Nigeria spent more money on infrastructure construction projects than any other West African country in 2014. Deloitte African Construction Trends report reveals Nigerian investment news about where $36.4 billion really went.
Nigeria needs to build stable business environment to attract more investments Photo: nipc.gov.ng/
According to that report, last year Nigeria spent a hefty sum of the overall $36.4 billion of investments on water. Water infrastructure took 39% of all the infrastructure construction investments – more than $14 billion. It’s more than twice as much of what was spent on energy and power projects (17%) or oil and gas (17%) or more than 6 billion on each of these sectors.
READ ALSO: Top 12 Corruption Cases In Nigeria
The transport sector took 15% of investments or $5.46 billion. It is largely dominated by Chinese companies. The example of that dominance – a 1.53 billion contract for construction Lagos-Ibadan rail line, awarded to China Civil Engineering Construction Corporation (CCECC) in 2012 and scheduled for completion in 2016.
The report states that the transport sector may be considered as one of the main boosters of growth for the Nigerian construction industry. Real estate took 11% of overall construction investment, while only one per cent was spent on manufacturing sector.
The Deloitte report also saysthat though Nigerian market is seen as potentially very attractive, representing steady growth. But what Nigeria really lacks now is stable business environment. This is the key factor in reaching the level of South Africa. Achieving stable business climate is what can bring really good Nigerian investment news.
READ MORE: http://www.naij.com/421346-nigerian-investment-news-worth-36-6-bn.html
No comments:
Post a Comment