New Construction market report from Business Monitor International: "Nigeria Infrastructure Report Q3 2013"
Boston, MA -- (SBWIRE) -- 07/18/2013 -- 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 (PHCN). Thus, in line with our forecasts, Nigeria continues to see strong growth within its construction sector and we anticipate an 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.
Key developments include:
- Roads & Bridges: 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 project. The US$559mn project involved the reconstruction of both existing carriageways, as well as the addition of two carriageways in each direction between the Lagos- Sagamu interchange. BCHS was been awarded a 25-year concession contract to manage the expressway, which links Lagos with Nigeria's western states. Julius Berger Nigeria was awarded the work and is now in the running with seven others for the tender to construct the whole highway. A decision is due by mid-2013.
- 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 US683mn - is a significant component of our outlook, and work is due to commence in June. Elsewhere, regional airports have else been benefitting from investment; both Bayelsa and Akua Ibom State airports have plans for new terminals and control towers. ALCON and Gitto began construction at Akua Iborn State Airport in March.
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