Business
Cement price surges by 100% to N8,800 in one year
Cement price surges by 100% to N8,800 in one year
High cost of building materials in the country is currently affecting activities in the property sector, posing a huge challenge to the government’s quest for affordable housing.
It has also affected private property developers as many of them have slowed down on construction, while individuals craving to build their houses through direct labour are also complaining.
Also, suppliers of building materials said their capitals have depleted and wares shrank in shops and stores due to uncertain market forces.
Market survey by Daily Trust revealed that prices of building materials have increased astronomically by about 100 per cent amidst rising inflation and inadequate energy supply.
The situation has caused disruptions in the construction industry, posing significant challenges to large-scale developers and homeowners.
This is attributed to a combination of factors, including disruptions in the supply chain, escalating labour cost and wholesalers raising prices compared to factory rates.
According to the National Bureau of Statistics, (NBS), Nigeria’s headline inflation rate in September 2024 rose to 32.70 per cent, up from 32.15 per cent in August 2024, marking a 0.55 per cent increase month-on-month.
The NBS added that inflation during the month was propelled by increases in transportation costs and food prices.
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Also, the urban inflation rate in September 2024 was 2.67 per cent, reflecting a 0.28 percentage point increase compared to 2.39 per cent in August 2024; while the rural inflation rate stood at 2.39 per cent in September 2024, up by 0.33 percentage points from 2.06 per cent recorded in August 2024.
As a result of this inflationary pressure, there has been a slowdown in construction activities as developers struggle with the financial implications of soaring materials’ costs.
Many projects have been delayed or put on hold indefinitely as developers reassess their budgets and financing options in light of the unprecedented circumstances.
A data from the Shelta Afrique Development Bank indicates that Nigeria’s housing deficit stands at about 27 million, which is about 40 per cent of the entire continent’s deficit.
Prices surge by over 100% in 1 year
Investigations by Daily Trust have shown that the prices of building materials have hit the rooftop, amounting to over 100 per cent hike in the last 1 year.
Cement prices surged from N4,000 to N8,800 per bag, representing a 100 per cent increase.
Blocks, which were selling for N250 each, last year, are now between N550 and N600 depending on the size.
Iron rods, which range from 10mm to 16mm, which cost N800,000 per ton in 2023, are now N1,600,000 per ton or more, depending on the company.
The cost of paints has also gone up as a big rubber, which hitherto cost between N23,000 and N25,000, is now between N46,000 and N50,000.
Cement price surges by 100% to N8,800 in one year
Daily Trust
Business
PH refinery: 200 trucks will load petroleum products daily, says Presidency
PH refinery: 200 trucks will load petroleum products daily, says Presidency
No fewer than 200 trucks are set to load petroleum products at the government-owned Port Harcourt Refinery, the presidency has said.
A presidential spokesperson, Sunday Dare, made this known in a statement through his official X handle on Tuesday.
Newstrends had reported that the Nigerian National Petroleum Company on Tuesday announced that Port Harcourt Refinery has resumed operations and crude oil processing after years of inactivity.
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Reacting, Dare said, “200 trucks are expected to load products daily from the refinery, Renewing the Hopes of Nigeria.”
He added that “the Port Harcourt refinery has two wings.
“The Old Refinery comes on stream today with an installed production capacity of 60, 000 barrels per day of crude oil.”
PH refinery: 200 trucks will load petroleum products daily, says Presidency
Business
Breaking: CBN increases interest rate to 27.50%
Breaking: CBN increases interest rate to 27.50%
The Central Bank of Nigeria (CBN) has raised the lending interest to 27.50 per cent from 27.25 per cent.
This latest increase in the Monetary Policy Rate came after a meeting of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Monday and concluded Tuesday.
The Monetary Policy Rate measures the benchmark interest rate.
The CBN Governor, Yemi Cardoso, announced this in Abuja on Tuesday after the MPC meeting, last for the year, held at the apex bank’s headquarters.
He said the MPC voted unanimously to raise the MPR by 25 basis points from 27.25% to 27.50%; and retain the Cash Reserve Ratio (CRR) at 50% for Deposit Money Banks and 16% for Merchant Banks.
The CBN governor also said the MPC retained the Liquidity Ratio (LR) at 30% and Asymmetric Corridor at +500/-100 basis points around the MPR.
Business
Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS
Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS
Nigeria’s unemployment rate stood at 4.3 per cent in the second quarter of 2024, the National Bureau of Statistics (NBS) has said in its latest report.
The report released on Monday said the unemployment rate decreased compared to the 5.3 per cent recorded in the Q1 of 2024.
The NBS defined the unemployment rate as the share of the labour force (the combination of unemployed and employed people) who are not employed but actively searching and are available for work.
“The unemployment rate for Q2 2024 was 4.3%, showing an increase of 0.1 percentage point compared to the same period last year,” the report stated.
“The unemployment rate among males was 3.4% and 5.1% among females.
“By place of residence, the unemployment rate was 5.2% in urban areas and 2.8% in rural areas. Youth unemployment rate was 6.5% in Q2 2024, showing a decrease from 8.4% in Q1 2024.”
Report also said the unemployment rate among persons with post-secondary education was 4.8 per cent; 8.5 per cent among those with upper secondary education, 5.8 per cent for those with lower secondary education, and 2.8 per cent among those with primary education in Q2 2024.
Employment rate – 76%
The report showed that the employment-to-population ratio, which measures the number of employed workers against the total working-age population, increased to 76.1 per cent in Q2 2024.
“In Q2 2024, 76.1% of Nigeria’s working-age population was employed, up from 73.1% in Q1 2024,” the report stated.
Self-employment – 85.6%
The report further showed that Nigeria’s labour market saw a notable shift as the proportion of self-employed individuals increased in Q2 2024.
It stated, “The proportion of persons in self-employment in Q2 2024 was 85.6%.”
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