“â¢ The government is encouraging foreign companies to establish their manufacturing plants through its various programs. In 2014, the government launched Nigeria Industrial Revolution Plan (NIPR) to increase the number of jobs and diversify the countryâs economy. In the same year, National Enterprise Development Program (NEDEP) was launched by the government to provide business support services and access to finance for small and medium manufactures.
â¢ To enhance economic development and boost trade activity, the government is expanding the rail network under the 25-year Strategic Rail Vision program. Accordingly, in May 2014, China Railway Construction Corporation (CRCC) signed an agreement with the Nigerian government to invest NGN2.6 trillion (US$13.1 billion) in the expansion of the network.
â¢ The government aims to increase the share of renewable energy in the countryâs total energy mix. Accordingly, it has introduced various projects and sub-programs under the Renewable Energy Program, such as the NAIJA LIGHT Solar Electrification Program, Energy Efficient Housing Scheme, the Abuja Green City and Establishment of Renewable Energy Village.
â¢ Population growth, coupled with urbanization, is continuously increasing the demand for quality and affordable housing, which will support the growth of the residential construction market over the forecast period. According to the United Nations Department of Economic and Social Affairs (UNDESA), the countryâs total population increased by 11.8%, from 164.2 million in 2011 to 183.5 million in 2015, and is expected to reach 210.2 million by 2020. The countryâs urban population increased by 20.4%, from 72.8 million in 2011 to 87.7 million in 2015, and is expected to reach 108.7 million by 2020.
â¢ The infrastructure market is expected to benefit from the governmentâs plan to enhance the sea-port facilities to transform the country into a maritime operational hub within the continent by 2020. The government is planning to build the countryâs largest shipyard in Badagry by 2019, with an aim to transport 2.5 million barrels of crude oil per day.”