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Nigeria Residential Building (Design & Construction) Industry Analysis
The construction industry in Nigeria has been experiencing growth in recent years, particularly in the residential buildings sector. With a population of over 200 million people, there is a huge demand for housing in Nigeria, particularly in the urban areas where population growth is rapidly increasing.
The government of Nigeria has recognized the need for affordable housing and has implemented several policies to support the growth of the construction industry. The government has also established several agencies to oversee the development of housing projects in the country. One of such agencies is the Federal Mortgage Bank of Nigeria (FMBN), which was established to provide long-term credit facilities to mortgage institutions in the country.
Despite the efforts of the government, the construction industry in Nigeria still faces some challenges. One of the major challenges is the high cost of building materials, which has led to an increase in the cost of construction. Another challenge is the lack of adequate infrastructure such as power, water, and transportation, which makes it difficult for contractors to execute projects effectively.
The industry outlook for the residential building construction sector in Nigeria remains positive, with continued growth expected in the coming years. The country's population growth, urbanization, and increasing demand for housing are driving the growth of the sector. The government's commitment to affordable housing and the establishment of agencies to support the industry are also expected to further boost growth.
Furthermore, the increasing adoption of modern construction techniques such as prefabrication and the use of technology in construction is expected to increase efficiency and reduce costs in the industry. With the right policies and investments, the construction industry in Nigeria has the potential to become a major contributor to the country's economic growth.
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