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Nigeria Construction Market Size, Trends, and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis to 2028 (Q4 2024)

Publisher GlobalData
Published Dec 31, 2024
Length 44 Pages
SKU # GBDT19550407

Description

Nigeria Construction Market Size, Trends, and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis to 2028 (Q4 2024)

Summary

GlobalData’s Construction in Nigeria - Key Trends and Opportunities to 2028 (Q4 2024) 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.
GlobalData estimates stunted growth in Nigeria’s construction industry, slowing from 3.6% (in real terms) in 2023 to 1.2% in 2024, resultant of high inflation, rising interest rates, rising cost of building materials, and a worsening housing deficit. According to the Debt Management Office Nigeria (DMO), domestic and external debts increased by 24.9%, from NGN121.6 trillion ($143 trillion) in March 2024 to NGN134.2 trillion ($157.9 trillion) in June 2024. This increase is attributed to the depreciation of the local currency (Nigerian Naira - NGN) and additional borrowing undertaken to partially cover the 2024 Budget deficit. Furthermore, fluctuating exchange rates, inconsistent fiscal policies, and higher borrowing costs have disrupted construction activities, leading to delays and workforce shortages. For instance, in November 2024, the state-owned oil company Nigerian National Petroleum Company (NNPC) missed its deadline for completing the Port Harcourt Refinery rehabilitation project, due to unforeseen risks and challenges; this marks the seventh missed deadline, with the most recent promise of operational status by September 2024 remaining unfulfilled. However, government’s plan to address the rising housing deficit, coupled with public and private investments in industrial, energy and healthcare construction projects is expected to have supported the industry’s growth in 2024.

The Nigerian construction industry is expected to register an average annual growth of 3.1% from 2025 to 2028, supported by investment in the housing, and oil and gas sectors. In July 2024, the Minister of Housing and Urban Development highlighted the need to build 550,000 new housing units annually over the next decade; this requires an investment of NGN5.5 trillion ($6.5 billion) to address the national housing deficit

Scope

This report provides a comprehensive analysis of the construction industry in Nigeria. It provides -
  • Historical (2019-2023) and forecast (2024-2028) 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 our 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 business strategies 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

44 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
About GlobalData
Contact Us
List of Tables
Table 1: Spain Meat Snacks Market Value (EUR m) and Growth (Y-o-Y), 2018-28
Table 2: Spain Meat Snacks Market Value (USD m) and Growth (Y-o-Y), 2018-28
Table 3: Spain Meat Snacks Market Volume (Kg m) and Growth (Y-o-Y), 2018-28
Table 4: Spain Meat Snacks Market Value by Brands (EUR m), 2020-23
Table 5: Spain Meat Snacks Market Value by Brands (USD m), 2020-23
Table 6: Spain Meat Snacks Market Volume by Brands (Kg m), 2020-23
Table 7: Spain Meat Snacks Market Value by Distribution Channel (EUR m), 2020-23
Table 8: Spain Meat Snacks Market Value by Distribution Channel (USD m), 2020-23
Table 9: Category Definitions - Meat Snacks Market
Table 10: Distribution Channel Definitions Meat Snacks Market
Table 11: Volume Units for Meat Snacks Market
Table 12: Spain Exchange Rate EUR - USD (Annual Average), 2018 - 2023
Table 13: Spain Exchange Rate EUR - USD (Annual Average), 2024 - 2028 Forecast
List of Figures
Figure 1: Sub-Saharan Africa, Construction Output (Real % Change), 2022-28
Figure 2: Nigeria, Construction Output by Sector (Real % Change), 2022-24 and 2025-28
Figure 3: Nigeria, Risk Summary
Figure 4: Nigeria, Risk Regional Comparison
Figure 5: Nigeria, Construction Output Value (Real, $ Million, 2022 Prices and Exchange Rate), 2019-28
Figure 6: Nigeria, Construction Output Value, by Sector (Real, $ Million), 2019-28
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), 2019-28
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), 2019-28
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, Cement Manufacturing Value-add (NGN Billion, 2010 Constant Prices)
Figure 17: Nigeria, Total Export Value (NGN Billion)
Figure 18: Nigeria, Infrastructure Construction Output by Project Type (Real, $ Million), 2019-28
Figure 19: Nigeria, Infrastructure Construction Projects Pipeline, Value by Stage ($ Million)
Figure 20: Nigeria, Energy and Utilities Construction Output by Project Type (Real, $ Million), 2019-28
Figure 21: Nigeria, Energy and Utilities Construction Projects Pipeline, Value by Stage ($ Million)
Figure 22: Nigeria, Telecommunications and Information Services Value-add (NGN Billion, 2010 Constant Prices)
Figure 23: Nigeria, Institutional Construction Output by Project Type (Real, $ Million), 2019-28
Figure 24: Nigeria, Institutional Construction Projects Pipeline, Value by Stage ($ Million)
Figure 25: Nigeria, Education Sector Value-add (NGN Million, 2010 Constant Prices)
Figure 26: Nigeria, Human Health and Social Services Value-add (NGN Million, 2010 Constant Prices)
Figure 27: Nigeria, Residential Construction Output by Project Type (Real, $ Million), 2019-28
Figure 28: Nigeria, Residential Construction Projects Pipeline, Value by Stage ($ Million)
Figure 29: Nigeria, Real estate Value-add (NGN Billion, 2010 Constant Prices)
Figure 30: Nigeria, Headquarters of Key Contractors (% of Total Project Pipeline)
Figure 31: Nigeria, Headquarters of Key Consultants (% of Total Project Pipeline)

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