The Nigerian Building and Road Research Institute, NBRRI, has said the construction industry will contribute about $10.3trillion to the global economy with more than N500billion coming from the sector in Nigeria.
The Director-General of NBRRI, Danladi Slim Matawal, made this known earlier in the week at the opening ceremony of 2016 NBRRI International Conference held in Abuja.
Matawal said that the global construction industry was projected to grow from $7.4trn in 2010 to $8.5trn in 2015 and $10.3trn in 2020, adding that the sector’s nominal value of activities would stand at more than N500bn, all things being equal.
He said that the construction industries in the emerging markets were forecast to grow at a much faster rate than the advanced economies, adding that between this year and 2020, emerging markets would record a 5.3% annual expansion.
In Nigeria, he said that the construction sector has been growing around 12 per cent since 2011 and contributing more than N400bn to the economy annually.
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