THE value of Nigeria's infrastructure construction industry may hit $2.9 billion (N464 billion) this year and $6.4 billion (N1 trillion) by 2015, going by the latest projection of Business Monitor International (BMI).The projection was, however, a decrease from the preceding quarter report, which put the country's infrastructure construction industry at N540 billion this year and N1.3 trillion by 2015.BMI's projection, contained in its fourth quarter report, showed that the country suffered negative growth of -0.5 per cent in the industry, compared to a previous forecast of 24.4 per cent made in the third quarter of this year.The United Kingdom-based organisation's report, which was released recently, attributed the slow growth to unexpected higher inflation in the second and third quarters of this year.The report believed that the positive outcome of the elections should further stimulate the development of new projects, causing the construction industry value to rise in 2012.The report stated: 'The immediate aftermath of the elections has been characterised by political stability, and we believe that, if maintained, these conditions will help to foster investor confidence.'Furthermore, the re-election of Goodluck Jonathan is very positive, as the newly appointed administration is likely to be keen to advance projects that were approved before the elections,' it said.The president's National Integrated Power Project (NIPP) forms a core part of the electricity sector recovery plan and early successes will certainly encourage a bullish outlook for Nigeria's energy infrastructure prospects.It disclosed that U.S. energy holding company - PGI Energy, along with its joint venture partners - J & L Instrumentation and Power and Knox J & L Energy Solutions, are to begin construction work on several planned power plants.The report added: 'The plants, to be built in Ajaokuta, are to have a capacity of 1,000MW. PGI Energy is to provide the required $700 million to fund the project through the American investment bank Pythagoras Group.'It disclosed that the Nigerian Federal Executive Council has approved N22 billion-worth of contracts for the construction of a new terminal building at the Aminu Kano International Airport in Kano and the upgrade of the Nnamdi Azikiwe International Airport in Abuja.'Meanwhile, the FEC ratified anticipatory approval for the construction of a new terminal building at the Mallam Aminu Kano International Airport, according to Minister of Information and Communication, Labaran Maku. In addition, the council also approved the ratification of the Bilateral Air Services Agreement (BASA) between Nigeria and Cameroun.
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