Steel rod prices in Nigeria have surged more than 200% in two years, with smaller sizes like 10–16mm rods rising from ₦335,000 per tone in 2023 to ₦1.04 million in 2025. Larger 32mm rods climbed about 175% during the same period.
The rise is linked to currency instability and inflation. Steel dealer Gboyega Adewale said the steep jump began in 2024 when the naira weakened sharply. “Prices soared to ₦1.3 million per tonne but have now eased slightly as the naira stabilises,” he explained.
Despite higher prices, demand is rebounding as builders resume delayed projects. Engineer Babatunji Adegoke noted that steel use remains essential for safety, while architect Uko Akpan said many clients are redesigning projects to cut reinforcement costs.
Although inflation has slowed from 21.82% in early 2023 to 18.02% in late 2025, steel remains expensive due to import dependence. Experts say stability in the naira could bring further relief, but construction costs are likely to stay high in the near term.
Source: Nairametrics
By: Caleb Obiowo
