{"id":4994,"date":"2022-01-05T10:10:09","date_gmt":"2022-01-05T10:10:09","guid":{"rendered":"https:\/\/www.sanaglobalprojects.com\/?p=4994"},"modified":"2022-02-05T07:33:21","modified_gmt":"2022-02-05T07:33:21","slug":"how-the-construction-industry-was-developed-in-nigeria","status":"publish","type":"post","link":"https:\/\/www.sanaglobalprojects.com\/construction-knowledge-base\/how-the-construction-industry-was-developed-in-nigeria\/","title":{"rendered":"How The Construction Industry Was Developed In Nigeria"},"content":{"rendered":"

How The Construction Industry Was Developed In Nigeria<\/strong><\/h1>\n

Nigeria is one of the fastest-growing economies in Africa, thanks to growth in various sectors. The construction industry is one of those responsible for the high growth rate in the West African nation. It boosts infrastructural development and is also a major source of youth employment opportunities.\u00a0<\/span><\/p>\n

Statistics show that the <\/span>construction industry will grow<\/span><\/a> by over 4% in 2021, following the slowdown in pandemic cases and its corresponding restrictions and effects. The sector largely runs on several construction suppliers like Dangote Cement and Construction companies like SANA Group in Lagos.\u00a0<\/span><\/p>\n

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When Did Construction Companies Start Operations In Nigeria?<\/b><\/h2>\n

Construction company operations in Nigeria date back to the 1940s. They provided several job opportunities to the community. However, the growth rate was still pretty slow at the time, even with a <\/span>few foreign players in the market.<\/span><\/p>\n

However, after independence in 1960, Nigeria experienced an <\/span>“oil boom”. T<\/span>he government set up favorable policies to promote investment as well. Due to oil production prospects, many foreign investors entered the market and invested in infrastructure.\u00a0<\/span><\/p>\n

Likewise, local construction companies sprung up and claimed a larger share in developing infrastructure. Collaborations with international firms improved the quality of output since they fostered more advanced technology and highly qualified teams.<\/span><\/p>\n

These investments boosted the construction industry<\/a> that then created faster economic growth.<\/span><\/p>\n

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Features Of Construction Companies In Nigeria<\/b><\/h2>\n

Nigeria\u2019s construction industry has various components that facilitate its residential, commercial, and industrial projects. It also attracts many foreign investors, who now focus a lot on real estate due to good returns on investment.<\/span><\/p>\n

Nonetheless, the major sections of Nigeria\u2019s construction industry include:<\/span><\/p>\n

1. The Building Materials Sector<\/b><\/h3>\n

This sub-sector has grown rapidly in the past decade, with many companies popping up to provide quality building materials for the industry. Some major players, among others, include:<\/span><\/p>\n