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Construction Overview
Back to the future
Construction is expected to be one of the key areas of Nigeria’s economy that will benefit most from President Yar’Adua’s comprehensive overhaul of the ministries. Hopes run high that the logjam of projects previously stalled by intractable bureaucracy and outright incompetence will be purged at last. Such an outcome would be welcome in an industry traditionally gripped by corruption, hollow promises and false starts.
Since 2006 the construction sector has been showing signs of strong growth after a period of prolonged stagnation, helping the country on its way to a steady rise in GDP. Vital to Nigeria’s economic development in virtually every area that it has ambitions – power generation, tourism, improved transport links, better housing, poverty reduction – construction was set on a return to its heyday of the 1980s when the sector was a major contributor to national wealth.
At the top of Yar’Adua’s agenda is a raft of long-awaited ministerial appointments designed to inject vibrant new life into the economy.
