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Investments in Nigeria's construction industry to rise by 9.2 per cent in 2016

Published by Guardian on Wed, 29 Aug 2012

BUSINESS Monitor International (BMI) has put the yearly investment inflow into Nigeria's construction industry in the next four years at 9.2 per cent.The BMI, who listed the $559 million Bi-Courtney Highway Services (BCHS) project for the development of Lagos Ibadan Express way, Intels $370.5 million contract for the Phase four of the Onne Port Complex at Port Harcourt in Rivers State, investment in the aviation and electricity, as some of the project that would spur the growth in the construction industry.According to the global watchdog, in its third quarter 2012 report release at the weekend, to sustain long-term growth, the country will need to press ahead with the ambitious, and necessary, economic and business environment reforms, and develop a plan to address the root causes of violence in the Niger Delta and the Middle Belt.BMI added that investment continues to flow into the Nigerian construction sector, bolstered by a growing oil industry and historically high prices.In line with BMI's forecast for the third quarter of 2012, Nigeria continues to see strong growth within its construction sector and it anticipates yearly average real growth of 9.2 per cent between 2012 and 2016.This positive outlook, it said, was largely driven by the bullish view on the country's transport and energy infrastructure, both sectors being a priority for the government.'However, we likewise highlight significant risks to the implementation of any major project, ranging from deep-rooted corruption, violence perpetrated by militant Islamists and retaliatory forces, and a vast yet inefficient bureaucracy', it added.Explaining some of the awarded contract by the Federal Government, BMI stated, 'Nigerian infrastructure development company Bi-Courtney Highway Services (BCHS) announced that it is to begin its redevelopment of the Lagos-Ibadan Expressway at the Ibadan end.The $559 million project involves the reconstruction of both existing carriageways, as well as, the addition of two more carriageways in each direction between the Lagos-Sagamu interchange. BCHS has been awarded a 25-year concession contract to manage the expressway, which links Lagos with Nigeria's western states.'Nigeria's minister of Aviation also announced the plan to construct a new international airport in Abuja. The planned airport would thus join a fleet of already ongoing projects within the airport transport subsector, we already note the construction of five new terminals at five different airports across the country, as well as, the redevelopment of five existing terminals, approved by the government in February 2011.'Intels Nigeria was awarded a contract by the Nigerian government for Phase four of the Onne Port Complex at Port Harcourt in Rivers State. The $370.5 million project includes land reclamation, the widening of the channel entry, the construction of three new berths and the Federal Ocean Terminal and the enhancement of existing facilities at the port. Intels, which has already completed the first three phases of the project, will undertake the work in order to allow the port to handle an increase in gas and oil shipments.'The Nigerian government and General Electric (GE)'s recent power deal, (GE has signed an agreement to help Nigeria to develop 10 GW of additional electrical-generating capacity, amid a push to privatise the failing state-run Power Holding Company of Nigeria (PHCN), provides some optimism in terms of tackling the country's epileptic power supply. Nigeria continues to be rocked by persistent violence perpetrated by militant Islamists and retaliatory forces, which threatens to escalate if not contained.
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