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
Interview:Attahiru Bala Usman How would you assess the quality of local firms that are working on key infrastructure projects? ATTAHIRU BALA USMAN: The quality of local technical consulting has improved tremendously, enabling Nigerian offshoots of international firms to become fully indigenous. This has led to reduced reliance on foreign expertise to execute key phases of large infrastructure…
Interview:Kingsley Muwowo How do you assess the efforts of the public and private sectors to reduce the housing deficit? KINGSLEY MUWOWO: The availability and cost of housing require a specific and measurable redress policy. The federal government is taking the initiative by embracing public-private partnerships (PPPs). This model recognises that a key component of affordable housing is the cost…
Following a slowdown preceding the Covid-19 pandemic, Nigeria’s construction sector contracted in 2020, in line with the cessation of global economic activities. In the years since the start of the health crisis, the government has shown a renewed focus on infrastructure in recognition of its importance to broadbased economic stability and expansion. By prioritising critical sectors such as transport,…
Nigeria’s real estate sector is showing signs of revival following the negative impacts of the Covid-19 pandemic. The upward trend in sector activity is expected to continue in the coming years, with the government keen to secure private investment and public-private partnerships in order to boost infrastructure, especially affordable housing construction. The sector was significantly affected by…
The Covid-19 pandemic initiated and accelerated several consumer and social trends. Mixed-use developments were prevalent in Nigeria before 2020, and lifestyle changes driven by social restrictions made those projects more appealing. “What we have seen is a shift from single-sector developments towards mixed-use real estate,” Bolaji Edu, CEO of Broll Nigeria, told OBG. “Multiple factors, such…
Nigeria’s infrastructure development drive has the potential to transform the local construction industry and contribute to wider economic growth. One area that stands to benefit from a strong pipeline of large-scale building projects and demand for public housing is the local building materials industry. Due to the underutilisation of raw materials, Nigeria is a net importer of such inputs. Indeed,…
With the sector recovering from the stresses of the Covid-19 pandemic and the government’s key financing schemes experiencing notable success, Nigeria’s construction landscape is beginning to look brighter. While the real estate sector has enjoyed a rebound since pandemic-related restrictions began to ease, the lack of affordable housing is a growing concern that has been exacerbated by inflation,…
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…
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