Nigeria’s construction industry is poised for significant growth with projections showing an increase from $179 billion in 2024 to $337 billion by 2034. This positions Nigeria among Africa’s top five construction markets alongside Algeria, Egypt, Tanzania and Ethiopia. The sector is set to benefit from rapid urbanisation, population growth and increased investment in infrastructure, energy and mining. Major opportunities are expected in housing, transport, oil and gas facilities and mining-related infrastructure. Structural innovation particularly through Engineering, Procurement and Construction (EPC) models will be key to accelerating project delivery and attracting financing. While challenges such as inflation, energy price fluctuations and political uncertainty remain, Nigeria’s long-term outlook is strong. The construction industry is expected to play a central role in driving economic development and closing infrastructure gaps. With the right policies and investment strategies, Nigeria is well-positioned to lead the continent’s next wave of construction-led growth over the next decade.
Summarized from the original article published here.
