Q&A SESSION WITH PUBLISHER OF CONSTRUCTAFRICA
ConstructAfrica Media Team (CMT) sat down with the Publisher and CEO of ConstructAfrica, Dr. Segun Faniran (DSF), to briefly discuss about the company and their latest report – The 2022 Nigeria Construction Market Report.
CMT - It’s a pleasure to have you with us today Dr. Faniran. Could you please tell us a bit about yourself and how you created ConstructAfrica.
DSF - Thank you for having me. I am Dr. Segun Faniran, and Nigerian and a civil engineer by profession. I have over 30 years experience which has seen me provide construction planning and construction-related project management services internationally - in countries such as Nigeria, Australia, United Arab Emirates, Oman, South Africa and Saudi Arabia.
During my time in the construction industry, I realized that the availability of a reliable and up-to-date market intelligence platform, a critical aspect of attracting investment, did not complement the clear global investor and stakeholder interest in the sub-Saharan African construction market.
So after considerable research and consultation, I decided that it was time to take up the challenge of providing this much needed construction market intelligence platform for sub-Saharan Africa. This practically led to the birth of ConstructAfrica.
CMT - Indeed the dearth of reliable information has been a chronic challenge to various sectors of sub-Saharan Africa economies including the construction and infrastructure sectors. But how have you managed to build up the company considering the obvious logistics challenges that exist within the region.
DSF - This is absolutely correct. However, following my research and consultation before set-up, I understood the need to assemble a team of experienced, qualified and competent researchers who meet two critical requirements. First is having the passion for the project and secondly they have to be resident (i.e. on-the-ground) in the respective markets they are researching. This enables them to establish relationships with industry players and develop in-depth and first-hand knowledge of their designated sectors. When I got this key aspect sorted then it was easier to put up the business infrastructure like the website and other systems that would facilitate day to day operations.
CMT - This brings us to one of the critical parts of your project which is the “Construction Market Reports”. Tell us a bit about that.
DSF - The Reports as you rightly said are critical to what we offer at ConstructAfrica in the sense that they comprise of regularly updated country reports, focusing on construction markets across sub-Saharan Africa. The Reports provide intelligence, data and insight on current and future prospects within the markets and ultimately help prospective investors to identify business opportunities and more importantly understand the intricacies of the market and thereby formulate their market entry strategy effectively. So, through the reports we are looking to fill that information and intelligence gap by providing an accumulation of relevant, usable and up-to-date intelligence about the various sub-Saharan Africa markets.
Construction Opportunities in Africa pic.twitter.com/X1ft01ZUQ7— ConstructAfrica (@africaconstruct) March 17, 2021
CMT - I’m sure many investors and stakeholders are eager to take advantage of these reports. So finally, tell us about your latest report, the 2022 Nigerian Construction Market Report. What are we to expect from this report about Africa’s biggest economy?
DSF - You are absolutely right about the size of the Nigerian economy. The Nigerian construction market is very important for the whole sub-Saharan region considering Nigeria’s position as the biggest economy in Africa and also the nation with the largest population. The market presents a plethora of opportunities arising from a combination of the huge infrastructure gaps within the country and government’s recent emphasis on investment in infrastructure construction across the country.
Interestingly, despite rising inflation, exchange rate challenges and supply chain disruptions, the industry is projected to register annual average growth of 3.1% from 2023 to 2026, supported by investments from the government as part of the National Development Plan 2021-25. The government plans capital expenditure of NGN49.7 trillion ($121.3 billion) for infrastructure projects during the period, with NGN298.3 trillion ($727.8 billion) expected from the private sector. So the opportunities are immense for investors who wish to come into this lucrative market.
The Nigerian Construction Market report therefore serves as a guidebook to investors on how to enter and navigate smoothly in the market with as much intelligence as possible.
CMT - That sounds very interesting really. So when do we expect the report to be released ?
DSF - The report is scheduled to be released on the 9th of January 2023 and you can keep up to date with the launch on our website www.constructafrica.com
CMT - Thank you Dr. Faniran for your time with us today and best of luck on the ConstructAfrica project in the coming year
DSF - Thank you again for having me and best wishes for the new year.