Construction ‘To Become World’s Fastest Growing’ in Nigeria

Africa’s second biggest economy is poised to lead world growth in construction for next decade.

Construction growth in Nigeria will be the fastest of all markets, according to the latest 10-year forecast from Global Construction Perspectives and Oxford Economics.

The new study says China will overtake the US as the world’s biggest construction market by 2018, but that the fastest growth will happen in Nigeria.

The survey said infrastructure is the hottest sector to be in and that “it is set to grow in emerging markets by a staggering 128 per cent from now to 2020, compared with just 18 percent over the same period in developed countries”.

The report, which named Nigeria “global hotspot from here to 2020” says the nation’s construction growth is even faster than India’s, reflecting increased wealth and urbanisation resulting from the country’s oil production.

“Its population of approximately 154 million is urbanising at one of the fastest rates in the world, but construction is now only 3.2 percent of GDP,” it said.

This might be surprising to some especially given the amount the U.S (biggest economy) and China ( 2nd biggest economy) are going to spend hundreds of billions of dollars in infastructure.

Read whole article here.

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