Nigeria Construction Market Size, Trends, and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis to 2028 (Q3 2024)

The Construction in Nigeria - Key Trends and Opportunities to 2028 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.

The analyst expects growth in the Nigerian construction industry to slow from 3.6% in 2023 to 1.2% in 2024, owing to high inflation, rising public debt, rising interest rates, and high construction cost. The Central Bank of Nigeria raised its monetary policy rate by 50 basis points (bps) in July 2024, from 26.25% to 26.75%. This was preceded by a continuous increase of 150 bps in May, 200 bps in March, and 400 bps in February 2024. However, increasing investments in the housing sector to address the rising housing deficit and rising hotel construction activity is expected to drive growth in 2024. The Federal Ministry of Housing and Urban Development commenced the construction of 500 housing units in Kano State, in early September 2024. The project involves the construction of blocks of one, two, and three-bedroom semi-detached bungalows.

The Nigerian construction industry is expected to register average annual growth of 3.1% from 2025 to 2028, supported by investment in the transport, housing, and oil and gas sectors. The Minister of Housing and Urban Development announced in July 2024 that 550,000 new housing units must be constructed per year for the next ten years, with an investment of NGN5.5 trillion ($6.5 billion) to reduce the national housing shortage. Growth over the forecasted period will also be supported by investments in power infrastructure projects, particularly in renewable energy projects, in line with the federal government’s target of raising the share of renewable energy in the total electricity mix to 30GW in 2030, from 13.5GW in 2021.

Scope

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

1 Executive Summary2 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

7.1 What is this Report About?
7.2 Definitions
7.3 CRI Methodology

About the Analyst
Contact the Publisher

List of Tables

Table 1: Construction Industry Key Data
Table 2: Nigeria, Key Economic Indicators
Table 3: Nigeria, Commercial Construction Output by Project Type (Real % Change), 2019-28
Table 4: Nigeria, Top Commercial Construction Projects by Value
Table 5: Nigeria, Industrial Construction Output by Project Type (Real % Change), 2019-28
Table 6: Nigeria, Top Industrial Construction Projects by Value
Table 7: Nigeria, Infrastructure Construction Output by Project Type (Real % Change), 2019-28
Table 8: Nigeria, Top Infrastructure Construction Projects by Value
Table 9: Nigeria, Energy and Utilities Construction Output by Project Type (Real % Change), 2019-28
Table 10: Nigeria, Top Energy and Utilities Construction Projects by Value
Table 11: Nigeria, Institutional Construction Output by Project Type (Real % Change), 2019-28
Table 12: Nigeria, Top Institutional Construction Projects by Value
Table 13: Nigeria, Residential Construction Output by Project Type (Real % Change), 2019-28
Table 14: Nigeria, Top Residential Construction Projects by Value
Table 15: Nigeria, Key Contractors
Table 16: Nigeria, Key Consultants
Table 17: Nigeria, Construction Output Value (Real, $ Million)
Table 18: Nigeria, Construction Output Value (Nominal, NGN Billion)
Table 19: the analyst Construction Market Definitions
Table 20: Risk Dimensions
Table 21: Ratings, Scores and Definitions

List of Figures

Figure 1: Sub-Saharan Africa, Construction Output (Real % Change), 2022-28
Figure 2: Nigeria, Construction Output by Sector (Real % Change), 2022-24 and 2025-28
Figure 3: Nigeria, Risk Summary
Figure 4: Nigeria, Risk Regional Comparison
Figure 5: Nigeria, Construction Output Value (Real, $ Million, 2022 Prices and Exchange Rate), 2019-28
Figure 6: Nigeria, Construction Output Value, by Sector (Real, $ Million), 2019-28
Figure 7: Nigeria, Construction Value add (NGN Billion, 2010 Constant Prices)
Figure 8: Nigeria, Construction Projects Momentum Index
Figure 9: Sub-Saharan Africa, Construction Projects Momentum Index
Figure 10: Nigeria, Commercial Construction Output by Project Type (Real, $ Million), 2019-28
Figure 11: Nigeria, Commercial Construction Projects Pipeline, Value by Stage ($ Million)
Figure 12: Nigeria, Accommodation and Food Services Value add (NGN Million, 2010 Constant Prices)
Figure 13: Nigeria, Industrial Construction Output by Project Type (Real, $ Million), 2019-28
Figure 14: Nigeria, Industrial Construction Projects Pipeline, Value by Stage ($ Million)
Figure 15: Nigeria, Manufacturing Value add (NGN Billion, 2010 Constant Prices)
Figure 16: Nigeria, Total Export Value (NGN Billion)
Figure 17: Nigeria, Infrastructure Construction Output by Project Type (Real, $ Million), 2019-28
Figure 18: Nigeria, Infrastructure Construction Projects Pipeline, Value by Stage ($ Million)
Figure 19: Nigeria, Energy and Utilities Construction Output by Project Type (Real, $ Million), 2019-28
Figure 20: Nigeria, Energy and Utilities Construction Projects Pipeline, Value by Stage ($ Million)
Figure 21: Nigeria, Telecommunications and Information Services Value add (NGN Billion, 2010 Constant Prices)
Figure 22: Nigeria, Institutional Construction Output by Project Type (Real, $ Million), 2019-28
Figure 23: Nigeria, Institutional Construction Projects Pipeline, Value by Stage ($ Million)
Figure 24: Nigeria, Education Sector Value add (NGN Million, 2010 Constant Prices)
Figure 25: Nigeria, Human Health and Social Services Value add (NGN Million, 2010 Constant Prices)
Figure 26: Nigeria, Residential Construction Output by Project Type (Real, $ Million), 2019-28
Figure 27: Nigeria, Residential Construction Projects Pipeline, Value by Stage ($ Million)
Figure 28: Nigeria, Real estate Value add (NGN Billion, 2010 Constant Prices)
Figure 29: Nigeria, Headquarters of Key Contractors (% of Total Project Pipeline)
Figure 30: Nigeria, Headquarters of Key Consultants (% of Total Project Pipeline)

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The Construction in Nigeria - Key Trends and Opportunities to 2028 report provides detailed market analysis, information and insights into the Nigerian construction industry, including:

Scope

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

Reasons to Buy

Table of Contents

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