Nigeria Construction Market Trends and Forecasts Analysis to 2028: Nigerian Construction Industry is Set to Register an Average Annual Growth of 3.1% from 2025 to 2028 - ResearchAndMarkets.com

The "Nigeria Construction Market Size, Trends, and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis to 2028 (Q4 2024)" report has been added to ResearchAndMarkets.com's offering.

The 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.

Nigeria's construction industry has seen stunted growth, slowing from 3.6% (in real terms) in 2023 to 1.2% in 2024, resultant of high inflation, rising interest rates, rising cost of building materials, and a worsening housing deficit. According to the Debt Management Office Nigeria (DMO), domestic and external debts increased by 24.9%, from NGN121.6 trillion ($143 trillion) in March 2024 to NGN134.2 trillion ($157.9 trillion) in June 2024. This increase is attributed to the depreciation of the local currency (Nigerian Naira - NGN) and additional borrowing undertaken to partially cover the 2024 Budget deficit.

Furthermore, fluctuating exchange rates, inconsistent fiscal policies, and higher borrowing costs have disrupted construction activities, leading to delays and workforce shortages. For instance, in November 2024, the state-owned oil company Nigerian National Petroleum Company (NNPC) missed its deadline for completing the Port Harcourt Refinery rehabilitation project, due to unforeseen risks and challenges; this marks the seventh missed deadline, with the most recent promise of operational status by September 2024 remaining unfulfilled. However, government's plan to address the rising housing deficit, coupled with public and private investments in industrial, energy and healthcare construction projects is expected to have supported the industry's growth in 2024.

The Nigerian construction industry is expected to register an average annual growth of 3.1% from 2025 to 2028, supported by investment in the housing, and oil and gas sectors. In July 2024, the Minister of Housing and Urban Development highlighted the need to build 550,000 new housing units annually over the next decade; this requires an investment of NGN5.5 trillion ($6.5 billion) to address the national housing deficit

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

• 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 our 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 business strategies 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

For more information about this report visit https://www.researchandmarkets.com/r/83iicl

About ResearchAndMarkets.com

ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250211186867/en/