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Nigeria’s construction industry expected to witness 3.9% growth in 2021

Nigeria’s construction industry is expected to grow by 3.9% within the course of this year following a 7.7% decline last year, as a result of some containment measures and disruption caused by the COVID-19 pandemic.

The steep decline during the same period in oil and gas prices, which accounts for around 65% of the West African country government’s revenues, worsened the situation by further curtailing expenditure power on infrastructure.

According to GlobalData’s report dubbed ‘Construction in Nigeria – Key trends and opportunities to 2025-(Q2-2021)’, this industry is projected to post an annual average growth rate of 3.2% between 2022-2025, thanks to the federal government’s plan to invest in the West African country’s infrastructure and energy sector.

Source: Further Africa

Nigeria’s construction industry expected to witness 3.9% growth in 2021

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