Construction & Real Estate
From The Report: Nigeria 2022
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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 drive recovery as the country bounces back from the Covid-19 crisis. Looking ahead, one segment poised for growth is affordable housing. The authorities’ prioritisation of developing such units and facilitating cheaper mortgage options should help more residents become homeowners in the coming years. Overall, reducing dependence on imported building materials is key. While border closures and transit restrictions stalled building activity, it also prompted developers to source materials locally – a trend that is expected to continue.

This chapter contains an interview with Babatunde Fashola, Minister of Works and Housing of Nigeria.