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Construction in Nigeria: Key Trends and Opportunities to 2023

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Construction in Nigeria: Key Trends and Opportunities to 2023

 

Summary

 

The Nigerian construction industry recovered in 2017 and 2018, after registering a gloomy performance in 2016. The industry registered growth of 1% and 2.3% in real terms in 2017 and 2018 respectively. This was supported by improvements in economic conditions, an increase in oil revenues and the government's investment in the development of overall infrastructure projects across the country. In the 2016 and 2017 budgets, the government allocated NGN1.7 trillion (USD 5.6 billion) towards capital infrastructure development.

 

The industry is expected to expand over the forecast period (2019-2023), driven by the government's efforts to develop the country's housing and transport infrastructure. In January 2019, the government approved Executive Order 007 in order to boost private sector investment in the road construction projects in the country. The government's focus to cut down the housing deficit in the country by providing affordable housing to citizens will also drive the industry's growth over the forecast period. In the 2019 budget, the government proposed to allocate NGN30 billion (USD 98.3 million) towards affordable housing under the National Housing Program. Improvements in consumer and investor confidence, along with developments in regional economic conditions, are expected to bode well for the industry's growth. Forecast-period growth will also be supported by ongoing urbanization and population growth.

 

The industry's output value in real terms is expected to rise at a compound annual growth rate (CAGR) of 5.39% over the forecast period-up from 0.36% during the review period (2014-2018).

 

GlobalData's "Construction in Nigeria: Key Trends and Opportunities to 2023", 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

- 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.

 

Key Highlights

 

- GlobalData expects the infrastructure construction market to retain its leading position over the forecast period and account for 30.1% of the industry's total value in 2023, driven by the government's focus on developing the country's transport infrastructure. In August 2018, the government approved NGN348.6 billion (USD 1.1 billion) for the road construction between Akwanga to Gombe by 2022-2023. Furthermore, in the 2019 budget, the government proposed to allocate NGN280.4 billion (USD 917.7 million) for road infrastructure development across the country.

- Forecast-period growth in the energy and utilities construction market will be driven by government's focus on developing the country's renewable energy infrastructure. It aims to increase the contribution of renewable energy in the total energy mix from 15% in 2018 to 30% by 2030. The government plans to build the country's biggest power plant, the Mambilla hydropower project, to generate 3.1GW of electricity, with a total investment of NGN1.8 trillion (USD 5.8 billion) by 2024.

- GlobalData expects the residential construction market to record a forecast-period CAGR of 10.87% in nominal terms, driven by the government's focus on providing housing to the country's middle- and low-income citizens. The government will supply 500,000 housing units in the country by 2023, and plans to invest NGN1 trillion (USD 3.3 billion) under the Family Homes Fund (FHF) by 2023 to minimize the housing deficit. Furthermore, in October 2018, the government announced it will allocate NGN500 billion (USD 1.6 billion) under the FHF over the next five years.

- The government is focusing on building special economic zones (SEZ) and industrial parks in the country to promote the manufacturing and exports sectors. In the 2019 budget, the government proposed to allocate NGN42 billion (USD 137.4 million) for the development of SEZs and industrial parks in the country. The government will also provide NGN15 billion (USD 49.1 million) in order to develop micro, small and medium scale enterprises (MSMEs) in the country in 2019.

- The total construction project pipeline in Nigeria-as tracked by GlobalData, and including all mega projects with a value above USD 25 million-stands at NGN123.2 trillion (USD 403.1 billion). The pipeline, which includes all projects from pre-planning to execution, is skewed towards late-stage projects, with 55.1% of the pipeline value being in projects in the pre-execution and execution stages as of April 2019.

 

Scope

 

- This report provides a comprehensive analysis of the construction industry in Nigeria.

- Historical (2014-2018) and forecast (2019-2023) 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 GlobalData'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 GlobalData's critical and actionable insight.

- Assess business risks, including cost, regulatory and competitive pressures.

- Evaluate competitive risk and success factors.

READ MORE

Table Of Content

Scope

Table of Contents

1. EXECUTIVE SUMMARY

2. CONSTRUCTION OUTLOOK: AT-A-GLANCE

3. LATEST NEWS AND INDICATORS

4. KEY DRIVERS AND RISKS

4.1. Economic Performance

4.2. Political Environment

4.3. Demographics

4.4. Risk Profile

5. CONSTRUCTION OUTLOOK

5.1. All Construction

5.1.1. Outlook

5.1.2. Project analytics

5.2. Commercial Construction

5.2.1. Outlook

5.2.2. Project analytics

5.3. Industrial Construction

5.3.1. Outlook

5.3.2. Project analytics

5.4. Infrastructure Construction

5.4.1. Outlook

5.4.2. Project analytics

5.5. Energy and Utilities Construction

5.5.1. Outlook

5.5.2. Project analytics

5.6. Institutional Construction

5.6.1. Outlook

5.6.2. Project analytics

5.7. Residential Construction

5.7.1. Outlook

5.7.2. Project analytics

6. KEY INDUSTRY PARTICIPANTS

6.1. Contractors

6.2. Consultants

7. APPENDIX

7.1. What is this Report About?

7.2. Definitions

8. ABOUT GlobalData

8.1. GlobalData at a Glance

8.2. GlobalData Construction

8.3. Disclaimer

8.4. Contact Us


List Of Figure

List of Figures

Figure 1: Key Markets, Construction Output Growth Matrix and Risk Matrix

Figure 2: Nigeria, Construction Projects Pipeline by Sector (NGN Trillion)

Figure 3: Nigeria, Risk Profile

Figure 4: Nigeria, Risk Comparison

Figure 5: Nigeria, Construction Output Value (Real, USD billion, 2017 prices and exchange rate

Figure 6: Nigeria, Construction Output Value, Growth Matrix

Figure 7: Nigeria, Construction Output Value, by Sector (NGN Billion), 2014-2023

Figure 8: Nigeria, Construction Projects Pipeline, Projected Annual Spending by Stage (NGN Billion), 2018-2023

Figure 9: Nigeria, Construction Projects Pipeline, Value by Stage (NGN Billion)

Figure 10: Nigeria, Commercial Construction Output by Project Type (NGN Billion), 2014-2023

Figure 11: Nigeria, Commercial Construction Projects Pipeline, Value by Stage (NGN Billion)

Figure 12: Nigeria, Commercial Construction Projects Pipeline, Projected Annual Spending by Stage (NGN Billion), 2018-2023

Figure 13: Nigeria, Industrial Construction Output by Project Type (NGN Billion), 2014-2023

Figure 14: Nigeria, Industrial Construction Projects Pipeline, Value by Stage (NGN Billion)

Figure 15: Nigeria, Industrial Construction Projects Pipeline, Projected Annual Spending by Stage (NGN Billion), 2018-2023

Figure 16: Nigeria, Infrastructure Construction Output by Project Type (NGN Billion), 2014-2023

Figure 17: Nigeria, Infrastructure Construction Projects Pipeline, Value by Stage (NGN Billion)

Figure 18: Nigeria, Infrastructure Construction Projects Pipeline, Projected Annual Spending by Stage (NGN Billion), 2018-2023

Figure 19: Nigeria, Energy and Utilities Construction Output by Project Type (NGN Billion), 2014-2023

Figure 20: Nigeria, Energy and Utilities Construction Projects Pipeline, Value by Stage (NGN Billion)

Figure 21: Nigeria, Energy and Utilities Construction Projects Pipeline, Projected Annual Spending by Stage (NGN Billion), 2018-2023

Figure 22: Nigeria, Institutional Construction Output by Project Type (NGN Billion), 2014-2023

Figure 23: Nigeria, Institutional Construction Projects Pipeline, Value by Stage (NGN Billion)

Figure 24: Nigeria, Institutional Construction Projects Pipeline, Projected Annual Spending by Stage (NGN Billion), 2018-2023

Figure 25: Nigeria, Residential Construction Output by Project Type (NGN Billion), 2014-2023

Figure 26: Nigeria, Residential Construction Projects Pipeline, Value by Stage (NGN Billion)

Figure 27: Nigeria, Residential Construction Projects Pipeline, Projected Annual Spending by Stage (NGN Billion), 2018-2023

Figure 28: Nigeria, Headquarters of Key Contractors (% of Total Project Pipeline)

Figure 29: Nigeria, Headquarters of Foreign Contractors (% of Project Pipeline with Foreign Contractor)

Figure 30: Nigeria, Headquarters of Key Consultants (% of Total Project Pipeline)

Figure 31: Nigeria, Headquarters of Foreign Consultants (% of Project Pipeline with Foreign Consultants)


List Of Table

List of Tables

Table 1: Construction Outlook

Table 2: Nigeria, Key Economic Indicators

Table 3: Nigeria, Construction Output Value (nominal, NGN Billion)

Table 4: Nigeria, Construction Output Value (nominal, USD Million)

Table 5: Nigeria, Top Commercial Construction Projects by Value

Table 6: Nigeria, Top Industrial Construction Projects by Value

Table 7: Nigeria, Top Infrastructure Construction Projects by Value

Table 8: Nigeria, Top Energy and Utilities Construction Projects by Value

Table 9: Nigeria, Top Institutional Construction Projects by Value

Table 10: Nigeria, Top Residential and Mixed-Use Construction Projects by Value

Table 11: Nigeria, Key Contractors

Table 12: Nigeria, Key Consultants

Table 13: GlobalData Construction Market Definitions

Table 14: Construction Risk Index Ratings and Scores

Licence Rights

Single User License:
Report can be used by individual purchaser only

Site License:
Report can be shared by unlimited users within one corporate location, e.g. a regional office

Corporate User License: 
Report can be shared globally by unlimited users within the purchasing corporation e.g. all employees of a single company

Section Purchase

To know more information on Purchase by Section, please send a mail to support@kenresearch.com

Products and Companies

Products

Construction, Nigerian Construction Industry, Commercial Construction, Institutional Construction, Industrial Construction, Infrastructure Construction, Residential Construction, Energy and Utilities Construction

Construction in Nigeria: Key Trends and Opportunities to 2023

 

Summary

 

The Nigerian construction industry recovered in 2017 and 2018, after registering a gloomy performance in 2016. The industry registered growth of 1% and 2.3% in real terms in 2017 and 2018 respectively. This was supported by improvements in economic conditions, an increase in oil revenues and the government's investment in the development of overall infrastructure projects across the country. In the 2016 and 2017 budgets, the government allocated NGN1.7 trillion (USD 5.6 billion) towards capital infrastructure development.

 

The industry is expected to expand over the forecast period (2019-2023), driven by the government's efforts to develop the country's housing and transport infrastructure. In January 2019, the government approved Executive Order 007 in order to boost private sector investment in the road construction projects in the country. The government's focus to cut down the housing deficit in the country by providing affordable housing to citizens will also drive the industry's growth over the forecast period. In the 2019 budget, the government proposed to allocate NGN30 billion (USD 98.3 million) towards affordable housing under the National Housing Program. Improvements in consumer and investor confidence, along with developments in regional economic conditions, are expected to bode well for the industry's growth. Forecast-period growth will also be supported by ongoing urbanization and population growth.

 

The industry's output value in real terms is expected to rise at a compound annual growth rate (CAGR) of 5.39% over the forecast period-up from 0.36% during the review period (2014-2018).

 

GlobalData's "Construction in Nigeria: Key Trends and Opportunities to 2023", 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

- 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.

 

Key Highlights

 

- GlobalData expects the infrastructure construction market to retain its leading position over the forecast period and account for 30.1% of the industry's total value in 2023, driven by the government's focus on developing the country's transport infrastructure. In August 2018, the government approved NGN348.6 billion (USD 1.1 billion) for the road construction between Akwanga to Gombe by 2022-2023. Furthermore, in the 2019 budget, the government proposed to allocate NGN280.4 billion (USD 917.7 million) for road infrastructure development across the country.

- Forecast-period growth in the energy and utilities construction market will be driven by government's focus on developing the country's renewable energy infrastructure. It aims to increase the contribution of renewable energy in the total energy mix from 15% in 2018 to 30% by 2030. The government plans to build the country's biggest power plant, the Mambilla hydropower project, to generate 3.1GW of electricity, with a total investment of NGN1.8 trillion (USD 5.8 billion) by 2024.

- GlobalData expects the residential construction market to record a forecast-period CAGR of 10.87% in nominal terms, driven by the government's focus on providing housing to the country's middle- and low-income citizens. The government will supply 500,000 housing units in the country by 2023, and plans to invest NGN1 trillion (USD 3.3 billion) under the Family Homes Fund (FHF) by 2023 to minimize the housing deficit. Furthermore, in October 2018, the government announced it will allocate NGN500 billion (USD 1.6 billion) under the FHF over the next five years.

- The government is focusing on building special economic zones (SEZ) and industrial parks in the country to promote the manufacturing and exports sectors. In the 2019 budget, the government proposed to allocate NGN42 billion (USD 137.4 million) for the development of SEZs and industrial parks in the country. The government will also provide NGN15 billion (USD 49.1 million) in order to develop micro, small and medium scale enterprises (MSMEs) in the country in 2019.

- The total construction project pipeline in Nigeria-as tracked by GlobalData, and including all mega projects with a value above USD 25 million-stands at NGN123.2 trillion (USD 403.1 billion). The pipeline, which includes all projects from pre-planning to execution, is skewed towards late-stage projects, with 55.1% of the pipeline value being in projects in the pre-execution and execution stages as of April 2019.

 

Scope

 

- This report provides a comprehensive analysis of the construction industry in Nigeria.

- Historical (2014-2018) and forecast (2019-2023) 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 GlobalData'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 GlobalData's critical and actionable insight.

- Assess business risks, including cost, regulatory and competitive pressures.

- Evaluate competitive risk and success factors.

READ MORE

Scope

Table of Contents

1. EXECUTIVE SUMMARY

2. CONSTRUCTION OUTLOOK: AT-A-GLANCE

3. LATEST NEWS AND INDICATORS

4. KEY DRIVERS AND RISKS

4.1. Economic Performance

4.2. Political Environment

4.3. Demographics

4.4. Risk Profile

5. CONSTRUCTION OUTLOOK

5.1. All Construction

5.1.1. Outlook

5.1.2. Project analytics

5.2. Commercial Construction

5.2.1. Outlook

5.2.2. Project analytics

5.3. Industrial Construction

5.3.1. Outlook

5.3.2. Project analytics

5.4. Infrastructure Construction

5.4.1. Outlook

5.4.2. Project analytics

5.5. Energy and Utilities Construction

5.5.1. Outlook

5.5.2. Project analytics

5.6. Institutional Construction

5.6.1. Outlook

5.6.2. Project analytics

5.7. Residential Construction

5.7.1. Outlook

5.7.2. Project analytics

6. KEY INDUSTRY PARTICIPANTS

6.1. Contractors

6.2. Consultants

7. APPENDIX

7.1. What is this Report About?

7.2. Definitions

8. ABOUT GlobalData

8.1. GlobalData at a Glance

8.2. GlobalData Construction

8.3. Disclaimer

8.4. Contact Us


List Of Figure

List of Figures

Figure 1: Key Markets, Construction Output Growth Matrix and Risk Matrix

Figure 2: Nigeria, Construction Projects Pipeline by Sector (NGN Trillion)

Figure 3: Nigeria, Risk Profile

Figure 4: Nigeria, Risk Comparison

Figure 5: Nigeria, Construction Output Value (Real, USD billion, 2017 prices and exchange rate

Figure 6: Nigeria, Construction Output Value, Growth Matrix

Figure 7: Nigeria, Construction Output Value, by Sector (NGN Billion), 2014-2023

Figure 8: Nigeria, Construction Projects Pipeline, Projected Annual Spending by Stage (NGN Billion), 2018-2023

Figure 9: Nigeria, Construction Projects Pipeline, Value by Stage (NGN Billion)

Figure 10: Nigeria, Commercial Construction Output by Project Type (NGN Billion), 2014-2023

Figure 11: Nigeria, Commercial Construction Projects Pipeline, Value by Stage (NGN Billion)

Figure 12: Nigeria, Commercial Construction Projects Pipeline, Projected Annual Spending by Stage (NGN Billion), 2018-2023

Figure 13: Nigeria, Industrial Construction Output by Project Type (NGN Billion), 2014-2023

Figure 14: Nigeria, Industrial Construction Projects Pipeline, Value by Stage (NGN Billion)

Figure 15: Nigeria, Industrial Construction Projects Pipeline, Projected Annual Spending by Stage (NGN Billion), 2018-2023

Figure 16: Nigeria, Infrastructure Construction Output by Project Type (NGN Billion), 2014-2023

Figure 17: Nigeria, Infrastructure Construction Projects Pipeline, Value by Stage (NGN Billion)

Figure 18: Nigeria, Infrastructure Construction Projects Pipeline, Projected Annual Spending by Stage (NGN Billion), 2018-2023

Figure 19: Nigeria, Energy and Utilities Construction Output by Project Type (NGN Billion), 2014-2023

Figure 20: Nigeria, Energy and Utilities Construction Projects Pipeline, Value by Stage (NGN Billion)

Figure 21: Nigeria, Energy and Utilities Construction Projects Pipeline, Projected Annual Spending by Stage (NGN Billion), 2018-2023

Figure 22: Nigeria, Institutional Construction Output by Project Type (NGN Billion), 2014-2023

Figure 23: Nigeria, Institutional Construction Projects Pipeline, Value by Stage (NGN Billion)

Figure 24: Nigeria, Institutional Construction Projects Pipeline, Projected Annual Spending by Stage (NGN Billion), 2018-2023

Figure 25: Nigeria, Residential Construction Output by Project Type (NGN Billion), 2014-2023

Figure 26: Nigeria, Residential Construction Projects Pipeline, Value by Stage (NGN Billion)

Figure 27: Nigeria, Residential Construction Projects Pipeline, Projected Annual Spending by Stage (NGN Billion), 2018-2023

Figure 28: Nigeria, Headquarters of Key Contractors (% of Total Project Pipeline)

Figure 29: Nigeria, Headquarters of Foreign Contractors (% of Project Pipeline with Foreign Contractor)

Figure 30: Nigeria, Headquarters of Key Consultants (% of Total Project Pipeline)

Figure 31: Nigeria, Headquarters of Foreign Consultants (% of Project Pipeline with Foreign Consultants)


List Of Table

List of Tables

Table 1: Construction Outlook

Table 2: Nigeria, Key Economic Indicators

Table 3: Nigeria, Construction Output Value (nominal, NGN Billion)

Table 4: Nigeria, Construction Output Value (nominal, USD Million)

Table 5: Nigeria, Top Commercial Construction Projects by Value

Table 6: Nigeria, Top Industrial Construction Projects by Value

Table 7: Nigeria, Top Infrastructure Construction Projects by Value

Table 8: Nigeria, Top Energy and Utilities Construction Projects by Value

Table 9: Nigeria, Top Institutional Construction Projects by Value

Table 10: Nigeria, Top Residential and Mixed-Use Construction Projects by Value

Table 11: Nigeria, Key Contractors

Table 12: Nigeria, Key Consultants

Table 13: GlobalData Construction Market Definitions

Table 14: Construction Risk Index Ratings and Scores

Single User License:
Report can be used by individual purchaser only

Site License:
Report can be shared by unlimited users within one corporate location, e.g. a regional office

Corporate User License: 
Report can be shared globally by unlimited users within the purchasing corporation e.g. all employees of a single company

To know more information on Purchase by Section, please send a mail to support@kenresearch.com

Products

Construction, Nigerian Construction Industry, Commercial Construction, Institutional Construction, Industrial Construction, Infrastructure Construction, Residential Construction, Energy and Utilities Construction

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