Nigeria Construction Market Size, Trends and Forecasts Report 2022: Industry is Expected to Register an Annual Average Growth Rate of 4.3% from 2023 to 2026 - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Nigeria Construction Market Size, Trends and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis, 2022-2026" report has been added to ResearchAndMarkets.com's offering.

The Nigerian construction industry is expected to grow by 4% in real terms in 2022, following 3.1% growth in 2021, reflecting the restart of major infrastructure projects that were halted due to disruption caused by the pandemic and social unrest. According to the NBS, the construction industry's value add rose by 4.8% YoY in the first three quarters of 2022.

The industry's growth has also been supported by the gradual improvement 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 proposed the latest NGN20.5 trillion ($49.3 billion) Budget in October 2022. It includes a capital expenditure of NGN5.4 trillion ($13 billion) in 2023, with significant allocations in the housing, education, water, health, transport and power sectors.

The construction industry is expected to register an annual average growth rate of 4.3% from 2023 to 2026, supported by investments in transport, electricity, water and sewage, and housing infrastructure projects as part of the National Development Plan 2021-2025, that 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 ($119.7 billion) for infrastructure projects during the period, with NGN298.3 trillion ($718.3 billion) expected from the private sector.

It also plans to attract foreign direct investment (FDI) of NGN2 trillion ($4.8 billion) by 2025, compared to NGN605.8 billion ($1.5 billion) in 2020. By 2025, the government also aims to boost the contribution of non-oil exports by introducing effective trade policies and strategies

Scope

• 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.

Key Topics Covered:

1 Executive Summary

2 Construction Industry: At-a-Glance

3 Context

3.1 Economic Performance

3.2 Political Environment and Policy

3.3 Demographics

3.4 COVID-19 Status

3.5 Risk Profile

4 Construction Outlook

4.1 All Construction

• Outlook
• Latest news and developments
• Construction Projects Momentum Index

4.2 Commercial Construction

• Outlook
• Project analytics
• Latest news and developments

4.3 Industrial Construction

• Outlook
• Project analytics
• Latest news and developments

4.4 Infrastructure Construction

• Outlook
• Project analytics
• Latest news and developments

4.5 Energy and Utilities Construction

• Outlook
• Project analytics
• Latest news and developments

4.6 Institutional Construction

• Outlook
• Project analytics
• Latest news and developments

4.7 Residential Construction

• Outlook
• Project analytics
• Latest news and developments

5 Key Industry Participants

5.1 Contractors

5.2 Consultants

6 Construction Market Data

7 Appendix

For more information about this report visit https://www.researchandmarkets.com/r/kbud9y.

Source: GlobalData

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