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Nigeriaâs construction industry is due to grow by 3.9% in 2021 after a 7.7% decline in 2021, according to economic analyst GlobalData. The fall was caused by Covid-19 restrictions and a drop in demand for oil and gas, which accounts for 65% of government revenues.
Nigeriaâs construction market is due to increase 3.2% annually between 2022 and 2025, supported by state investment in the infrastructure and energy sector.
To oversee infrastructure investment, the government has created Infra-Co, a $2.7bn fund backed by the central bank, the Nigerian Sovereign Investment Authority and the Africa Finance Corporation.
Growth will also be helped by the 2021 Appropriation Bill, which provides a road map for the countryâs post-Covid-19 economic recovery.