Nigeria Construction Market Size, Trend Analysis by Sector, Competitive Landscape and Forecast, 2023-2027

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Published: September 29, 2023 Report Code: GDCN1233MR-ST

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Nigeria Construction Market Report Overview

The Nigerian construction market size was $135.9 billion in 2022. The market is projected to achieve an AAGR of more than 2% during 2024-2027. The Nigerian construction industry’s growth over the forecast period will also be supported by investments in electricity, transport, oil and gas, housing, and industrial construction projects. Forecast-period growth in the industry will also be supported by financial assistance from several multinational lenders to support investments across various sectors.

Nigeria Construction Market Outlook, 2022-2027 ($ Billion)

Nigeria Construction Market Outlook, 2022-2027 ($ Billion)

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The Nigeria construction market research report provides detailed market analysis, information, and insights into the Nigerian construction industry, including the growth prospects of the industry by market, project type, and construction activity. The report also delivers 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. It also provides an analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline. The market report discusses the sectors present within the construction market and provides an overview of each sector along with their driving factors.

Market Size (2022) $135.9 Billion
AAGR (2024-2027) >2%
Forecast Period 2023-2027
Historical Period 2018-2022
Key Sectors ·        Commercial Construction

·        Industrial Construction

·        Infrastructure Construction

·        Energy and Utilities Construction

·        Institutional Construction

·        Residential Construction
Key Contractors ·        China Railway Construction Corporation Group

·        Julius Berger Nigeria Plc

·        Haliburg Group

·        Daewoo Engineering & Construction Co Ltd

·        Chiyoda Corp
Key Consultants ·        Dar Al-Handasah Consultants Shair and Partners Holdings Ltd

·        AECOM

·        Worley Ltd

·        Arcadis NV

·        KBR Inc
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Nigeria Construction Market Segmentation by Sectors

Infrastructure construction was the leading sector in the Nigerian construction market in 2022.

The key sectors in the Nigerian construction market are commercial construction, industrial construction, infrastructure construction, energy and utilities construction, institutional construction, and residential construction.

Infrastructure construction: The infrastructure construction sector is expected to grow at an annual average growth rate of more than 3% from 2024 to 2027, the government’s focus on prioritizing infrastructure spending to catalyze rapid economic development. Forecast-period growth in the infrastructure sector will also be supported by investments as part of the National Development Plan 2021–25. The plan is to increase the length of the total paved network, increase the country’s cargo handling capacity and aviation passenger traffic, and increase the percentage of the road network under scheduled maintenance and repair, among others.

Energy and utilities construction: The energy and utilities construction sector is expected to register an annual average growth of over 3% over the forecast period (2024–27), supported by investments in renewable energy, oil and gas, and telecommunications infrastructure projects.

Residential construction: The residential construction sector is expected to record an annual average growth rate of more than 1% from 2024 to 2027, supported by public and private investments on housing projects to address the country’s housing deficit. Rising construction material prices, supply chain disruption, and a dwindling number of potential home buyers will also weigh on the residential sector’s output in the initial part of the forecast period.

Commercial construction: The commercial construction sector is expected to register an annual average growth of around 3% from 2024-27, driven by investments in leisure and hospitality, retail, office, and data center building projects.

Industrial construction: The industrial construction sector is expected to grow at an annual average growth rate of over 2% from 2024 to 2027, supported by a rebound in manufacturing activities, coupled with an increase in new investments in the electric vehicle (EV) manufacturing sector.

Institutional construction: The institutional sector is expected to grow at an annual average growth rate of more than 2% from 2024 to 2027, supported by the increase in investment in healthcare infrastructure, coupled with the government’s ongoing efforts to develop and expand the country’s educational infrastructure.

Nigeria Construction Market Analysis by Sectors, 2022 (%)

Nigeria Construction Market Analysis by Sectors, 2022 (%)

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Nigeria Construction Market - Competitive Landscape

Foreign Contractors account for a Majority Share of the Project Pipeline.

Leading Contractors: The leading contractors in the Nigeria construction market are China Railway Construction Corporation Group, Julius Berger Nigeria Plc, Haliburg Group, Daewoo Engineering & Construction Co Ltd, and Chiyoda Corp among others. China Railway Construction Corporation Group led the Nigeria construction market with the highest valuation of projects in 2022.

Nigeria Construction Market by Contractors, 2022 (%)

Nigeria Construction Market by Contractors, 2022 (%)

Leading Consultants: The leading consultants in the Nigeria construction market are Dar Al-Handasah Consultants Shair and Partners Holdings Ltd, AECOM, Worley Ltd, Arcadis NV, and KBR Inc among others. Dar Al-Handasah Consultants Shair and Partners Holdings Ltd led the market with the highest valuation of construction projects in 2022.

Nigeria Construction Market by Consultants, 2022 (%)

Nigeria Construction Market by Consultants, 2022 (%)

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Latest Developments in the Construction Market

  • In August 2023, the Niger State Government signed a contract with a private consultancy firm, BENIJ Nigeria Limited, to provide consultancy services for construction of 556km of roads across 25 local councils of the state.
  • In mid-September 2023, the African Development Bank (ADB) announced that it will disburse NGN124.7 billion ($250 million) for the Nigeria Electrification Project (NEP).

Segments Covered in the Report

Nigeria Construction Sectors Outlook (Value, $ Billion, 2018-2027)

  • Commercial Construction
  • Industrial Construction
  • Infrastructure Construction
  • Energy and Utilities Construction
  • Institutional Construction
  • Residential Construction

Scope

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

• Historical (2018-2022) and forecast (2023-2027) 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 GlobalData’s 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 strategy using GlobalData’s critical and actionable insight.

  • Assess business risks, including cost, regulatory and competitive pressures.

  • Evaluate competitive risk and success factors.

Table of Contents

  • 1 Executive Summary

  • 2 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

      • 4.1.1 Outlook

      • 4.1.2 Latest news and developments

      • 4.1.3 Construction Projects Momentum Index

    • 4.2 Commercial Construction

      • 4.2.1 Outlook

      • 4.2.2 Project analytics

      • 4.2.3 Latest news and developments

    • 4.3 Industrial Construction

      • 4.3.1 Outlook

      • 4.3.2 Project analytics

      • 4.3.3 Latest news and developments

    • 4.4 Infrastructure Construction

      • 4.4.1 Outlook

      • 4.4.2 Project analytics

      • 4.4.3 Latest news and developments

    • 4.5 Energy and Utilities Construction

      • 4.5.1 Outlook

      • 4.5.2 Project analytics

      • 4.5.3 Latest news and developments

    • 4.6 Institutional Construction

      • 4.6.1 Outlook

      • 4.6.2 Project analytics

      • 4.6.3 Latest news and developments

    • 4.7 Residential Construction

      • 4.7.1 Outlook

      • 4.7.2 Project analytics

      • 4.7.3 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

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