Nigeria: Construction & Real Estate 2016
Nigeria’s construction market has been among the world’s fastest-growing over the past few years, and 2016 has led to a valuation of Nigeria’s construction industry at $13.65 billion, accounting for 7.6 per cent of the country’s GDP. A rapidly increasing population has ensured that there is a growing demand for housing across all levels of society, and this, coupled with a boom in the office development sector, means that the future is certainly bright for the Nigerian construction industry. That said, given the dire economic situation currently gripping the country, typified by the economy’s first negative GDP contraction since the establishment of democracy in 1999, there is cause for concern as the fortune of the construction and real estate market naturally goes hand-in-hand with the fortunes of the economy as a whole. The supply, demand and price of space hinges on the financial security of occupiers, developers and investors. Therefore, stakeholders will need to monitor the situation carefully and choose their projects wisely before taking the plunge and investing.
Babalakin & Co’s name partner Bolanle Olawale Babalakin SAN is an acclaimed transactional specialist with a “distinguished record” in high-profile, commercial transactions in the construction and real estate industries.
At Aluko & Oyebode, head of the firm’s real estate practice Adeniyi Adegbonmire SAN is a veritable expert in all aspects of property law. According to respondents, Adegbonmire SAN is the “lawyer of choice” for domestic and international clients looking to develop their real estate portfolios in Nigeria.