The construction industry is Nigeria is projected to grow at a compound annual growth rate of 9.49% from 2016 to 2020, propelled by investments in ship and railways, says a report by Timetric.
Titled ‘Construction in Nigeria – Key Trends and Opportunities to 2020‘, the report states that the country’s construction industry stands to benefit from the government’s Vision 2020 programme, which is focussed on developing its ship, rail, road and airport infrastructure.
As part of the authority’s efforts to establish a world-class infrastructure, the country’s sea-port facilities will be improved and rehabilitated. Nigeria envisions positioning itself as Africa’s maritime operational hub by 2020 and plans to construct the country’s biggest shipyard. To be located in Badagry, the shipyard will be developed by 2019 with a capacity of shipping 2.9 million barrels of crude oil a day.
The Timetric report mentions that the infrastructure development in Nigeria will be executed according to the National Integrated Infrastructure Master Plan (NIIMP) 2043 and a public-private partnership (PPP) will be adopted to seek investments for the development projects.
Other sectors including healthcare, manufacturing plants, education facilities and housing projects will also contribute towards the growth of the country’s construction industry.