Nigeria’s Construction Industry To Hit N35.38tn By 2029 – Report

Nigeria’s construction industry is projected to grow to N35.38tn by 2029, a draft copy of the Harmonised National Construction Safety Guideline for the Nigerian Construction Industry, has revealed.

The document, which was sighted by THE WHISTLER, estimates that the sector could record a compound annual growth rate (CAGR) of 6.4% between 2025 and 2029, driven by rapid urbanisation, increased infrastructure development, and sustained government investment.

The harmonised safety guidelines seek to establish a unified framework for promoting safe working conditions, enhancing compliance with safety regulations and fostering a culture of accident prevention across Nigeria’s construction industry.

The document stated that as construction activities continue to increase nationwide, adherence to uniform safety standards will be essential to ensuring that the sector’s rapid growth is both sustainable and beneficial to workers, investors and the economy.

According to the document, the industry set a N25.72tn project for the year 2025, representing an annual growth rate of eight per cent, before climbing steadily over the next four years.

The guidelines noted that Nigeria’s construction industry is experiencing significant expansion as demand rises for residential, commercial, industrial and infrastructure projects across the country.

It explained that rapid urbanisation remains one of the strongest drivers of growth, with increasing population pressures creating greater demand for housing, transport infrastructure and commercial developments.

The document also identified the Federal Government’s continued investment in critical infrastructure, including roads, rail, housing and industrial facilities as another major factor supporting the industry’s expansion.

It stated further that rising foreign investment in the construction sector is expected to further stimulate growth by providing capital for large-scale projects and modern construction technologies.

The guidelines recalled that the industry recorded a robust compound annual growth rate of 12.1 per cent between 2020 and 2024, reflecting the sector’s resilience despite economic challenges.

With construction contributing about 10 per cent of global Gross Domestic Product (GDP), the document stressed that Nigeria’s expanding construction market presents significant opportunities for economic growth, employment generation and infrastructure development.

It, however, warned that sustained growth must be matched with stronger occupational health and safety practices to reduce accidents, protect workers and improve project delivery.