Focus On The Lagos Island Office Construction Market Report 2016.
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Summary
Nigeria is the economic and financial base of Africa. Following the re-basing of the country’s GDP in 2013,
its GDP reached US$546bn in the following year. Despite being one of the world’s most vibrant sectors,
the Nigerian construction industry employs a paltry 5% of the nation’s 170 million populations and is worth
an estimated US$69.4bn. Along with a growing economy, new government policies and an expanding
middle-class this has led to massive investments in the industry over the years particularly post military
rule. Nigeria’s construction industry is largely driven by the housing and infrastructure sector. The country
has a housing deficit estimated at 17m units (RAC research shows that this figure has become obsolete
and grossly understated) of which it requires between 700,000 – 1,000,000 new housing units annually
creating a lot of opportunities for investment in the industry. 2015 was a remarkable year for the Lagos
Island office market. According to our data, an estimated total of 109,916 sq.m of purpose-built office
and mixed-use space were supplied to the market.
