Steel rod prices in Nigeria have surged sharply over the past two years, with smaller sizes such as 10–16mm rods increasing by as much as 210% from 2023 to 2025.
Larger rods, such as 32mm, rose by around 175%, according to a market survey conducted by Nairametrics.
Steel rods are a critical component in building construction, providing reinforcement and structural support that ensures the stability and safety of structures.