Dublin, Dec. 09, 2020 (GLOBE NEWSWIRE) -- The "Construction in Nigeria - Key Trends and Opportunities to 2024" report has been added to ResearchAndMarkets.com's offering.

Nigeria's construction industry to contract by 12.8% in 2020, and foresees that weak public investment, alongside limited foreign direct investment (FDI) amid the global economic downturn, will push Nigeria into a steep recession.

The negative impact from the Coronavirus (COVID-19) pandemic, lockdown measures and low oil prices has already been felt across all sectors, especially in retail and real estate.

Nigeria's general outlook is gloomy, with lower oil prices and production contributing to tighter foreign exchange liquidity. The decline in oil prices will have a major impact on government revenue and will force the government to prioritize its spending requirements. Moreover, high debt-servicing costs and the small size of the tax take will leave little scope for fiscal spending, and as such, many public projects could be delayed or cancelled, providing little room for new public projects. Nigeria's infrastructure is inadequate for business needs, notably in terms of logistical bottlenecks and power deficiencies, while housing stock remains far short of demand for the fast-growing population.

Weak growth in the construction sector means that these issues will continue to hold back the country's development over the coming years and will entail a slow recovery throughout the forecast period (2020-2024). The expansion in the construction industry will be dependent in part on the pace of implementation of the Economic Recovery and Growth Plan, created in the aftermath of the 2016 recession to set out aggressive growth targets from 2017 to 2020, which has also been jeopardized by the decline in oil prices and in which the government continues to fall far short of its projections.

The impetus for growth in the economy will highly depend on monetary easing, but this will be restrained by high inflation. The 2021 Appropriation Bill, presented by President Buhari to the national Assembly in October, is designed to continue achieving the goals of Economic Sustainability Plan, which provides a road map for post-COVID-19 economic recovery to transition from the Economic Recovery and Growth Plan (2017-2020) to the successor Medium-Term National Development Plan (2021-2025).

Scope

Key Topics Covered:

1 Executive Summary

2 Construction Industry: At-a-glance

3 Context
3.1 Economic Performance
3.2 Political Environment and Policy
3.3 Demographics
3.4 COVID-19 Status

4 Construction Outlook
4.1 All Construction
4.2 Commercial Construction
4.3 Industrial Construction
4.4 Infrastructure Construction
4.5 Energy and Utilities Construction
4.6 Institutional Construction
4.7 Residential Construction

5 Key Industry Participants
5.1 Contractors
5.2 Consultants

6 Construction Market Data

7 Appendix

For more information about this report visit https://www.researchandmarkets.com/r/47ynks

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