The publisher expects the construction industry in Nigeria to expand by 2.8% in real terms in 2024, before recording an average annual growth of 3.1% from 2025 to 2027. The industry’s output over the forecast period will be supported by the government’s focus on stabilising the country’s ailing economy, developing infrastructure and social welfare programs, and attracting more foreign investment. In November 2024, the Nigerian President Bola Tinubu unveiled the country's NGN27.5 trillion ($55.1 billion) Budget for 2024; this marks a 10.8% growth compared to the 2023 Budget of NGN24.8 trillion ($49.7 billion). Of the total 2024 Budget, NGN9.9 trillion ($19.9 billion) is for non-debt recurrent expenditure, NGN8.7 trillion ($17.4 billion) is for capital expenditure, NGN8.3 trillion ($16.5 billion) is for debt servicing, and the remaining NGN630 billion ($1.3 billion) is for other expenditure.
Forecast-period growth in the industry will also be supported by investments in the oil and gas, electricity, transport, industrial, health, and education infrastructure projects. In late September 2023, Nigeria's state oil firm Nigerian National Petroleum Corporation (NNPC) and oil majors agreed to shorten the time taken for concluding contract talks from three years currently to six months, to accelerate projects in the oil and gas sector. In the same month, President Tinubu reported that international oil firms have committed investments worth NGN6.7 trillion ($13.5 billion) over the next 12 months, to lift oil production. These investments are expected to result in oil production increasing from 1.18 million barrels per day (bpd) in August 2023 to 2.1 million bpd by December 2024. Forecast-period growth in the industry will also be support by financial assistance from several multinational lenders to support investments across various sectors. In November 2023, Nigeria's cabinet approved a NGN498.9 billion ($1 billion) concessionary loan from the African Development Bank (AfDB) to support financing the budget and improving foreign exchange supply in the country.
Forecast-period growth in the industry will also be supported by investments in the oil and gas, electricity, transport, industrial, health, and education infrastructure projects. In late September 2023, Nigeria's state oil firm Nigerian National Petroleum Corporation (NNPC) and oil majors agreed to shorten the time taken for concluding contract talks from three years currently to six months, to accelerate projects in the oil and gas sector. In the same month, President Tinubu reported that international oil firms have committed investments worth NGN6.7 trillion ($13.5 billion) over the next 12 months, to lift oil production. These investments are expected to result in oil production increasing from 1.18 million barrels per day (bpd) in August 2023 to 2.1 million bpd by December 2024. Forecast-period growth in the industry will also be support by financial assistance from several multinational lenders to support investments across various sectors. In November 2023, Nigeria's cabinet approved a NGN498.9 billion ($1 billion) concessionary loan from the African Development Bank (AfDB) to support financing the budget and improving foreign exchange supply in the country.
The report provides detailed market analysis, information and insights into the Nigerian construction industry, including:
- The Nigerian construction industry's growth prospects by market, project type and construction activity
- Critical insight into the impact of industry trends and issues, as well as an analysis of key risks and opportunities in the Nigerian construction industry
- Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline.
Scope
This report provides a comprehensive analysis of the construction industry in Nigeria. It provides -- Historical (2018-2022) and forecast (2023-2027) valuations of the construction industry in Nigeria, featuring details of key growth drivers.
- Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by sub-sector
- Analysis of the mega-project pipeline, including breakdowns by development stage across all sectors, and projected spending on projects in the existing pipeline.
- Listings of major projects, in addition to details of leading contractors and consultants
Reasons to Buy
- Identify and evaluate market opportunities using the standardized valuation and forecasting methodologies.
- Assess market growth potential at a micro-level with over 600 time-series data forecasts.
- Understand the latest industry and market trends.
- Formulate and validate strategy using the critical and actionable insight.
- Assess business risks, including cost, regulatory and competitive pressures.
- Evaluate competitive risk and success factors.
Table of Contents
1 Executive Summary2 Construction Industry: At-a-Glance6 Construction Market Data
3 Context
4 Construction Outlook
5 Key Industry Participants
7 Appendix
List of Tables
List of Figures
