Nigeria Construction Market Report


Report Summary

ConstructAfrica’s Nigeria Construction Market Report outlines major opportunities in various construction project sectors, provides rare insight into the workings of the industry, and gives a forecast for the market's direction.

Report Description

Nigeria has the largest economy in Africa and is the continent’s most populous country.

The country's construction industry has an estimated market size of between US$26.9 billion and US$40.3 billion, accounting for 9% of GDP.

The country has significant infrastructure gaps that the Nigerian government is keen to bridge to address productivity and economic expansion challenges. To this end, the government has adopted the National Infrastructure Master Plan (2014 ‐ 2043) and the National Development Plan (2021 ‐ 2025) as long and medium‐term strategies to bridge the infrastructure gap. The government also established the Infrastructure Corporation of Nigeria (InfraCorp) ‐ a NGN15 trillion fund to drive Public‐Private Partnership (PPP) investments in infrastructure in Nigeria.

Nigeria’s construction sector offers several opportunities in commercial, residential, industrial, and infrastructure construction. The sector accommodates many foreign and local companies competing favorably for projects in the public and private sectors.

ConstructAfrica’s Nigeria Construction Market Report details the state of the construction industry in Nigeria. Included in 120 pages is a comprehensive look at the industry, including opportunities in various sectors, and an overview of how the industry operates including tender and procurement procedures, competition, and industry entry barriers.

Also featured in the report are “Interviews with Industry Stakeholders”, providing insights and industry tips for prospective investors.

The report also contains competitive intelligence on key players in Nigeria’s construction industry, including:

  • Contact details and web links of industry associations,
  • Full details and contact information for 18 key local and foreign players in the industry.

Key Highlights

  • The Nigerian construction industry, stuttering for about 2 years due to economic challenges and covid‐19 effects, grew by 4.8% in Q1 2022 and is projected to grow at an average annual growth rate (AAGR) of about 3% during the period 2023–2026.
  • The government is committed to spurring economic revival with sustained investment in infrastructure as a key instrument.
  • The low‐cost housing deficit continues to widen as affordable residential units are in short supply. Nigeria’s rising middle class is driving demand for mid to high‐end residential accommodation and non‐residential facilities.
  • There is a huge advantage for early entrants as the urbanization rate grows.
  • Two interviews featuring the CEO of a major construction company in Nigeria and a legal expert and top construction lawyer.