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Nigeria Construction Market Size, Trend Analysis by Sector (Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential) and Forecast, 2023-2027

Publisher GlobalData
Published Jun 28, 2023
Length 42 Pages
SKU # GBDT18132687

Description

Nigeria Construction Market Size, Trend Analysis by Sector (Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential) and Forecast, 2023-2027


Summary

Growth in the construction industry in Nigeria is expected to slow to 0.9% in real terms this year, down from 4.5% in 2022, owing primarily to weakness in the industrial and residential sectors. Rising interest rates, lack of credit, cash shortages, and high construction costs will severely dampen investment in the construction sector this year. According to the Central Bank of Nigeria, the average cost of building materials in Nigeria rose by 18.9% in 2022. As a result, several property developers may defer investment in speculative projects. Furthermore, the debt crisis could weigh on investment growth. According to the Nigeria Debt Management Office, total public debt is expected to rise to 37.1% of GDP this year, close to the government's self-imposed 40% limit, which could limit the government’s future borrowing.

The construction industry is expected to register annual average growth 3% from 2024 to 2027, supported by investment in transport, electricity, water and sewage, and housing projects as part of the National Development Plan 2021-2025. The plan focuses on economic rejuvenation, including strengthening industrialization and alleviating poverty. The government plans a total capital expenditure of NGN49.7 trillion ($99.6 billion) for infrastructure projects during the period, with NGN298.3 trillion ($598 billion) expected from the private sector. It also targeting an increase in foreign direct investment (FDI) from NGN605.8 billion ($1.2 billion) in 2020 to NGN2.5 trillion ($5 billion) by 2025.

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 (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-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.

Table of Contents

42 Pages
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 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
7.1 What is this Report About?
7.2 Definitions
7.3 CRI Methodology
7.4 GlobalData Construction
Contact Us
List of Tables
Table 1: Construction Industry Key Data
Table 2: Nigeria, Key Economic Indicators
Table 3: Nigeria, Commercial Construction Output by Project Type (Real % Change), 2018-27
Table 4: Nigeria, Top Commercial Construction Projects by Value
Table 5: Nigeria, Industrial Construction Output by Project Type (Real % Change), 2018-27
Table 6: Nigeria, Top Industrial Construction Projects by Value
Table 7: Nigeria, Infrastructure Construction Output by Project Type (Real % Change), 2018-27
Table 8: Nigeria, Top Infrastructure Construction Projects by Value
Table 9: Nigeria, Energy and Utilities Construction Output by Project Type (Real % Change), 2018-27
Table 10: Nigeria, Top Energy and Utilities Construction Projects by Value
Table 11: Nigeria, Institutional Construction Output by Project Type (Real % Change), 2018-27
Table 12: Nigeria, Top Institutional Construction Projects by Value
Table 13: Nigeria, Residential Construction Output by Project Type (Real % Change), 2018-27
Table 14: Nigeria, Top Residential Construction Projects by Value
Table 15: Nigeria, Key Contractors
Table 16: Nigeria, Key Consultants
Table 17: Nigeria, Construction Output Value (Real, $ Million)
Table 18: Nigeria, Construction Output Value (Nominal, NGN Billion)
Table 19: GlobalData Construction Market Definitions
Table 20: Risk Dimensions
Table 21: Ratings, Scores and Definitions
List of Figures
Figure 1: Sub-Saharan Africa, Construction Output (Real % Change), 2021-27
Figure 2: Nigeria, Construction Output by Sector (Real % Change), 2021-23 and 2024-27
Figure 3: Nigeria, Risk Summary
Figure 4: Nigeria, Risk Regional Comparison
Figure 5: Nigeria, Construction Output Value (Real, $ Billion, 2017 Prices and Exchange Rate), 2018-27
Figure 6: Nigeria, Construction Output Value, by Sector (Real, $ Million), 2018-27
Figure 7: Nigeria, Construction Value Add (NGN Billion, 2010 Constant Prices)
Figure 8: Nigeria, Construction Projects Momentum Index
Figure 9: Sub-Saharan Africa, Construction Projects Momentum Index
Figure 10: Nigeria, Commercial Construction Output by Project Type (Real, $ Million), 2018-27
Figure 11: Nigeria, Commercial Construction Projects Pipeline, Value by Stage ($ Million)
Figure 12: Nigeria, Accommodation and Food Services Value Add (NGN Million, 2010 Constant Prices)
Figure 13: Nigeria, Industrial Construction Output by Project Type (Real, $ Million), 2018-27
Figure 14: Nigeria, Industrial Construction Projects Pipeline, Value by Stage ($ Million)
Figure 15: Nigeria, Manufacturing Value Add (NGN Billion, 2010 Constant Prices)
Figure 16: Nigeria, Total Export Value (NGN Billion)
Figure 17: Nigeria, Infrastructure Construction Output by Project Type (Real, $ Million), 2018-27
Figure 18: Nigeria, Infrastructure Construction Projects Pipeline, Value by Stage ($ Million)
Figure 19: Nigeria, Energy and Utilities Construction Output by Project Type (Real, $ Million), 2018-27
Figure 20: Nigeria, Energy and Utilities Construction Projects Pipeline, Value by Stage ($ Million)
Figure 21: Nigeria, Telecommunications and Information Services Value Add (NGN Billion, 2010 Constant Prices)
Figure 22: Nigeria, Institutional Construction Output by Project Type (Real, $ Million), 2018-27
Figure 23: Nigeria, Institutional Construction Projects Pipeline, Value by Stage ($ Million)
Figure 24: Nigeria, Education Sector Value Add (NGN Million, 2010 Constant Prices)
Figure 25: Nigeria, Human Health and Social Services Value Add (NGN Million, 2010 Constant Prices)
Figure 26: Nigeria, Residential Construction Output by Project Type (Real, $ Million), 2018-27
Figure 27: Nigeria, Residential Construction Projects Pipeline, Value by Stage ($ Million)
Figure 28: Nigeria, Real Estate Value Add (NGN Billion, 2010 Constant Prices)
Figure 29: Nigeria, Headquarters of Key Contractors (% of Total Project Pipeline)
Figure 30: Nigeria, Headquarters of Key Consultants (% of Total Project Pipeline)

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