Fast Market Research recommends "Nigeria Infrastructure Report Q4 2013" from Business Monitor International, now available
Boston, MA -- (SBWIRE) -- 10/02/2013 -- Investment continues to flow into the Nigerian construction sector. This is reflected in the recently announced 6.5% GDP growth over 2012, a political agenda of economic reforms, and the continued unbundling and privatisation of the state-run Power Holding Company of Nigeria. Thus, in line with our forecasts, Nigeria continues to see strong growth within its construction sector and we anticipate annual average real growth of 9.2% between 2013 and 2017. We note that after a strong performance in 2012, we have revised our forecast for the construction industry upwards. However, we also continue to highlight the persistent risks hampering the implementation of major projects, ranging from deep-rooted corruption, violence perpetrated by militant Islamists and retaliatory forces, and a vast yet still inefficient bureaucracy.
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Key trends and developments include:
- Roads & Bridges: Road building in Nigeria continues with haste, although the sub-sector continues to suffer from project delays, poor planning and corruption. Nigerian infrastructure development company Bi-Courtney Highway Services (BCHS) was dropped from its redevelopment of a section of the Lagos-Ibadan Expressway on account of its failure to progress with the US$559mn project. Elsewhere, in May 2013 the fourth mainland bridge in Lagos State began preliminary work, after the original route was discovered to be prohibitively expensive in light of the buildings that would have to be raised in order to build the road on the approved route.
- Airports: The airport sub-sector will post the strongest growth within the transport sector in 2013, according to our forecasts. Informing this belief are a number of major developments within the sector which are set to keep growth at high levels at least over the medium term. In October 2012, China Civil Engineering Construction Company (CCECC) won a contract to substantially upgrade Nigeria's airport capacity. Abuja, Lagos, Kano, Port Harcourt and Enugu will all have a new passenger terminal and cargo terminal built, with Asaba just receiving a new cargo terminal. The deal - worth US$683mn - is a significant component of our outlook, and work was due to commence in June 2013. Elsewhere, regional airports have else been benefitting from investment; both Bayelsa and Akwa Ibom State airports have plans for new terminals and control towers. ALCON and Gitto began construction at Akwa Ibom State Airport in March. Chinese involvement in the sector is set to increase further with the announcement that China is readying a US$500mn loan to help pay for four international airport terminals.
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