Nigeria Construction Market Size, Trend Analysis by Sector, Competitive Landscape and Forecast, 2023-2027

Nigeria Construction Market Size, Trend Analysis by Sector, Competitive Landscape and Forecast, 2023-2027
Summary

The construction industry in Nigeria is expected to expand by 2.2% in real terms in 2023, before recording an average annual growth of 2.8% from 2024 to 2027. The industry’s output over the forecast period will be supported by the government’s focus on infrastructure development to boost the economy. In the 2023 Budget, the government allocated NGN5.4 trillion ($10.8 billion) for capital expenditure. This includes funding of NGN803 billion ($1.6 billion) to the Ministry of Works & Infrastructure for the construction and rehabilitation of roads and railway projects, NGN409 billion ($819.7 million) for the development of power infrastructure and NGN100 billion ($200.4 million) for the development of affordable housing. In July 2023, the Nigerian President Bola Tinubu announced that a new infrastructure fund - known as Infrastructure Support Fund (ISF) - will be created to help the country’s 36 states revamp transport infrastructure, and fund health, education, power, and water projects.

The Nigerian construction industry’s growth over the forecast period will also be supported by investments on electricity, transport, oil and gas, housing, and industrial construction projects. In July 2023, the Group General Manager of the Nigerian Upstream Investment Services (NUIS), which is a subsidiary of the state-owned oil company Nigerian National Petroleum Company Limited (NNPC), reported that the country is expected to attract additional foreign direct investment (FDI) of NGN9-10 trillion ($18-20 billion) in the next year. Forecast-period growth in the industry will also be support by financial assistance from several multinational lenders to support investments across various sectors. In mid-September 2023, the African Development Bank (ADB) announced that it will disburse NGN124.7 billion ($250 million) for the Nigeria Electrification Project (NEP). Previously, in late June 2023, the World Bank announced a plan to commit an additional funding of NGN374.2 billion ($750 million) to Nigeria for supporting the NEP. The program, which was launched in 2020, aims to enhance rural electrification and improve access to electricity for Nigerians. The program is expected to provide electricity services to over 600,000 people, including 100,000 households, 70,000 Micro, Small and Medium Enterprises (MSMEs), and eight universities.

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 activityCritical insight into the impact of industry trends and issues, as well as an analysis of key risks and opportunities in the Nigerian construction industryAnalysis 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-sectorAnalysis 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 consultantsReasons to BuyIdentify and evaluate market opportunities using GlobalData'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 GlobalData's critical and actionable insight.Assess business risks, including cost, regulatory and competitive pressures.Evaluate competitive risk and success factors.