Following the steep rise in the price of iron rods in Nigeria, some builders are resorting to the use of bamboo as an alternative to iron rods for reinforcement of housing structures, raising fresh concerns over the safety and possibility of collapse of such structures.
In the last 30-60 days, the building materials market in Nigeria has been volatile with the prices of cement and rods, particularly rising to record levels never seen before in the country.
Read also: Price of iron rods outpaces cement in test for homebuilders
Though he described the use of bamboo to replace steel as “necessity is the mother of invention,” Olufemi Babalola, CEO of Gravitas Investment Limited, the developers of Gracefield Island in Lekki, Lagos, expressed concerns about safety.
BusinessDay findings show that from just N8,500, the price of a 16mm length of rod has risen to N18,500, showing N10,000 difference, which is well over 100 percent price increase within 60 days.
