NIGERIA CAN BECOME AFRICA’S CONSTRUCTION, INFRASTRUCTURE POWERHOUSE

Nigeria has the potential to become a major construction and infrastructure hub in Africa if it can address the challenges limiting investment and development in the sector.

Industry stakeholders said the country’s large population, growing urban centres, natural resources, and infrastructure needs provide significant opportunities for construction companies and investors.

They noted that increased investment in roads, housing, power, transportation, water systems, and other critical infrastructure could support economic growth and improve living standards.

Experts said Nigeria’s construction industry could also create millions of jobs while strengthening local manufacturing through increased demand for cement, steel, building materials, machinery, and other inputs.

They, however, identified high construction costs, expensive financing, inadequate infrastructure, regulatory bottlenecks, and inconsistent policies as some of the major challenges affecting the sector.

Stakeholders called for stronger government support, including policies that encourage private-sector participation and improve access to long-term financing for infrastructure projects.

They also stressed the importance of local production of construction materials to reduce dependence on imports and limit the impact of foreign exchange volatility on project costs.

Analysts said public-private partnerships could play a bigger role in funding large infrastructure projects, particularly as government resources remain limited.

They urged policymakers to improve transparency in project procurement and create a more predictable business environment for investors.

Industry stakeholders said developing the construction sector would have wider benefits for the economy by supporting manufacturing, employment, transportation, real estate, and other industries.

They called for coordinated investment in infrastructure and stronger collaboration between government and private-sector operators.

With sustained reforms and investment, stakeholders said Nigeria could strengthen its construction industry and position itself as one of Africa’s leading infrastructure development markets.