Many Nigerians aspiring to own homes have been forced to put their dreams on hold as prices of key building materials, especially cement and iron rods, have surged by over 100% in the past year.
For Israel Okafor, a civil servant and father of four, the rising cost of cement has caused him to pause his building project in Ogun State for the third time since he began in October 2023.
“I’ve worked nearly 20 years, yet building a home remains out of reach with these frequent price hikes,” Okafor told BusinessDay, noting that rising rent costs are adding to his burden.
Lagos resident Kingsley Aisegame shares a similar struggle. When he started his building project two years ago, a bag of cement cost around ₦4,000. Now, prices have climbed to nearly ₦10,000, making it harder to complete his home.
Okafor and Aisegame are not alone. Property costs across Nigeria have surged, with cement prices hitting ₦8,500 for a 50kg bag—up nearly 100% from earlier this year. These increases are impacting timelines and quality, as many contractors are pressured to cut costs.
Analysts attribute the high prices to limited competition in Nigeria’s cement industry, where only three companies—Dangote, BUA, and Lafarge—control most production. The rising costs of other building essentials, such as iron rods, steel doors, and kitchen fittings, have further made homeownership a distant dream for many Nigerians, especially middle- and low-income earners.
Calls for government intervention are growing, with many hoping for relief amid ongoing price hikes that threaten the stability of Nigeria’s housing market.
