Nigeria attracted $3.96 billion (about N780.12 billion) on real estate development in 2014, which is 11 percent of the total sum of $36.4 billion expended on infrastructure construction projects in the country.
Data recently released by Deloitte African Construction Trends report placed Nigeria at the top of West African countries in major infrastructure construction projects in 2014, with the country spending $36.4 billion on major infrastructure construction projects for the year 2014.
The total expenditure includes both foreign and local as well as public and private sector investment. Investment has been on the rise following the re-basing of the country’s gross domestic product (GDP) to $509.9 billion in April 2014. According to the report, the projects range from Water which took 39 percent, Energy and Power (17 percent), Oil and gas (17 per- cent), Transport (15 percent), Real Estate (11 percent) and Manufacturing (1 percent). “Whereas South Africa was previously the choice market in Africa for scalable operations, Nigeria now has a more attractive profile, offering scale and strong growth,” Deloitte said in the report.
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