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, energy and housing the government aims to increase infrastructure stock and spending as a percentage…
Construction & Real Estate
From The Report: Nigeria 2023
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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, volatility in the exchange rate and the rising cost of building materials. To bridge the gap, the government could mobilise private sector investment by implementing land reform and measures to manage construction costs. The future success of the government’s economic diversification measures are likely to play a significant role in determining the long-term health of the property market.
This chapter contains interviews with Attahiru Bala Usman, Managing Director, Allott Nigeria; and Kingsley Muwowo, Managing Director, Shelter Afrique.