Nigeria Infrastructure Report - Business Monitor International - Industry Reports

Nigeria Infrastructure Report

100 pages — Published Nov 15, 2014
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Abstract:

BMI View: In our view Nigeria represents a high reward market, now the largest in Africa, and has an impressive growth trajectory over our ---year forecast period which sees construction industry real growth averaging -- . Improving power supply and transport links will also be a driver of growth, but the infrastructure sector is more exposed to the numerous risks in Nigeria s business environment. ...Now reforms and development plans implemented under President Goodluck Jonathan, although slow to get off the ground. are beginning to attract the investment the sector needs; the sell-off of the state-run Power Holding Company of Nigeria is virtually complete and increasing numbers of transport Public Private Partnerships (PPPs) are emerging in the market. Over ---- we have seen a large increase in insecurity within Nigeria, especially in the North of the country, and we also expect higher political risk in the run up to the ---- presidential elections. These factors present downside risk to our short-term outlook, but we believe Nigeria s impressive fundamentals will keep growth elevated over our ---year forecast period. We also continue to highlight persistent risks hampering the implementation of major projects, ranging from deep-rooted corruption and violence perpetrated by militants to inefficient bureaucracy.

...After the rebasing of Nigeria s economy it now represents the largest market in Africa, and relies less on the oil industry for growth than previously understood, but rather on high-growth sectors such as manufacturing and services. The outlook for oil prices generally and for West African Bonny Light in particular, has clouded the extent to which the oil sector, which is the main source of fiscal and external account revenues, will provide the government revenues and therefore macroeconomic stability needed to invest in the construction sector. ...After the rebasing of Nigeria s economy it now represents the largest market in Africa, and relies less on the oil industry for growth than previously understood, but rather on high-growth sectors such as manufacturing and services. The outlook for oil prices generally and for West African Bonny Light in particular, has clouded the extent to which the oil sector, which is the main source of fiscal and external account revenues, will provide the government revenues and therefore macroeconomic stability needed to invest in the construction sector. Dangote Group sealed a financial agreement with -- banks for a USD-.-bn loan to build a greenfield refinery and petrochemicals complex in Olokola, in the south of Nigeria. ...After numerous failures to move the project forward, President Goodluck Jonathan has launched the ground-breaking ceremony on the second Niger Bridge. Should the bridge be built, it will provide the potential to boost the Nigerian construction industry, improving East-West trade within Nigeria and wider West Africa, and progressing the nascent Public-Private Partnership (PPP) model.

...Given the country s high levels of corruption and bureaucratic inefficiency, many public sector construction projects have stalled or have had to be cancelled. The Nigerian construction industry needs tighter and enforceable building regulations and increased local materials output, especially in local cement capacity - although Dangote is expanding its operations substantially. ...

  
Source:
Document ID
1750-5380
Country
Industry
Format:
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Business Monitor International - Industry Reports—Established in 1984, Business Monitor International is a leading online publisher of specialist business information on global emerging markets. Business Monitor's range of quarterly services covers political risk, finance, macroeconomic performance, outlook and forecast, industry sectors and the business operating environment. Each Industry Report has been researched at source, and features latest-available data covering production, sales, imports and exports; 5-year industry forecasts through end-2012; company rankings and competitive landscapes for multinational and local manufacturers and suppliers; and analysis of latest industry developments, trends and regulatory changes.

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MLA:
Business Monitor International - Industry Reports. "Nigeria Infrastructure Report" Nov 15, 2014. Alacra Store. Nov 29, 2014. <http://www.alacrastore.com/storecontent/Business-Monitor-International-Industry-Reports/Nigeria-Infrastructure-Report-2026-598>
  
APA:
Business Monitor International - Industry Reports. (2014). Nigeria Infrastructure Report Nov 15, 2014. New York, NY: Alacra Store. Retrieved Nov 29, 2014 from <http://www.alacrastore.com/storecontent/Business-Monitor-International-Industry-Reports/Nigeria-Infrastructure-Report-2026-598>
  
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