Thursday, September 10, 2015

AfricaBuild Lagos 2016 - NIGERIA'S CONSTRUCTION INDUSTRY BOOMING AT ALL LEVELS

According to GTAI - Germany Trade & Invest, the Nigerian construction industry will see high growth rates in the coming years. Reasons for this are the current lack of 15 to 20 million housing units nationwide and the rapidly growing population, plus 4-5 million inhabitants per year.

One of the priorities project developers are focusing on is the middle and lower price segment. By 2018, the Ministry of Lands, Housing & Urban Development wants to build 200,000 new affordable housing units - a project that is supported with US $ 300 million from the World Bank.

In Nigeria's major cities numerous hotels and shopping centres are currently being built. Additionally there are lots of activities in port construction as the port-handling capacity of Nigeria is meant to be heavily increased over the next years.