Market Size of Nigeria Facility Management Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 5.40 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Nigeria Facility Management Market Analysis
The Nigeria Facility Management Market is expected to grow by registering a CAGR of 5.4% during the forecast period (2022-2027). The growing urbanization in the country is driving the demand for facility management services for proper maintenance of properties, especially commercial and industrial properties.
- The increasing rate of urbanization in the country is driving the growth of the construction industry as the demand for both commercial and residential properties is increasing. For instance, in September 2021, the Edo State government and Persianas Nigeria Limited signed an agreement for the development and construction of a shopping center in Benin City, the state capital.
- Increasing investment by the government to develop their public infrastructure is also supporting the growth of the construction sector in the country. For instance, in March 2022, the construction activity of a USD 537 million new consulate building at Eko Atlantic City in Lagos was flagged off by the U.S. Embassy in Nigeria.
- Additionally, the country has also been witnessing increased investment in data center infrastructure owing to the rising demand for cloud solutions. For instance, in April 2022, Kasi Cloud Ltd. broke ground for the construction of a new data center in Lagos, Nigeria. The company has acquired approximately 4 hectares of land and is planning to invest around USD 250 million in the project.
- However, lack of awareness and skilled workforce, along with the volatile economic condition, are among some of the major factors holding back the growth of the studied market.
- A significant impact of COVID-19 has been observed in the country. The widespread lockdown, along with a decline in crude oil prices, which is a major source of revenue for the Nigerian government, stalled the construction activities. Additionally, the disruptions to the supply chain and disruption in import activities of construction equipment and material further supported this cause. However, with the condition moving towards normalcy, the market is expected to gain traction, which in turn will drive the demand for facility management services.
