The African Export-Import Bank, Afreximbank, has revealed that Nigeria, alongside Egypt, Algeria, Ethiopia and Tanzania, is set to top the construction industry growth in 2024, accruing an estimate of $47 billion, News About Nigeria reports.
The Senior Manager of the Bank on Trade Intelligence, Lizanne Case, made this known while speaking at the just concluded Inter-African Trade Fair, IATF 2023 Trade Conference in Cairo, Egypt.
According to her, the construction industry in Africa is set to experience a positive boost over the next decade, and Nigeria is projected to witness investments valued at $47 billion in construction-related development.
The other countries topping the construction industry growth list alongside Nigeria are Egypt, Algeria, Ethiopia and Tanzania, which are estimated to be at 26.3 billion, $26.7 billion, $15.7 billion and $14.3 billion, respectively.
The bank applauded this projection, noting that Africa is home to some of the world’s fastest-growing construction markets globally.
Lizanne Case also noted that the construction growth from Nigeria and other African countries will provide ample project opportunities across a wide range of markets, adding that Nigeria and her counterparts will account for more than half of the continent’s construction industry growth over the next decade.
This, she said, was in addition to the smaller markets like Cameroon, Rwanda and Cote d’Ivoire, which will also experience significant growth and reach an average growth rate of 7.7 per cent, 7.2 per cent and 7 per cent, respectively, yearly.
She further noted that the significant improvement in the infrastructure network of Africa as a result of these developments will also benefit investments in the manufacturing sector, alongside boosting project opportunities.