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Construction in Nigeria - Key Trends and Opportunities to 2025

Construction in Nigeria - Key Trends and Opportunities to 2025

Summary

The Nigerian construction industry struggled in 2020, with output declining by 7.7% in real terms, owing to disruptions caused by the COVID-19 outbreak and the subsequent lockdown measures. According to the National Bureau of Statistics (NBS), the Nigerian construction industry contracted by 31.8% year -on year (YoY) in the second quarter of 2020, although the industry recovered in Q3 2020, with a year-on-year (Y-o-Y) growth of 2.8%. In 2021, the industry is expected to recover in line with the slowdown in COVID-19 cases and the recovery in the global economy. GlobalData expects the construction industry to grow by 4% in 2021. Growth in 2021 will be driven by a sharp recovery in output levels compared to periods when works were not permitted or were severely restricted in 2020 (this will particularly be the case when comparing Q2 2021 output levels with those in Q2 2020, when activities were completely halted in a time of a strict imposed lockdown).

Post 2021, the industry is expected to post an annual average growth rate of 2.8% in real terms between 2022-2025, supported by the government's plan to invest in the country's infrastructure. The 2021 Appropriation Bill, presented by President Buhari to the national Assembly in October 2020, is designed to continue achieving the goals of the Economic Sustainability Plan, which provides a road map for post-COVID-19 economic recovery to transition from the Economic Recovery and Growth Plan (2017-2020) to the successor Medium-Term National Development Plan (2021-2025).

The industry is also expected to be supported by the government's plans to improve energy and transport infrastructure. Moreover, the Petroleum Industry Bill (PIB) will be discussed in the Nigerian Senate, which has faced legislative delays since 2007, is expected to bring in new investments in energy infrastructure. The PIB aims to increase government revenue from oil and establish a strong legal and regulatory framework for the Nigerian oil industry. The plunge in global oil prices brought about by the COVID-19 pandemic, which triggered a 60% collapse in Nigerian government revenues in 2020, may lead to a pressing need to reform the sector. Without the reforms under the PIB, the country remains, to some extent, an uncertain investment.

This 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 (2016-2020) and forecast (2021-2025) 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 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.
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Construction in Nigeria - Key Trends and Opportunities to 2025
Published By :GlobalData
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