Construction in Nigeria - Key Trends and Opportunities to 2024

Construction in Nigeria - Key Trends and Opportunities to 2024



This expects Nigerias construction industry to contract by 12.8% in 2020, and foresees that weak public investment, alongside limited foreign direct investment (FDI) amid the global economic downturn, will push Nigeria into a steep recession. The negative impact from the Coronavirus (COVID-19) pandemic, lockdown measures and low oil prices has already been felt across all sectors, especially in retail and real estate.

Nigerias general outlook is gloomy, with lower oil prices and production contributing to tighter foreign exchange liquidity. The decline in oil prices will have a major impact on government revenue and will force the government to prioritize its spending requirements. Moreover, high debt-servicing costs and the small size of the tax take will leave little scope for fiscal spending, and as such, many public projects could be delayed or cancelled, providing little room for new public projects. Nigerias infrastructure is inadequate for business needs, notably in terms of logistical bottlenecks and power deficiencies, while housing stock remains far short of demand for the fast-growing population.

Weak growth in the construction sector means that these issues will continue to hold back the countrys development over the coming years and will entail a slow recovery throughout the forecast period (2020-2024). The expansion in the construction industry will be dependent in part on the pace of implementation of the Economic Recovery and Growth Plan, created in the aftermath of the 2016 recession to set out aggressive growth targets from 2017 to 2020, which has also been jeopardized by the decline in oil prices and in which the government continues to fall far short of its projections. The impetus for growth in the economy will highly depend on monetary easing, but this will be restrained by high inflation. The 2021 Appropriation Bill, presented by President Buhari to the national Assembly in October, is designed to continue achieving the goals of Economic Sustainability Plan, which provides a road map for post-COVID-19 economic recovery to transition from the Economic Recovery and Growth Plan (2017-2020) to the successor Medium-Term National Development Plan (2021-2025).

This report provides detailed market analysis, information and insights into the Nigerian construction industry, including -
- The Nigerian construction industrys 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 (2015-2019) and forecast (2020-2024) 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 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 critical and actionable insight.
- Assess business risks, including cost, regulatory and competitive pressures.
- Evaluate competitive risk and success factors.

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
4 Construction Outlook
4.1 All Construction
4.2 Commercial Construction
4.3 Industrial Construction
4.4 Infrastructure Construction
4.5 Energy and Utilities Construction
4.6 Institutional Construction
4.7 Residential Construction
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 GlobalData Construction

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), 2015-2024
Table 4: Nigeria, Top Commercial Construction Projects by Value
Table 5: Nigeria, Industrial Construction Output by Project Type (Real % change), 2015-2024
Table 6: Nigeria, Top Industrial Construction Projects by Value
Table 7: Nigeria, Infrastructure Construction Output by Project Type (Real % change), 2015-2024
Table 8: Nigeria, Top Infrastructure Construction Projects by Value
Table 9: Nigeria, Energy and Utilities Construction Output by Project Type (Real % change), 2015-2024
Table 10: Nigeria, Top Energy and Utilities Construction Projects by Value
Table 11: Nigeria, Institutional Construction Output by Project Type (Real % change), 2015-2024
Table 12: Nigeria, Top Institutional Construction Projects by Value
Table 13: Nigeria, Residential Construction Output by Project Type (Real % change), 2015-2024
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, US$ Million)
Table 18: Nigeria, Construction Output Value (Nominal, NGN Billion)
Table 19: GlobalData Construction Market Definitions

List Of Figures


Figure 1: Middle East and Africa, Construction Output (Real % change), 2020
Figure 2: Nigeria, Construction Projects Pipeline by Sector (US$ Billion)
Figure 3: Nigeria, COVID-19 Confirmed Cases
Figure 4: Nigeria, Construction Output Value (Real, US$ billion, 2017 prices and exchange rate), 2015-2024
Figure 5: Nigeria, Construction Output Value, by Sector (Real, US$ Million), 2015-2024
Figure 6: Nigeria, Construction Value-Add (NGN Million, 2010 Constant Prices)
Figure 7: Nigeria, Construction Projects Momentum Index
Figure 8: Nigeria, Commercial Construction Output by Project Type (Real, US$ Million), 2015-2024
Figure 9: Nigeria, Commercial Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 10: Nigeria, Accommodation and Food Services Value-Add (NGN Million, 2010 Constant Prices)
Figure 11: Nigeria, Industrial Construction Output by Project Type (Real, US$ Million), 2015-2024
Figure 12: Nigeria, Industrial Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 13: Nigeria, Manufacturing Value-Add (NGN Billion, 2010 Constant Prices)
Figure 14: Nigeria, Total Export Value (NGN Billion)
Figure 15: Nigeria, Infrastructure Construction Output by Project Type (Real, US$ Million), 2015-2024
Figure 16: Nigeria, Infrastructure Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 17: Nigeria, Energy and Utilities Construction Output by Project Type (Real, US$ Million), 2015-2024
Figure 18: Nigeria, Energy and Utilities Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 19: Nigeria, Institutional Construction Output by Project Type (Real, US$ Million), 2015-2024
Figure 20: Nigeria, Institutional Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 21: Nigeria, Education Sector Value-Add (NGN Million, 2010 Constant Prices)
Figure 22: Nigeria, Human Health and Social Services Value-Add (NGN Million, 2010 Constant Prices)
Figure 23: Nigeria, Residential Construction Output by Project Type (Real, US$ Million), 2015-2024
Figure 24: Nigeria, Residential Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 25: Nigeria, Real Estate Value-Add (NGN Billion, 2010 Constant Prices)
Figure 26: Nigeria, Headquarters of Key Contractors (% of Total Project Pipeline)
Figure 27: Nigeria, Headquarters of Key Consultants (% of Total Project Pipeline)

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