Nigeria Construction Market Report 2022 ... coming soon!!!
ConstructAfrica will launch its all-new ‘Nigeria Construction Market Report 2022’ online on 9th January 2023.
The report will offer the latest insights of interest to industry stakeholders and investors seeking to invest in the country’s vast and lucrative construction industry. As of Q1 2022, the sector grew by 4.8% and was valued at NGN4.4 trillion (US$10.5 billion) in nominal GDP. The estimated market size of the construction sector in Nigeria is about US$40 billion.
Nigeria is the largest country in Africa by population and gross domestic product (GDP). In 2021, the population of Nigeria was estimated at 211.4 million and growing at a rate of over 3%. It is projected to reach 401.3 million by 2050 – surpassing the United States to become the third most populous in the world after China and India. Nigeria had a GDP of US$440.78 billion in 2021, representing over 15% of the continental output. However, per capita income is a little over US$2,000.
To bridge infrastructure gaps that challenge productivity and economic expansion, the Nigerian government is keen to boost infrastructure development in collaboration with the organized private sector. To this end the private sector involvement is embedded in national infrastructure development strategies through several PPP (public-private partnership) initiatives. These fall under the National Development Plan, Infrastructure master plan, and the National budget.
Nigeria’s construction sector offers several opportunities in commercial, residential, industrial and infrastructure construction.
Despite facing various challenges, such as a weak regulatory framework and corruption in the procurement process as well as exchange rate and inflation risks, there is an overall positive outlook for the construction industry, especially considering recent reforms like the Petroleum Industry Act 2021, National Infrastructure Funds, and other initiatives to enhance infrastructure in the country. The federal government is committed to rebuilding infrastructure as it allocated N5.96 trillion (35%) to capital expenditure in the 2022 budget.
The total budget for 2022 was NGN17.13 trillion, with the government looking to embark on 11,800 new projects and continue old ones. These projects are valued at over NGN3.6 trillion and involve constructing schools, hospitals, roads, bridges, houses, energy, and telecommunication infrastructure.
To provide information, data and insight that helps facilitate a smooth entrance and operation in the Nigerian construction market, the 2022 Nigeria Construction Market report will include an in-depth look into all major industry trends, the functioning and operating process of Nigeria’s construction industry, size and structure, major projects, key player profiles, regulatory standards and competitors. Guidelines and potential challenges are addressed in this report for those looking to invest in Nigeria’s construction industry or planning to set up a new business.
This report also has a new feature, “Interviews with Industry Stakeholders,” to provide insights and industry tips for prospective investors. This report contains two interviews featuring the CEO of Construction Kaiser, a major construction company in Nigeria and a second interview with a top construction and arbitration lawyer, Osinachi Nwandem, who is also a legal expert editorial contributor to ConstructAfrica. Mr Nwandem's previous expert posts on ConstructAfrica include:
- Delay Analysis in Construction Disputes: How can you get the arbitral tribunal to trust your method?
- 2 Key Lessons Every Contractor Must Hear About Payment Applications in Construction Projects
The 2022 Nigeria Construction Market Report was prepared by ConstructAfrica's specialist researchers based in the Nigerian market, and is guaranteed to deliver the information you need to succeed in the lucrative Nigerian construction market.
Stay up to date with the report launch information by regularly visiting our website: www.constructafrica.com
Top Photo: Night view of Lekki-Ikoyi cable-stayed Link Bridge in Lagos, Nigeria, showing close-up of tower and suspension cables (Matthew Omojola | Dreamstime)