Dublin, Jan. 22, 2024 (GLOBE NEWSWIRE) -- The "Nigeria Construction Market Size, Trends, and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market France, 2023-2027" report has been added to ResearchAndMarkets.com's offering.
Revealing a pivotal and expansive new analysis of Nigeria's rapidly transforming construction sector, a sweeping market study has been added to our website. This insightful research forecasts the industry's direction, capturing its trends and prospects through to 2027.
Market Trends and Forecasts
The construction industry in Nigeria is poised for growth, with expectations of a 2.8% rise in real terms in 2024, followed by an average annual increase of 3.1% between 2025 and 2027. A substantial focus on stabilizing the country's economy, enhancing infrastructure, and cultivating foreign investments is shaping the industry's trajectory.
Underpinning this growth is Nigeria’s expansive NGN27.5 trillion budget for 2024, initiating significant allocations towards capital expenditure, debt servicing, and non-debt recurrent expenditure—laying the groundwork for substantial industry development.
Investments and Sector-Specific Growth
With a multi-sectoral approach to growth, substantial investments are earmarked for pivotal areas such as oil and gas, transport, energy, and utilities, alongside institutional projects in health and education. A significant agreement to reduce contract negotiation timeframes in the oil sector, combined with substantial foreign investments, points towards increased oil production, which is set to buoy the construction industry further.
Moreover, the report highlights Nigeria’s engrossing commitment from international oil firms that will propel the industry, with an expectation for oil outputs to reach 2.1 million bpd by December 2024. Financial assistance from international lenders, including a notable loan from the African Development Bank (AfDB), will also solidify support for numerous sectors.
Key Insights and Opportunities
The research delves deep into the mega-project pipeline, delineating development stages and key participants. A thorough analysis of major upcoming projects provides stakeholders with a granular view of the industry’s progression.
- Insightful breakdowns of historical and forecasted industry valuations.
- Detailed segmentation by various sectors including infrastructure, energy, and residential.
- Comprehensive evaluations of key growth drivers and risk factors within the Nigerian construction landscape.
Strategic Benefits for Stakeholders
Investors, contractors, consultants, and others involved in the Nigerian construction sector will find this report an invaluable source of information, equipping them with the necessary insights for informed decision-making and strategic planning. It offers a well-rounded perspective on competitive pressures and success factors while imparting a clear understanding of the market trends and regulatory impacts shaping the industry's future.
For those seeking to navigate the intricacies of the Nigerian construction market, this research publication facilitates a profound comprehension of the industry's dynamics and future prospects.
A comprehensive understanding of this burgeoning market can now be accessed through this authoritative addition to our line-up of market research offerings.
Note: This new market analysis does not include sales-related content or information about customizations and delivery times and is focused purely on providing industry insights and forecasts.
For more information about this report visit https://www.researchandmarkets.com/r/jcntpt
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