Nigeria Construction Industry Trends, Opportunities and Market Report 2021 Market Research Hub (MRH) has recently announced the addition of a fresh report, titled “Construction in Nigeria, Key Trends and Opportunities to 2021� to its report offerings. The 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. Analysis of equipment, material and service costs for each project type in Nigeria.
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Synopsis In real terms, the Nigerian construction industry registered positive growth during the review period (20122016). However, construction activity was weak during 2016 as the economy slipped into recession. Consequently, the industrys output value in real terms rose at a compound annual growth rate (CAGR) of 6.16% during the review period. The industry is expected to expand slowly over the forecast period (20172021), with performance expected to remain negative during 2017 due to the prevailing economic crisis.
However, government efforts to revitalize the economy by focusing on developing the countrys infrastructure, energy and residential sectors are expected to contribute to the industrys gradual growth over the forecast period.
The government’s aim to develop the countrys transport infrastructure and enhance regional connectivity is expected to promote the industrys growth over the forecast period. Additionally, government moves to develop the manufacturing sector and overcome the countrys housing deficit are also expected to support industry expansion. The industrys output value is expected to post a forecast-period CAGR of 0.77% in real terms.
Summary Timetrics Construction in Nigeria, Key Trends and Opportunities to 2021 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 Analysis of equipment, material and service costs for each project type in Nigeria Critical insight into the impact of industry trends and issues, and the risks and opportunities they present to participants in the Nigerian construction industry Profiles of the leading operators in the Nigerian construction industry Data highlights of the largest construction projects in Nigeria
Scope This report provides a comprehensive analysis of the construction industry in Nigeria. It provides: Historical (2012-2016) and forecast (2017-2021) valuations of the construction industry in Nigeria using construction output and value-add methods Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by project type
Breakdown of values within each project type, by type of activity (new construction, repair and maintenance, refurbishment and demolition) and by type of cost (materials, equipment and services) Analysis of key construction industry issues, including regulation, cost management, funding and pricing Detailed profiles of the leading construction companies in Nigeria
Reasons To Buy Identify and evaluate market opportunities using Timetric'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 Timetric's critical and actionable insight. Assess business risks, including cost, regulatory and competitive pressures. Evaluate competitive risk and success factors.
Key Highlights In November 2016, the Nigerian National Petroleum Corporation announced plans to develop the Trans-Saharan gas pipeline project linking Nigeria and Algeria. With a total investment of NGN5.2 trillion (US$20.0 billion), the project includes the construction of 4,216km pipeline with a diameter of 1.2m to 1.4m and gas-gathering centers. The government aims to make the country a global industrial hub. Accordingly, in February 2017, the government granted approval for the development of Gas Revolution Industrial Park in Ogidigben, Niger Delta region. The project includes the construction of several industrial plants, including petrochemicals, methanol, aluminum and fertilizer in a single location on a 2,700ha area.
Foreign investments are becoming increasingly vital to Nigerias economic growth. In February 2017, the US Agency for International Development announced plans to invest NGN305.9 billion (US$1.0 billion) in the countrys energy sector. This investment is part of the Power Africa program, which was launched by the US government in July 2013, with an aim to improve accessibility to sustainable and affordable energy in Africa.
Solar energy has been Nigerias most significant source of renewable energy in recent years. To benefit from this, several international companies are investing in the countrys solar energy sector. In November 2016, the General Electric Company signed a memorandum of understanding with the Nigerian government to develop five solar power plants in Nassarawa, Taraba, Borno, Niger and Kebbi.
In its 2017 budget, the government placed significant emphasis on the country's overall infrastructure development as part of its move to stimulate growth following the recession. Accordingly, the government announced plans to invest NGN97.0 billion (US$317.1 million) to develop transport infrastructure projects.
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