The country’s rapid rate of urbanization, which stands at ~47%, according to United Nations estimates in 2014, is pushing demand for building and construction materials.
According to Q4:2014 data from the National Bureau of Statistics, the sector contributed ~3.7% to the rebased Nigerian GDP.
Only 18% of the nation’s 197,000 kilometers of Federal roads network which takes 90% of persons across the country is paved/tarred. The durability of the roads is worsened by poor maintenance.
Building materials constitute between 50-75% of the total construction cost in most developmental projects. In October 2014, the Federal Ministry of Industry, Trade and Investment stated that Nigeria spends over ₦500 billion ($3.3 billion) every year to import building items such as roofing sheets, nails, roof tiles, head pans, and gauze wire.
The Federal Ministry of Finance stated in November 2014 that Nigeria is fraught with a substantial infrastructure deficit of $ 8 billion yearly. Addressing this massive infrastructure deficit will drive the growth of the economy and will stimulate increased business in the building/construction sector.
We aim to partner with investors to enhance the availability of good quality building and construction materials and equipment which will in turn favorably impact the construction industry in Lagos.
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