CIC - Construction Intelligence Center

Growth in Nigeria's construction industry will be curtailed by economic challenges

3 May 2017

Construction in Nigeria will grow at a relatively slow pace over the coming five years, with the pace of expansion curtailed by the economic turmoil due to low oil prices and militant attacks on oil infrastructure. However, the government is aiming to stimulate growth through large scale infrastructure projects, and this will provide some support to the industry, according to a report published by Timetric’s Construction Intelligence Center.

 

The industry is expected to expand slowly over the forecast period (2017–2021), with performance expected to remain negative during 2017 due to the prevailing economic crisis, including the sharp depreciation in the currency. In the midst of these challenges, government efforts to revitalize the economy by focusing on developing the country’s infrastructure, energy and residential sectors are expected to contribute to the industry’s gradual growth over the forecast period (2017 to 2021). The industry’s output value is expected to post annual average growth of just 1% in real terms during this period.

 

Nigerian Construction Output (Real US$ 2010, Million), 2012–2021

 

 

The government’s aim to develop the country’s transport infrastructure and enhance regional connectivity is expected to promote the industry’s growth over the forecast period. Additionally, government moves to develop the manufacturing sector and overcome the country’s housing deficit are also expected to support industry expansion. 

 

Infrastructure construction is the largest market in the industry during the review period, accounting for around 28% of total output value in 2016. The infrastrucure market growth is expected to be supported by large-scale investments in transport infrastructure projects under the National Integrated Infrastructure Master Plan (NIIMP) 2014–2043.

 

About this report

 

This information is taken from the Timetric report: ‘Construction in Nigeria: Key Trends and Opportunities to 2021'.

 

For more information visit the Timetric Report Store

 

CIC clients can access the report here

 

About the Construction Intelligence Center

 

The Construction Intelligence Center (CIC) is the most comprehensive source of data and analysis on the global construction industry. The Construction Intelligence Center is a product of Timetric, which provides information solutions and technologies that enable organizations to drive business value and manage business risk.

 

For more information and updates, please visit www.construction-ic.com.

 

About Timetric

 

Timetric is a leading provider of online data, analysis and advisory services on key financial and industry sectors. It provides integrated information services covering risk assessments, forecasts, industry analysis, market intelligence, news and commentary.

 

For more information and updates, please visit www.timetric.com

 

For media enquiries, please contact the press office at press@timetric.com or call +44 (0)20 3096 5769.