Nigeria news roundup
Published on 11/05/2015
Nigeria is a developing market with a vibrant and growing construction industry. Consultancy firm Mckinsey & Company expects the country's economy to more than triple in size by 2030 to $1.6 trillion, making it one of the world's top 20 economies - ahead of the likes of Malaysia, the Netherlands and Thailand. Much of this growth is poised to come from construction, which is tipped to see its value climb by $39 billion dollars on 2013 levels over the next 15 years.
In recent weeks, Nigeria has seen positive news regarding the huge Eko Atlantic City development in Lagos and the announcement of a new multi-million dollar school project. Read on for the latest stories from Nigeria's burgeoning construction sector.
Eko Atlantic City on track for 2016 occupation
Arguably the most ambitious urban construction project in the whole of Africa, Eko Atlantic City is a city in Lagos State built on land reclaimed from the Atlantic Ocean. Once finished, the island is expected to house 250,000 residents and attract 150,000 commuters every day. It will be protected from the sea by an 8.4 km defence revetment dubbed the Great Wall of Lagos.
Projects already in the advanced stages of completion include the skyscraper headquarters of international independent oil exploration and production company Afren, which has reached its 16th storey and is due to be finished in 2016. Another, the Eko Pearl Towers high-rise residential building, is currently at its fifth floor, and the concessionaire has already seen significant subscriber numbers.
Segun Oniru, Lagos State commissioner for waterfront infrastructure, described Eko Atlantic City as "the most impressive urban development project in Africa", Nigeria's Guardian newspaper reported.
He revealed that about 5,184,999 sq m of land - almost twice the size of Victoria Island in the Lagos Lagoon - had been reclaimed from the sea as of October 2014.
Nigeria LNG to fund Rivers Delta model school
A partnership with the Rivers State government and Tianjin Energy Resources will see Nigeria LNG (NLNG) fund the construction of a model secondary school on Bonny Island.
Working together on the $22.5 million project, the three parties will deliver the necessary building infrastructure to ensure quality education at the school, with the funding to be released in phases based on construction milestones, reports Business Day.
NLNG's support for the development comes as part of its wider corporate social responsibility efforts in Bonny. The company already provides uninterrupted power to the local community through its rural electrification programme, along with healthcare and roads.
Russian company in talks to build nuclear plants in Nigeria
Nigeria is holding talks with Russian company Rosatom regarding the planned construction of up to four nuclear power plants, at a cost of around $20 billion.
In 2012, the country signed a deal with Rosatom for the design, construction, operation and decommissioning of a nuclear facility. Now, the two parties are discussing a possible three additional plants costing $5 billion each, taking capacity to 4,800 megawatts by 2035.
Franklin Erepamo Osaisai, the Nigeria Atomic Energy Commission chairman and chief executive, was quoted by Bloomberg as saying: "A joint coordination committee is in place and negotiations are ongoing for financing and contracting. We are meticulously implementing our plans."
NIQS calls for collaboration to boost construction industry
The Nigerian Institute of Quantity Surveyors (NIQS) has demanded greater collaboration from industry professionals in a bid to increase activity in the construction sector.
Chairman Adenike Ayanda said quantity surveys should cooperate more with other building industry-related groups - such as furniture manufacturers - as they are interconnected, reports the Guardian.
By choosing to partner up more regularly, these groups would be able to unite against common issues affecting the industry, including substandard goods and services, Mrs Ayanda explained.