As the Naira grapples with a downward spiral, the ripple effects are felt across various sectors. One such area witnessing significant impacts is the construction industry, particularly concerning the prices of essential materials like asphalt and bitumen. Let's delve into the current scenario in Lagos, the Federal Capital Territory (FCT), and Delta State.

Lagos:
In Nigeria's bustling economic hub, Lagos, the price of asphalt has surged to unprecedented heights. Currently, acquiring a ton of asphalt in Lagos demands a substantial sum between ₦129,500 to ₦131,500. This sharp increase underscores the challenges faced by construction companies and infrastructure developers operating in the region. The soaring costs are not just a matter of concern for industry insiders but also for policymakers striving to sustain infrastructural growth amidst economic turbulence.

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Federal Capital Territory (FCT):
Moving to the heart of the nation, the Federal Capital Territory, the story mirrors that of Lagos. The capital city, Abuja, grapples with similar price escalations, with asphalt now commanding between ₦129,500 to ₦131,500 per ton. The situation poses hurdles for ongoing projects and future developments planned within the FCT, urging stakeholders to strategize effectively to navigate the financial constraints imposed by the fluctuating currency value.

Delta/EDO State:
In Delta State, situated in the oil-rich Niger Delta region, the challenges are no less daunting. The price tag for asphalt remains consistent with the figures observed in Lagos and the FCT, standing firm between ₦129,500 to ₦131,500 ₦131,500 per ton. As the state aims to capitalize on its strategic location and natural resources for infrastructural advancements, the inflated material costs present a formidable barrier that necessitates innovative solutions and collaborative efforts to overcome.

Bitumen Prices:
The situation with bitumen, a crucial component in asphalt production, is equally alarming. With a ton of bitumen priced at a staggering ₦1,500,000, the strain on construction budgets intensifies further. This escalation underscores the interconnectedness of material markets and the compounding effect of currency devaluation on essential inputs across various industries.

In conclusion, the current state of asphalt and bitumen prices in Lagos, the FCT, and Delta State paints a challenging picture for the construction sector amid the Naira's depreciation. As stakeholders grapple with these hurdles, proactive measures, including innovative procurement strategies, enhanced efficiency, and policy interventions, become imperative to sustain infrastructural momentum and drive economic resilience in the face of adversity.

If finance minister knows the amount of money and people living this country he would resign. Father where is Kemi Adeosun. Come and help this clueless old people.
Give tax break to companies. Abacha managed a country with limited resources the money he stole still helping the rich but was supposed to help the poor.

slimfit1:
If finance minister knows the amount of money and people living this country he would resign. Father where is Kemi Adeosun. Come and help this clueless old people.
Give tax break to companies.

ya

Very simple, just make sure to have your APC super discount card, that's all.

If you think m lying ask APC urchins . Especially those on 30k per month stipends

89green:
Very simple, just make sure to have your APC super discount card, that's all.

If you think m lying ask APC urchins . Especially those on 30k per month stipends

hmm

Ya

What a Bala blu. Aka gazarella gazarella

No wonder most governors have been painting roads

SpecialAdviser:
What a Bala blu. Aka gazarella gazarella

No wonder most governors have been painting roads

Lol

Wow

Only igbo either Peter Obi or okonjo iweala can rescue Nigeria from this state of helplessness

Hmm

More

Update coming 🔜