Nigeria’s construction market expanding at a CAGR (Compound Annual Growth Rate) of 3.07%
Nigeria’s construction industry is experiencing rapid growth, driven by rising demand, urbanization, and economic development. Split between infrastructure and building, this sector is a critical focus for local and international companies seeking to tap into Nigeria’s flourishing market.
As experts on the construction industry in Africa, africon was consulted by a large international company to map Nigeria’s construction landscape and provide insights into the market’s size, dynamics, and players.
Our findings revealed that the industry is valued at ~ $40 billion and is projected to expand at a CAGR of 3.07%. The building sector, comprising residential, commercial, and industrial projects, accounts for 40% of the market, while infrastructure dominates at 60%. There are larger residential construction projects, mainly due to the housing deficit of 16 million units.
We provided the client with strategic recommendations and introduced them to local partners, facilitating entry into the market. These insights have positioned our client for success in Nigeria’s booming construction industry.
What is your potential in Africa? If you have any questions, contact us at info@africon.de.
Learn more about the main players in Nigeria’s infrastructure market here.
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