Dublin, Sept. 10, 2024 (GLOBE NEWSWIRE) -- The "Nigeria Construction Market Size, Trends, and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis to 2028 (Q2 2024)" report has been added to ResearchAndMarkets.com's offering.
Output has been revised down growth in the Nigerian construction industry from 2.8% to 1.2% in real terms, in 2024, owing to headwinds such as socio-political unrest, high inflation, rising interest rates, depreciation of the Nigerian naira, and rising external debt.
The Central Bank of Nigeria has raised its monetary policy rate by 150 basis points, from 24.75% in March to 26.25% in May 2024; this is to curb inflation which reached a 28-year high of 33.69% in April 2024, from 33.2% in the month previously. Furthermore, challenges in the oil sector, such as oil theft and attacks on facilities, pose major downside risks to the industry's growth in the short term.
Despite these challenges, forecasted growth in 2024 is conductive of the government's focus to address rising energy prices and slowing economic growth, tackled through an expansive 2024 Budget amassing expenditure of NGN27.5 trillion ($32.3 billion). Specifically, the budget includes capital expenditure of NGN7.7 trillion ($9.1 billion), an allocation of NGN548.6 billion ($922.2 million) for road construction, and NGN99 billion ($166.4 million) for housing development.
From 2025 to 2028, the Nigerian construction industry is expected to register an average annual growth of 3.1%, supported by investment in electricity, transport, manufacturing, housing, and oil and gas sectors. The industry's growth will be supported by the NGN7.7 trillion ($9.1 billion) National Development Plan 2021-25, under which, the government sets out multilateral increases in the length of the total paved network, the country's cargo handling capacity and aviation passenger traffic, and the percentage of road network under scheduled maintenance and repair.
Furthermore, the government aims to diversify total energy consumption towards renewable electricity, from 13% (2015) to 23% (2025) to 36% (2030), under the Renewable Energy Master Plan (REMP). Growth will also be supported by the "National Automotive Industry Development Plan" (NADIP) 2023-2033, pertaining a target increase in Nigerian vehicles production, of which 30% will be Electric Vehicles (EVs), generating one million jobs over the ten year-period.
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 analyst'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 analyst'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/gmz078
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