Construction & Real Estate

Buoyed by demographic and economic growth, Nigeria’s construction sector has the potential to become the largest and most competitive on the continent. Between 2006 and 2010 the industry expanded at a rate of 12.58%. This positive growth is expected to continue in the near future as the government rolls out a number of infrastructure projects. Overall strong economic growth in Nigeria has also driven expansion of the real estate sector, which is expected to continue on its upward trend in coming years in line with the country’s rising GDP. However, whilst its growth prospects are positive, the sector faces a number of serious challenges, including limited funding to address a shortage in affordable housing and the task of providing formal homes for some 80% of the population who currently live in informal housing structures. This chapter contains an interview with Ogunbusola Solomon, President, Federation of Construction Industry.