For Mr. Ric, the owner of Ric Building Materials & Tools in Ikeja, Lagos, the past few years have revealed a subtle but noticeable shift in how Nigerians purchase paint.
While not drastic, more homeowners are cutting back on their paint orders, often covering only the visible areas of their buildings to save money.
“They don’t buy enough to finish the whole building anymore,” Ric notes.
“People are just painting what others can see.”
As inflation tightens its grip on Nigeria’s economy, Ric has observed this shift become more pronounced, with customers now weighing cost, quality, and durability.
Emulsion paints, which are more affordable but less durable than premium options like satin or stucco, have become increasingly popular.
“Emulsion is cheaper, and that’s why it’s the go-to choice now, even though it doesn’t last as long,” he explains.
Ric is quick to point out, though, that the decline in individual paint orders is not so significant. Building contractors, responsible for delivering full projects, have maintained steady purchases despite the rising costs.
This trend in paint buying reflects broader challenges across the building materials sector, where both consumers and suppliers are navigating rising prices while making careful choices.
The impact of rising costs on building materials
The paint industry is just one part of Nigeria’s construction sector grappling with the pressure of inflation.
- Recent data from the National Bureau of Statistics (NBS) shows that the inflation rate for Furnishings & Household Equipment Maintenance surged by 18.5% as of July 2024, the highest spike since May 1996.
- This sharp rise highlights the inflationary impact on everything from tiles, cement, and steel to roofing materials, and paints.
- As prices continue to climb, the financial strain on both builders and homeowners is becoming more difficult to manage.
In Lagos, the heart of Nigeria’s construction activity, the impact of rising costs is especially evident. Both individual homeowners and building contractors are grappling with the financial strain, reflecting the broader challenges faced across the entire construction industry.
The evolving trends in paint selection across Nigeria
Paint has become an essential element in Nigeria’s building industry, serving both aesthetic and functional purposes in protecting structures.
- Whether it’s a luxury home in Ikoyi or a modest residence in Agege, the type of paint chosen can significantly affect both the appearance and longevity of a building.
- Beyond just looks, the right paint shields surfaces from environmental wear and tear, helping preserve property value.
- As inflation drives up prices and consumer tastes shift, making informed paint choices has become more critical than ever.
- While emulsion paints are still favoured by budget-conscious buyers, those seeking more premium options often turn to satin and stucco finishes.
Satin paint, with its subtle sheen, combines elegance with practicality. Its durability and easy-to-clean surface make it popular in high-traffic areas, providing both style and longevity.
Meanwhile, stucco, known for its textured and refined appearance, offers a sophisticated and high-end feel to structures. Significantly more expensive, stucco is often chosen for its unique ability to elevate the design of a building, particularly in upscale homes.
This evolving demand reflects a growing trend where customers are more discerning, carefully balancing cost, durability, and aesthetics in their choices, signalling a more value-conscious approach to paint selection in Nigeria’s construction market.
Paint prices surge year on year across Nigeria
To gain insight into the rising costs of paints in Nigeria, Nairametrics conducted a market survey across several paint dealerships in Lagos, including Ikeja, Ikorodu, and Alimosho. The findings reveal significant price hikes as of September 2024.
- At Ric Building Materials and Tools Nigeria Limited, Mr. Ric highlighted that paint prices have seen sharp year-on-year increases.
- For example, in 2020, a 20-litre bucket of satin paint from common brands sold for between N25,000 and N29,000. By September 2024, this price had surged to N60,000, with Dulux Paints climbing from N80,000 in 2020 to N160,000 for the same quantity.
- Although these price hikes have been felt by consumers, they have not significantly reduced demand for paints, which remain essential for construction and renovation projects.
Paint prices
The prices are for an average of 20 litres of the common paint types in Nigeria.
For emulsion paints
September 2024: N17,000
September 2023: N10,000
Tex coat
September 2024: N24,000
September 2023: N15,000
For satin paints
September 2024: N60,000 – N95,000 (depending on the paint brand)
September 2023: N46,000 – N53,000 (depending on the paint brand)
N/B: Dulux satin paints saw their price rise to N160,000 in September 2024, significantly higher than other manufacturers’ satin paints.
Stucco
September 2024: N220,000
September 2023: N140,000
Paint types and their applications
There are various types of paints available for different surfaces, but this feature focuses on those commonly used as finishing for building walls.
The most popular types of paints in Nigeria include emulsion, satin, texcoat, and stucco. Their application depends on factors such as the property’s purpose, traffic volume, budget, and personal preference.
Moses Ibiyemi, a Lagos-based building contractor, explained that two main factors guide paint choices: budget and preference. However, other key considerations like durability and the space’s purpose also come into play.
Emulsion paint, known for its affordability, is often used for fresh walls, acting as an undercoat that prepares surfaces for better adhesion and longer-lasting finishes.
Its low cost makes it the best option for those with limited funds who need to cover large areas without breaking the bank.
Satin paint, on the other hand, is ideal for high-traffic areas like waiting rooms and staircases due to its durability and easy maintenance. It is also popular for its luxurious sheen, particularly in upscale homes.
Stucco, significantly more expensive, is used by wealthy homeowners to add sophistication and class to their spaces.
However, Ibiyemi advises that stucco may not be ideal for corporate settings, as it is more about making a statement in luxury.
Ultimately, selecting the right paint goes beyond budget and preference. It requires balancing functionality, aesthetics, and long-term durability to ensure both immediate and lasting value.
Strategies for navigating paint price hikes
As paint prices continue to surge, Nairametrics spoke to homeowners and contractors to understand how they are adapting while maintaining quality.
Sunday Nathan, a father of two, recently repainted his four-bedroom apartment, switching from emulsion to satin paint for easier maintenance. ”
With satin, I can wipe away stains whenever they show up,” he said, emphasizing the benefits with young children in the house.
To cut costs, Nathan worked with a painter skilled in mixing paints, saving about N2,000 per 20-litre bucket.
“This approach helped me achieve my goal while saving money,” he shared.
Ibiyemi, cited earlier, advised that while quality paints may seem expensive upfront, they are more cost-effective over time due to their coverage.
He cited Dulux Paints, which can cover up to 200 square meters with a 20-litre drum, compared to cheaper options like Fine Coat that cover less than 100 square meters. “A paint with a higher price tag but better coverage ends up being more cost-effective,” he explained.
Ibiyemi also mentioned budget-friendly alternatives but stressed the importance of hiring a skilled contractor to navigate such choices.
Rose of Sharon, CEO of Rosprocoop Nigeria Limited, emphasized the long-term cost-effectiveness of satin paint, noting that it lasts longer, often needing repainting only after four years, compared to emulsion, which may require a fresh coat after about a year.
While Nathan had success with paint mixing, Sharon advised against it.
“In my experience, painters often use lower-quality materials when mixing paints to increase profits, which affects the final result,” she said, urging homeowners to stick with trusted brands to ensure quality and durability.
Future outlook
The Nigerian paint industry is facing consistent price surges across all major paint types, with emulsion paints increasing by 70% from N10,000 in 2023 to N17,000 in 2024, and satin paints rising from N46,000 to N60,000, a 30% hike.
- Premium brands like Dulux saw even sharper rises, with prices for satin paint doubling from N80,000 in 2020 to N160,000 in 2024.
- Stucco, another high-end option, climbed from N140,000 to N220,000 in just one year, representing a 57% increase.
- While these price increases are felt by consumers, demand remains relatively stable, as paint remains essential for construction and renovation projects.
- Homeowners are adapting by opting for budget-friendly options or mixing paints to lower costs, while contractors emphasize the long-term cost savings of quality brands.
Looking ahead, the market is expected to continue seeing shifts in consumer preferences towards more affordable alternatives, with a strong focus on balancing durability, aesthetics, and cost-effectiveness.
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