The contribution to GDP of construction in Nigeria stood at 4.06 units in 2023. Over the 2013-2023 period, the sector saw stable growth, beginning at 3.34 units in 2013 and rising steadily. The most recent two years saw a year-on-year growth rate of 1.47% and 1.48%, reflecting consistent sectoral expansion. The 5-year CAGR from 2024 onwards is forecasted at 1.09%, with an anticipated overall growth rate of 5.58% by 2028.
Future trends to watch include the impact of increasing urbanization, government infrastructure initiatives, and potential macroeconomic challenges. Economic policies and public-private partnerships will likely play a critical role in shaping the sector's growth trajectory.
