigerians have lamented the high cost of building materials, with an X user saying he bought a bag of cement for N13,500 in Warri, Delta state.

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Speaking to Legit.ng, Obi Obianozie, CEO of OB Real Estate, said there are many things contributing to the high cost of building materials.

He mentioned some of them:

"The cost of clearing goods at the ports also significantly increased prices. This includes various charges, fees, and taxes levied by different government agencies and private companies involved in the clearing process. The effects of petrol subsidy removal and the devaluation of the official exchange rate, both exert substantial impacts on consumer prices. High cost of transportation as a result of an increase in the pump price of gasoline."

Watch the video below:

Reaction to cost of building rods in Nigeria

@kingsleymfam125 said:

"That price is for how many iron?"

@blessingonyeweli commented:

"Nice one, I have brought from him and he gave me exactly what I want. My engineer confirmed it."

@Sessions said:

"I would like to argue that if the cost of clearing goods is reduced, prices will reduce."

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@John Rex said:

"It is cheaper there. Na 14k/15k dem dey sell 12mm in Ogun state as of today. And most of them don’t sell the complete one."

Man starts cement business

Meanwhile, Legit.ng reported that Nigerians on social media put smiles on the lips of an old man who was spotted working hard at a construction site.

It all started when the man was spotted moulding block despite having problems with his posture.

Nigerians have now opened a cement business for him, starting with a whole trailer load of Dangote cement.

Source: Legit.ng