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Construction In Nigeria ‘to Become World’s Fastest Growing’ by OneNaija(m): 4:11pm On Nov 13, 2009
Construction growth in Nigeria will be the fastest of all markets, according to the latest 10-year forecast from Global Construction Perspectives and Oxford Economics.
The new study says China will overtake the US as the world’s biggest construction market by 2018, but that the fastest growth will happen in Nigeria.
The survey said infrastructure is the hottest sector to be in and that "it is set to grow in emerging markets by a staggering 128 per cent from now to 2020, compared with just 18 percent over the same period in developed countries”.
The report, which named Nigeria “global hotspot from here to 2020” says the nation's construction growth is even faster than India's, reflecting increased wealth and urbanisation resulting from the country’s oil production.
"Its population of approximately 154 million is urbanising at one of the fastest rates in the world, but construction is now only 3.2 percent of GDP," it said.
It stated that from 2009 to 2020, only Nigeria and India will enjoy higher growth rates than China in their construction output, but that despite India’s continued construction boom, China’s market will still be between three and four times bigger by 2020.
It says in just ten years, China’s already massive construction market will be worth almost US$2.4 trillion, nearly 20 per cent of global construction output.
The ten year forecast indicates that emerging markets will rapidly overtake the construction output of their developed neighbours.
"The top ten highest growth markets in 2020 will be entirely composed of emerging markets, with Poland the only European country to feature on the list," it said.
Speaking at the launch of the report “Global Construction 2020” in London, Mike Betts of Global Construction Perspectives said that China’s construction industry looks unstoppable.
“The construction market in China is already enormous at almost double the size of its nearest rival Japan. The United States has for some time held the top spot but despite its strong predicted growth over the next decade, China will become the world’s largest construction market by 2018,” he said.
Adrian Cooper of leading business forecasters Oxford Economics said: “We have identified the key drivers and used data including population projections, long term GDP estimates and public sector budgets to feed into our modelling to help us understand how the global construction industry is changing at a rapid rate.
“All of the data points to both short and long term growth in emerging markets. We predict that in just ten years time construction in these markets will more than double in size, growing by an estimated 110% and representing 17.2 percent of GDP in 2020.”
The report highlights that today’s global construction market is worth an estimated $7.5 trillion, representing 13.4 percent of global GDP. But by 2020, construction will be a $12.7 trillion global market, an overall growth of 70 per cent in the next decade. Construction in 2020 will account for 14.6 per cent of global GDP.
The largest construction market globally is residential accounting for 40 per cent of the total global construction market by 2020 when it will be worth $5.1 trillion, said the report.
The forecast is already coming true for Nigeria with the federal and state governments policy of developing the nation's infrastructure through Public Private Partnership (PPP) initiatives that have resulted in the concessioning of airports, roads, bridges and public buildings
Re: Construction In Nigeria ‘to Become World’s Fastest Growing’ by kuramo: 5:41pm On Nov 13, 2009
Really bright prospect for our beloved country.

Long live Nigeria.
Re: Construction In Nigeria ‘to Become World’s Fastest Growing’ by NegroNtns(m): 5:53pm On Nov 13, 2009
. . .when translated into increase in productivity, skills training and proficiency, career mobility, secured earnings, discretionary spending and of course. . .tax revenue and retirement accounts.

Otherwise, it is another corruption project formulated to reward foreign contractors at the expense of homeland manpower and skillsmanship.
Re: Construction In Nigeria ‘to Become World’s Fastest Growing’ by Abagworo(m): 7:42pm On Nov 13, 2009
Visit Abuja and you cant help but believe that thy kingdom has come in Nigerian construction industry.God bless Naija.
Re: Construction In Nigeria ‘to Become World’s Fastest Growing’ by RichyBlacK(m): 8:33pm On Nov 13, 2009
I just hope Sango and Amadioha will join forces and strike down all Nigerian politicians that have stolen more than ten naira of public funds!
Re: Construction In Nigeria ‘to Become World’s Fastest Growing’ by honeric01(m): 8:41pm On Nov 13, 2009
OneNaija:

Construction growth in Nigeria will be the fastest of all markets, according to the latest 10-year forecast from Global Construction Perspectives and Oxford Economics.
The new study says China will overtake the US as the world’s biggest construction market by 2018, but that the fastest growth will happen in Nigeria.
The survey said infrastructure is the hottest sector to be in and that "it is set to grow in emerging markets by a staggering 128 per cent from now to 2020, compared with just 18 percent over the same period in developed countries”.
The report, which named Nigeria “global hotspot from here to 2020” says the nation's construction growth is even faster than India's, reflecting increased wealth and urbanisation resulting from the country’s oil production.
"Its population of approximately 154 million is urbanising at one of the fastest rates in the world, but construction is now only 3.2 percent of GDP," it said.
It stated that from 2009 to 2020, only Nigeria and India will enjoy higher growth rates than China in their construction output, but that despite India’s continued construction boom, China’s market will still be between three and four times bigger by 2020.
It says in just ten years, China’s already massive construction market will be worth almost US$2.4 trillion, nearly 20 per cent of global construction output.
The ten year forecast indicates that emerging markets will rapidly overtake the construction output of their developed neighbours.
"The top ten highest growth markets in 2020 will be entirely composed of emerging markets, with Poland the only European country to feature on the list," it said.
Speaking at the launch of the report “Global Construction 2020” in London, Mike Betts of Global Construction Perspectives said that China’s construction industry looks unstoppable.
“The construction market in China is already enormous at almost double the size of its nearest rival Japan. The United States has for some time held the top spot but despite its strong predicted growth over the next decade, China will become the world’s largest construction market by 2018,” he said.
Adrian Cooper of leading business forecasters Oxford Economics said: “We have identified the key drivers and used data including population projections, long term GDP estimates and public sector budgets to feed into our modelling to help us understand how the global construction industry is changing at a rapid rate.
“All of the data points to both short and long term growth in emerging markets. We predict that in just ten years time construction in these markets will more than double in size, growing by an estimated 110% and representing 17.2 percent of GDP in 2020.”
The report highlights that today’s global construction market is worth an estimated $7.5 trillion, representing 13.4 percent of global GDP. But by 2020, construction will be a $12.7 trillion global market, an overall growth of 70 per cent in the next decade. Construction in 2020 will account for 14.6 per cent of global GDP.
The largest construction market globally is residential accounting for 40 per cent of the total global construction market by 2020 when it will be worth $5.1 trillion, said the report.
The forecast is already coming true for Nigeria with the federal and state governments policy of developing the nation's infrastructure through Public Private Partnership (PPP) initiatives that have resulted in the concessioning of airports, roads, bridges and public buildings



With the rate Abuja, Lagos and port Harcourt is going, it will definitely work out.
Re: Construction In Nigeria ‘to Become World’s Fastest Growing’ by Nobody: 9:02pm On Nov 13, 2009
@richyblack
you are talking as if when you become a common councillor of your ward,you wont steal money,,abegi na today yansh dey back?.Your own go worse part
Re: Construction In Nigeria ‘to Become World’s Fastest Growing’ by Nobody: 9:07pm On Nov 13, 2009
honeric01:

With the rate Abuja, Lagos and port Harcourt is going, it will definitely work out.

What rate exactly??

What have you recently seen or noticed in those states for you to make the above statement??
Re: Construction In Nigeria ‘to Become World’s Fastest Growing’ by rethink: 9:42pm On Nov 13, 2009
@bluetooth

This is is what is making us think that grabbing is all we go to school to learn. Speak for yourself. It is not all that go to government to steal. With this mentality of "Na today" we have a grave problem.

So if you are a citizen thinks like this how do you Challenge our up and coming leaders?

A Bad leader was a Bad Follower.

God Bless Nigeria
Re: Construction In Nigeria ‘to Become World’s Fastest Growing’ by Abagworo(m): 10:00pm On Nov 13, 2009
honeric01:



With the rate Abuja, Lagos and port Harcourt is going, it will definitely work out.
OMO IBO:

What rate exactly??

What have you recently seen or noticed in those states for you to make the above statement??


ABUJA is actually exploding in solid constructions.

Me I no see anything for Lagos and Port-Harcourt.Lagos is more promising at the moment than PH.
Re: Construction In Nigeria ‘to Become World’s Fastest Growing’ by Nobody: 11:03pm On Nov 13, 2009
[b]The stockmarket isnt the future of investment in Nigeria for now. I was down in Ifo early last year, bought 4 acres of lands for myself and 2 other clients, and as at last year, a plot was selling for #80,000. Right now, the same plot is selling for #350,000 and #450,000 respectively. and with the bridge in sango been rushed by j.berger, prospect seems brighter as more flood of people in Lagos would invade this location for cheaper housing and commercial lettings.
10 years ago, I was working at the Okoya's Estate in Ijeshatedo-Lekki, and was impored to buy a plot of land for #35,000 and downright thought it was sheer stupidity to buy land in such a densely bushy and undeveloped place; well that was my thinking then. Today, around the same location, I recently helped a client to get a plot of land for #9,000,000 last month and there isnt a day when I dont regret not taking this great chance. Anyways, when you calculate that ROI (Return of Investment), its beyond 100%, meanwhile back then in 2002 I was at CSCS, purchase several units of Oceanic Bank Shares and today lament why I hadnt thrown a big bulk of my money on equity/real estate investment.
Lagos is a city overwhelmed, and there would be need to create larger extension to Mowe-Ibafo, Owode, Ofada, Sango, Ifo, Papalantoro, Ikorodu, Ogijo, Akute, and other hot spots areas. All you need is someone in NUJ, who would tell you about new and proposed government projects within this location, or just naturally observe demograhphic slurge to any of this location.
Lagos in 2020 will be a powerful commercial bastion. Abuja will be a place for solely the extremely powerful and poor commoners will find it impossible to hold onto whatever property they have within Abuja. Lokoja, and Ogun state will be the best hurb for residential investments and middle class people. Its just there for any intuitive and smart investor to see, a big cake in the baking for those risk takers who would be grateful they took this advice. See beyond now. See trends. I have recently finished the survey of 75 fresh acres of lands extending from Papalantoro, down to Owode, and some extension of Mowe. Also have several acres and plots scattered within Aridagun, and close to French village in Badagry. A plot, an acre, or hectares, I sell, all.
Maybe you should think of where our population will be in the next 10 years, and if you want to be a making money from this trend, or getting squeezed around. Think well y'all.[/b]
Re: Construction In Nigeria ‘to Become World’s Fastest Growing’ by asscend: 11:35pm On Nov 13, 2009
[/quot. . .when translated into increase in productivity, skills training and proficiency, career mobility, secured earnings, discretionary spending and of course. . .tax revenue and retirement accounts.

Otherwise, it is another corruption project formulated to reward foreign contractors at the expense of homeland manpower and skillsmanship. e]

Well said. Great analysis.
Re: Construction In Nigeria ‘to Become World’s Fastest Growing’ by asscend: 11:38pm On Nov 13, 2009
As long as we get rid of Julius Berger, who its proven are thieves with buldozers inflating contracts and doing shabby jobs. Then we can get the right people to do the jobs.

Nigerian Engineers, get ready. Its your time now!
Re: Construction In Nigeria ‘to Become World’s Fastest Growing’ by Ikengawo: 12:23am On Nov 14, 2009
there's serious money to be made in nigeria, meanwhile there's a flock of nigerians in england selling groundnuts and chewing gum swearing to god nigeria is a failed state.
Re: Construction In Nigeria ‘to Become World’s Fastest Growing’ by Nobody: 2:42am On Nov 14, 2009
@topic

I agree with the report.
The only thing holding us back is the inability to get our energy sector working due to corruption on the part of our leaders. Soon, this trend will be history.

~Bluetooth:

@richyblack
you are talking as if when you become a common councillor of your ward,you wont steal money,,abegi na today yansh dey back?.Your own go worse part

Do us a big favor: SPEAK FOR YOUR SELFISH AND GREEDY SELF!
Re: Construction In Nigeria ‘to Become World’s Fastest Growing’ by Fhemmmy: 3:50am On Nov 14, 2009
It will be possible and i blv they can do it, as long as they are able to deal with the electricity's problem
Re: Construction In Nigeria ‘to Become World’s Fastest Growing’ by honeric01(m): 10:15am On Nov 14, 2009
OMO IBO:

What rate exactly??

What have you recently seen or noticed in those states for you to make the above statement??

Do i need to answer that? do you live in Nigeria? let's start from there.


Abagworo:


ABUJA is actually exploding in solid constructions.

Me I no see anything for Lagos and Port-Harcourt.Lagos is more promising at the moment than PH.

Abuja is very visible because of the fact that the population and the things on ground in Abuja is not as complex as Lagos, that's why you can't easily see why Lagos was added. PH is going to emerge pretty soon as long as there's peace and the people's willingness to let those who want to really help the state work.
Re: Construction In Nigeria ‘to Become World’s Fastest Growing’ by sleekp1: 5:30pm On Nov 14, 2009
Abi Kobojunkie never see this topic?
He will be here anytime soon telling us why it won't happen. Goon.
Re: Construction In Nigeria ‘to Become World’s Fastest Growing’ by honeric01(m): 5:48pm On Nov 14, 2009
sleek_p:

Abi Kobojunkie never see this topic?
He will be here anytime soon telling us why it won't happen. Goon.

Yes, that loner won't take long before getting here soon. undecided
Re: Construction In Nigeria ‘to Become World’s Fastest Growing’ by Ahmad47(m): 1:27pm On Feb 28, 2019
10 years challenge.

Last post was in 2009 now is 2019 and China has indeed surpass US in construction and they build cities everywhere without people in it that is why China has the largest number of ghost cities. But in Nigeria i see no construction or development.(its very little we barely made it out of recession)

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