National Wire About Nigerians, Nigerian Business and Other Stories
The construction sector has been a very significant contributor to Nigeria’s GDP, adding as much as 3% to national output.
Although the sector has been severely affected by macro-economic headwinds in the recent past quarters, the sector still has great potential to contribute significantly more, in the short term, given the government’s current focus on investing in infrastructure as well as Nigeria’s demographic dynamic.
Nigeria’s position as Africa’s second largest economy and the economic hub of West Africa makes its construction industry a promising market for activities such as residential construction, commercial construction, and infrastructure construction.
Due to its large population, the high rate of urbanization and the resulting perennial housing deficit, the demand for affordable housing is robust.
There is also latent demand for commercial and industrial construction such as standard office spaces in key states like Lagos & Abuja, and industries in the country’s Free Trade Zones and Business Parks.
