Dublin, Sept. 11, 2024 (GLOBE NEWSWIRE) -- The "Nigeria Construction Industry Databook Series - Market Size & Forecast by Value and Volume (area and units), Q2 2024 Update" report has been added to ResearchAndMarkets.com's offering
In a comprehensive analysis of Nigeria's construction industry dynamics, the latest data shows a projected growth trajectory, with an 8.0% increase expected by 2024, reaching NGN 25.72 trillion. The country's construction output is forecasted to continue its upward momentum, with a CAGR of 4.4% anticipated from 2024 to 2028.
This robust expansion aligns with the government's strategic priorities, urbanization trends, and the increasing imperative for sustainable building practices. Industry stakeholders are advised to optimize their growth strategies in alignment with the development of infrastructure, residential, and industrial construction sectors to navigate the flourishing market landscape effectively.
Key Drivers Influencing Residential and Commercial Construction
The Nigerian government has initiated efforts to bridge the significant housing gap through strategic investments in affordable housing, which spells opportunity for the residential construction sector. Additionally, commercial real estate is poised to benefit from increased investments in retail and office space development. In both sectors, sustainable construction methodologies continue to gain prominence, reflecting a shift towards more eco-friendly and energy-efficient practices in building design and development.
Public Services Infrastructure Set for Improvement
Public service institutions are set to experience heightened focus, with government spending on healthcare and education projects expected to increase. Attention is also given to incorporating disaster resilience into new institutional projects, preparing the country's critical infrastructure to withstand environmental challenges.
Economic Diversification Through Industrial Development
As part of the economic diversification effort, the industrial construction sector is witnessing growth, with multiple projects set to expand the local manufacturing landscape. Investments in renewable energy infrastructure, especially solar and wind, further demonstrate the government's commitment to sustainable growth.
Infrastructure Development: A Cornerstone for Economic Progress
Infrastructure construction remains central to Nigeria's development agenda, with significant projects such as the Lagos-Ibadan Expressway and Second Niger Bridge underway. The focus extends to transportation networks, which are critical in enhancing the country's logistics and facilitating trade.
This extensive analysis of Nigeria's construction industry encapsulates an array of data detailing market dynamics, growth prospects, and cost structures spanning over 40+ segments. The report provides an essential resource for understanding the industry's direction and presents a granular view of the opportunities across various construction segments, including residential, commercial, institutional, industrial, and infrastructure.
About the Construction Industry Databook Series
The Construction Industry Databook Series offers an in-depth analysis of the building and infrastructure construction industry at the country level. It is a vital source of highly granular data, comprising over 100 KPIs that help stakeholders make informed decisions and tailor their strategic initiatives to capitalize on emerging opportunities within Nigeria’s dynamic construction market environment.
For more information about this report visit https://www.researchandmarkets.com/r/wjdrq1
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