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Nigeria Construction Industry Report 2022: Industry Is Forecast to Grow by 5.7% in 2022, Up from Growth of 3.1% in 2021 - Forecasts 2023-2026 - ResearchAndMarkets.com

·4-min read

DUBLIN, May 24, 2022--(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.

Nigeria's construction industry is forecast to grow by 5.7% in 2022, picking up from growth of 3.1% in 2021. Growth in the industry will be supported by the gradual recovery in overall economic conditions and investments in the infrastructure, healthcare and energy sectors; however, total construction output will not surpass 2019 levels until 2023.

The construction industry is projected to continue to expand over the remainder of the forecast period, recording annual average growth of 3.1% between 2023-2026, supported by the government's investment on infrastructure and housing development projects.

In December 2021, the federal government announced the National Development Plan 2021-2025, with a focus on economic rejuvenation, including strengthening industrialization. The government also committed to invest in key infrastructure, such as telecommunications, transport, energy and housing. The government plans capital expenditure of NGN49.7 trillion ($123.1 billion) for critical infrastructure projects during the period, with NGN298.3 trillion ($738.6 billion) expected from the private sector.

To support the infrastructure sector, in February 2021, President Muhammadu Buhari approved the development of an infrastructure company named "Infra-Co", with an initial capital of NGN1 trillion ($2.5 billion), which will primarily focus on the country's infrastructure development.

In September 2021, the Nigeria Exports Processing Zones Authority (NEPZA) partnered with the Nigerian Investment Promotion Commission (NIPC) to facilitate investment in the three special economic zones in Lagos, Kwara and Katsina. The three new zones are for medical, agro-allied and cotton clusters. The Federal Government has also approved a total of six states economic zones (SEZs) across the six geo-political zones; three to be developed in the fiscal year (FY) 2021, and three in FY2022.

Furthermore, in September 2021, the government announced the approval of the National Policy on 5G Networks for Nigeria's Digital Economy. The Nigerian Communications Commission (NCC) stated in December 2021 that the roll-out of 5G will be carried out in phases in 2022, beginning with major cities, where there is demand for high-quality broadband.

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/9l8kun

View source version on businesswire.com: https://www.businesswire.com/news/home/20220524005629/en/

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