1h Free Analyst Time
Speak directly to the analyst to clarify any post sales queries you may have.
1h Free Analyst Time
Speak directly to the analyst to clarify any post sales queries you may have.
The construction industry in Nigeria is expected to expand by 5.7% in real terms in 2022, following an annual growth of 3.1% in 2021. The industry’s growth in 2022 will be supported by gradual recovery in overall economic conditions amid the easing of Coronavirus (COVID-19)-related travel and business restrictions, coupled with government investments to complete longstanding infrastructure projects ahead of the 2023 elections. The Nigerian Parliament approved the latest NGN17.13 trillion ($42.4 billion) Budget in December 2021. It includes a capital expenditure of NGN5.96 trillion ($14.8 billion) in 2022, with significant allocations in the housing, education, water, health, transport and power sectors, among others.
The publisher expects the industry to register annual growth in the range of 3-3.3% from 2023 to 2026, supported by investments as part of the National Development Plan 2021-25, which was unveiled in December 2021. The plan focuses on economic rejuvenation, including strengthening industrialization and alleviating poverty. The government plans capital expenditure of NGN49.7 trillion ($123.1 billion) for infrastructure projects during the period, with NGN298.3 trillion ($738.6 billion) expected from the private sector. It also plans to increase foreign direct investment (FDI) from NGN605.8 billion ($1.5 billion) in 2020 to NGN2 trillion ($5 billion) by 2025. By 2025, the government also aims to boost the contribution of non-oil exports by introducing effective trade policies and strategies.
To support the infrastructure sector, in February 2021 President Muhammadu Buhari approved the development of the new privately managed investment, infrastructure and industrial vehicle - Infrastructure Corporation of Nigeria (InfraCorp). It was launched with an initial capital of NGN1 trillion ($2.5 billion) for the construction of critical infrastructure projects to accelerate economic growth. In a recent development, in April 2022, the Central Bank of Nigeria (CBN) signed a term sheet with InfraCorp and four infrastructure asset managers to develop infrastructure. The corporation is expected to raise NGN15 trillion ($37.1 billion) to support investment in critical infrastructure
The report provides detailed market analysis, information and insights into the Nigerian construction industry, including:
This report provides a comprehensive analysis of the construction industry in Nigeria. It provides:
The publisher expects the industry to register annual growth in the range of 3-3.3% from 2023 to 2026, supported by investments as part of the National Development Plan 2021-25, which was unveiled in December 2021. The plan focuses on economic rejuvenation, including strengthening industrialization and alleviating poverty. The government plans capital expenditure of NGN49.7 trillion ($123.1 billion) for infrastructure projects during the period, with NGN298.3 trillion ($738.6 billion) expected from the private sector. It also plans to increase foreign direct investment (FDI) from NGN605.8 billion ($1.5 billion) in 2020 to NGN2 trillion ($5 billion) by 2025. By 2025, the government also aims to boost the contribution of non-oil exports by introducing effective trade policies and strategies.
To support the infrastructure sector, in February 2021 President Muhammadu Buhari approved the development of the new privately managed investment, infrastructure and industrial vehicle - Infrastructure Corporation of Nigeria (InfraCorp). It was launched with an initial capital of NGN1 trillion ($2.5 billion) for the construction of critical infrastructure projects to accelerate economic growth. In a recent development, in April 2022, the Central Bank of Nigeria (CBN) signed a term sheet with InfraCorp and four infrastructure asset managers to develop infrastructure. The corporation is expected to raise NGN15 trillion ($37.1 billion) to support investment in critical infrastructure
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 (2017-2021) and forecast (2022-2026) 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 publisher's 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 publisher's critical and actionable insight.
- Assess business risks, including cost, regulatory and competitive pressures.
- Evaluate competitive risk and success factors.
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
