In its latest report, Nigeria National Bureau of Statistics produced a report which revealed that the growth rate of the building sector in Nigeria stands at 13%. The Nigerian government has invested heavily in structure to woo investors and drive growth within the country. With a population of more than 167 million individuals and a rising middle class, the interest in quality housing remains high. In accordance with the Federal Mortgage Bank of Nigeria, the nation presently has a housing shortfall of 17 million units. Real estate projects are spring up in Abuja and Lagos. Those housing projects yet make up only one percent of what Nigeria wants.
This implies there are numerous chances to be tapped din the nation as increasingly more middle class needs houses. They agree lots of building continues to be needed in both public and private infrastructure. As Nigeria’s president Buhari watches his second year in office he’s guaranteed to raise funds to the infrastructure sector and he’ll be using both local and international companies. The retail sector carries on stimulating growth in Nigeria’s building industry. Data from the data office uncover that the services sector, including retail services, made the greatest contribution of 51% to Nigeria’s newest rebased GDP. According to McKinsey’s latest increase estimates for the economics, annual sales in consumer goods might greater than triple to $1.4 billion by 2030 from the current $388 million. That probably explains the development projects by of multinational companies like Unilever Plc, Nestle Plc and Shoprite Holdings.