2022-2025: Building Industry To Enjoy 3.2% Boost since Covid-19 Hit

In 2022-2025, Nigeria’s Building industry will again realise what experts in the sector would call considerable growth by 3.2% since it suffered a significant blow from the covid-19 pandemic.

As contained in a report issued on Wednesday 19, showing extensive analysis from GlobalData, the building industry previously witnessed a critical regression, sinking by 7.7% in the first quarter of 2021.

The drop was also attributed to the drastic decline in the need value and price of crude oil across the globe, triggered by the constraint caused by the emergence of the covid-19 pandemic; government revenue was also heavily affected by the dependency oil sector.

Meanwhile, the growth can mainly be attained from financing from either state investments or the country’s energy sector.

Building Industry To Enjoy $2.7bn Investments.

Also favourable to the building industry is the plan that has been set in motion by the Federal Government of Nigeria to invest $2.7bn to create what it termed ”Infra-Co,” described as a backup fund by the Central Bank of Nigeria, CBN.

Others involved in the investment target include the African Finance Corporation and the Nigerian Sovereign Investment Authority.

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