En Français – The urban population of Africa is set to reach 722m by 2026, up from 286m in 2000 – Mega-cities face overtaxed infrastructure and urban planning constraints – Ambitious charter city plans to help reshape the continent’s investment landscape – Secondary cities poised to absorb population growth alongside talent and investment With Africa’s population…
Nigeria’s GDP growth decelerated in 2022 amid global headwinds, including elevated commodity prices and soaring inflation resulting from Russia’s invasion of Ukraine. The IMF’s GDP growth projection of 3.2% for 2023 is in recognition of the measures Nigeria has undertaken to boost oil production. Nevertheless, the country’s medium-term economic plan, the National Development Plan (NDP) 202
Nigeria is the biggest economy in Africa, with GDP of $432.3bn in 2020, according to the World Bank, and home to one of the largest proven oil reserves on the continent. The country has developed an investment-friendly business climate over two decades of civilian rule and in the nearly 60 years since independence, boosted by its oil and gas wealth, and the entrepreneurial spirit of its young popu
Nigeria’s real estate sector experienced a challenging 2020 in line with broader economic trends, characterised by a drop in demand, movement restrictions and global supply chain disruptions associated with the Covid-19 pandemic. The health crisis resulted in various negative effects across almost all real estate segments: commercial properties saw higher vacancy rates as white-collar workers shifted…
Construction in Nigeria has recently been constrained by relatively low public investment and high operating costs. Moreover, its real estate sector experienced a challenging 2020, characterised by a drop in demand, movement restrictions and global supply chain disruptions. However, renewed prioritisation of infrastructure projects – particularly in energy, housing and transport – is expected to…
Interview: Babatunde Fashola Where are the priorities for 2021 in terms of infrastructure development? BABATUNDE FASHOLA: The more transport infrastructure we provide the more efficient the economy becomes, resulting in more business opportunities. The ministry’s goal to improve infrastructure aligns with the administration’s efforts to bolster the ease of doing business as a means of stimulating…
After growth of 1-2% per year between 2017 and 2019, in 2020 the Nigerian construction sector contracted for the first time since 2016, when the economy last entered a recession. The government launched the Economic Recovery and Growth Plan (ERGP) 2017-20 at that time to reinvigorate the economy by prioritising infrastructure investment, among other objectives, which was expected to drive construction…
In early 2021 the government launched a slate of major projects to help bridge Nigeria’s infrastructure gap. In support of this, the country’s leaders created the Infrastructure Corporation of Nigeria, or InfraCorp, in February of that year: a public-private fund to finance critical infrastructure such as railways and roads. The construction sector is expected to be a significant growth driver…
Even as the authorities work to create more opportunities for Nigerians to own affordable homes, mortgage penetration continues to be low. The ratio of outstanding mortgages to GDP was 0.5% in 2020 – up from 0.2% in 2019 – compared to 18.9% in Namibia, 16.2% in South Africa, 10.2% in Tunisia, 2.2% in Kenya and 1.6% in Ghana, according to the Centre for Affordable Housing Finance in Africa (CAHF).…
The Big 5 portfolio of international construction events (including the largest construction exhibition in the Middle East) is launching in Nigeria on 9-11 September 2019 at Landmark Centre, Lagos. This dedicated construction event will gather buyers and suppliers of the sector in one place. Our exhibitors include global and local brands showcasing the latest innovations in the full construction cycle. Visitors…
