A new report has projected Nigeria’s infrastructure spending to rise by 77 per cent to $40 billion by 2050, maintaining its position as Africa’s largest market and ranking 23rd globally.
Speaking on the new report focused on Nigeria’s outlook, Chioma Obaro, partner and capital projects and infrastructure leader, PwC Nigeria, said:
“Nigeria already leads the continent’s infrastructure market, with annual spending projected to rise by 77% to $40 billion by 2050, maintaining its number one position in Africa and ranking 23rd globally.”
She added:
“This growth will be shaped by increased investment in transport connectivity, a rapid expansion of power infrastructure, and rising demand for digital and smart infrastructure to support future economic growth.”
PwC noted that power infrastructure will be the fastest-growing sector in Nigeria, with annual spending expected to increase by 187 per cent between 2024 and 2050, rising from $1.1 billion to $3.2 billion.
“Africa is expected to record the fastest infrastructure investment growth globally through 2050, driven by rapid population growth, urbanisation and the need to close long-standing infrastructure gaps,” Obaro said.
Globally, infrastructure investment is entering an unprecedented growth phase, with cumulative spending forecast to reach $151.1 trillion by 2050.
“Across the period, cumulative global investment is forecast to reach US$151.1 trillion, as countries modernise transport, power and industrial systems to meet the demands of AI, electrification and urbanisation,” the report stated.
Annual global infrastructure spending is expected to increase from $4.4 trillion in 2024 to $6.9 trillion by 2050. PwC added:
“In real terms, the forecast suggests global infrastructure spending over the next 25 years will be double that of the past 20 years.”
