Boston, MA -- (ReleaseWire) -- 06/02/2014 -- BMI View: After the rebasing of Nigeria's economy it now represents the largest market in Africa, and relies less on the oil industry for growth than previously understood , but rather on high - growth sectors such as manufacturing and services. As such we have upgraded our long-term forecasts, which now see construction industry real growth averaging 12% over our 10-year forecast period. Residential and non-residential building will be the major driver of growth, with a growing middle class demanding more from the sector . Improving power supply and transport links will also be a driver of growth, but the infrastructure sector is more exposed to the numerous risks in Nigeria's business environment.
There has been a chronic lack of investment in the country's infrastructure sectors. However, reforms and development plans implemented under President Goodluck Jonathan are beginning to take effect, with the sell-off of the state-run Power Holding Company of Nigeria virtually complete and increasing numbers of Public Private Partnerships (PPPs) entering the market. We note security risks remain high and political turmoil in the governing party threatens investor confidence over the medium term. We also continue to highlight persistent risks hampering the implementation of major projects, ranging from deep-rooted corruption and violence perpetrated by militants to inefficient bureaucracy.
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Key T rends And Developments
- Dangote Group sealed a financial agreement with 12 banks for a USD3.3bn loan to build a greenfield refinery and petrochemicals complex in Olokola, in the south of Nigeria.
- The Nigerian housing market looks set to receive a major shot in the arm as the Federal Government launched the Nigeria Mortgage Refinance Company (NMRC), with a mandate to raise capital via the bond market in a bid to tackle the country's housing deficit.
- In October 2012, China Civil Engineering Construction Company (CCECC) won a contract to substantially...
The Nigeria Infrastructure Report features Business Monitor International (BMI)'s market assessment and forecasts covering public procurement and spending on all major infrastructure and construction projects, including transportation and logistics by land, sea and air; power plants and utilities, and commercial construction and property development. The report analyses the impact of regulatory changes and the macroeconomic outlook and features competitive intelligence on contractors and suppliers.
BMI's Nigeria Infrastructure Report provides industry professionals and strategists, sector analysts, investors, trade associations and regulatory bodies with independent forecasts and competitive intelligence on the Nigerian infrastructure and construction industry.
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