Nigeria Construction Industry Report 2024: Expansion by 2.8% in Real Terms this Year, Supported by the Government's Focus on Infrastructure Development & Investments in Housing - Forecast to 2028
Dublin, April 25, 2024 (GLOBE NEWSWIRE) -- The "Nigeria Construction Market Size, Trends, and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis, 2024-2028" report has been added to * ResearchAndMarkets.com's* offering.
The construction industry in Nigeria is expected to expand by 2.8% in real terms in 2024, supported by the government's focus on infrastructure development to support economic development, public and private investment in the housing sector, and a strengthening of external demand.
In the 2024 Budget, the government allocated NGN10 trillion ($16.8 billion) for capital expenditure. Of which, NGN2.2 trillion ($3.7 billion) was allocated to the education sector and NGN1.3 trillion ($2.2 billion) to the health sector. The government also allocated NGN548.6 billion ($922.2 million) for road construction and NGN99 billion ($166.4 million) towards the development of 20,000 affordable housing in 2024.
Over the remainder of the forecast period, the construction industry is expected to register an annual average growth of 3.1% between 2025 and 2028, supported by investment in electricity, transport, industrial, infrastructure and oil and gas projects, coupled with the government's plan to produce 5.5 billion cubic feet of gas per day by 2030.
The industry's growth will be also supported by investment as part of the Nigeria Energy Transition Plan, under which the country aims to reduce CO2 emissions to net zero in the power, transport, oil and gas sectors by 2060. As part of this plan, Nigeria aims to develop 197GW of grid-connected solar, about 90GW of energy storage capacity, 34GW of hydrogen power, 11GW of hydropower, 10GW of gas, and 6GW of biomass with an estimated investment of NGN1.1 quadrillion ($1.9 trillion) by 2060.
*Scope*
· 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 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 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/pmdxxz
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