Construction in Nigeria - Key Trends and Opportunities to 2020
Apr 26, 2016, 06:03 ET
LONDON, April 26, 2016 /PRNewswire/ -- Synopsis
The Nigerian construction industry will continue to expand over the forecast period (2016–2020), with investment in infrastructure construction, healthcare, manufacturing plants, education facilities and housing projects continuing to drive growth.
The expansion will also be supported by the country's Vision 2020, under which the government aims to develop the country's road, rail, airport and other related infrastructure.
In real terms, the industry's output value increased at a compound annual growth rate (CAGR) of 11.68% during the review period (2011–2015), and is estimated to grow at a CAGR of 9.49% over the forecast period, due to the government's vision to develop world-class infrastructure under the National Integrated Infrastructure Master Plan (NIIMP) 2043 to support sustainable economic development and growth.
The government aims to achieve this target through investments under the Public-Private Partnership (PPP) model. The industry is consequently expected to rise in real terms.
Timetric's Construction in Nigeria– Key Trends and Opportunities to 2020 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
This report provides a comprehensive analysis of the construction industry in Nigeria. It provides:
- Historical (2011–2015) and forecast (2016–2020) 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
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- Assess business risks, including cost, regulatory and competitive pressures.
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- The government is encouraging foreign companies to establish their manufacturing plants through its various programs. In 2014, the government launched Nigeria Industrial Revolution Plan (NIPR) to increase the number of jobs and diversify the country's economy. In the same year, National Enterprise Development Program (NEDEP) was launched by the government to provide business support services and access to finance for small and medium manufactures.
- To enhance economic development and boost trade activity, the government is expanding the rail network under the 25-year Strategic Rail Vision program. Accordingly, in May 2014, China Railway Construction Corporation (CRCC) signed an agreement with the Nigerian government to invest NGN2.6 trillion (US$13.1 billion) in the expansion of the network.
- The government aims to increase the share of renewable energy in the country's total energy mix. Accordingly, it has introduced various projects and sub-programs under the Renewable Energy Program, such as the NAIJA LIGHT Solar Electrification Program, Energy Efficient Housing Scheme, the Abuja Green City and Establishment of Renewable Energy Village.
- Population growth, coupled with urbanization, is continuously increasing the demand for quality and affordable housing, which will support the growth of the residential construction market over the forecast period. According to the United Nations Department of Economic and Social Affairs (UNDESA), the country's total population increased by 11.8%, from 164.2 million in 2011 to 183.5 million in 2015, and is expected to reach 210.2 million by 2020. The country's urban population increased by 20.4%, from 72.8 million in 2011 to 87.7 million in 2015, and is expected to reach 108.7 million by 2020.
- The infrastructure market is expected to benefit from the government's plan to enhance the sea-port facilities to transform the country into a maritime operational hub within the continent by 2020. The government is planning to build the country's largest shipyard in Badagry by 2019, with an aim to transport 2.5 million barrels of crude oil per day.
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