What do you believe is the single most important factor driving up the cost of living in Nigeria?

The report noted that the construction sector in Africa was experiencing a dynamic surge, driven by rapid urbanisation, infrastructure development, and strategic investments.

It stated, “Nigeria is driving momentum with a compound annual growth rate of 2.4 per cent. The country emerges as a frontrunner, showcasing a robust market in the construction sector, which had a value of $40bn in 2024 and is expected to grow to $45 bn by 2028. With a burgeoning population and increasing urbanisation, the demand for residential, commercial, and infrastructure projects is at an all-time high.

“Nigeria’s proactive approach to infrastructure investments, particularly in transportation and energy, positions it as a key contributor to Africa’s construction boom.”

Reacting to this, a built expert, Samuelson Egelege, said the anticipated growth would be driven by several emerging trends and ongoing projects that paint a promising picture for the sector.

He said, “This anticipated increase is fueled by the country’s burgeoning population and urbanisation, which have amplified the demand for residential, commercial, and large-scale infrastructure projects. Nigeria’s proactive investment in transportation networks and energy infrastructure further cements its position as a central player in Africa’s construction landscape. This growth is not only essential for accommodating the population surge but also for catalysing sustained economic expansion, as infrastructure development directly impacts other sectors including transportation, energy, and trade.

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