In Africa, Ethiopia will experience commercial and infrastructure construction expansion along with Kenya for the remainder of 2018 and going into 2019. Nigeria is set for a significant rise in construction spending in the next three to five years, assuming it can get its’ political house in order. The Nigerian population is forecast to grow to 250 million in the next ten years. Inflation in Nigeria reached 16% in November 2017, look for this rate to decease in the 2nd of 2018 to 12% to 14%. Nigeria’s GDP is forecast to grow in the 1.9% to 2.3% range in the 2nd half of 2018. Cameroon, Cote d’Ivoire and Tanzania, are all forecast to experience above average GDP growth for 2018 in the 3% to 4% range. On the other hand, both South Africa and Nigeria, Africa’s two largest economies, will experience slow or limited growth in the 2nd half of 2018. If oil remains in the $65 to $70 a barrel range there could be an uptick in Oil / Gas construction activity in Nigeria, Uganda, Equatorial Guinea and Cameroon. If oil prices retreat and stay below $60 a barrel, the opposite will be the case.
A shortage of skilled workers both in construction and manufacturing will continue to stymie South Africa’s economic growth for the 2nd half of 2018. Depressed minerals / commodity prices continue to hold back the South African construction sector. Business confidence is considered to be at a near all-time low in South Africa, one of the major economies of Africa.
View Details of our 2018 Global Construction Costs Yearbook
This publication includes Cost Data for 101 Countries. Data Covered in this publications includes: • Labor Rates • Material Costs • Construction Practices • Square Feet/Meter Unit Costs • Engineering/Architectural Rates • Import Duties • Location Factors • Transport Costs • Exchange Rates • Local Taxes ... and much more!