Construction expert and Managing Director of Dutum Construction Company, Temitope Runsewe, says the construction industry will be an important growth driver for the Nigerian economy in the year 2021.
He made the statement on Thursday the 7th of January at the 2021 Nigerian Real Estate Market Outlook breakfast meeting held in Ikoyi, Lagos.
He said that with the over N3.85 trillion budgeted for capital expenditure by the Federal Government in 2021, spending on infrastructure would help to drive economic growth.
The managing director said that, although the Coronavirus pandemic had affected economies and businesses globally, the medium to long-term outlook for the industry remained positive.
According to him, this was because the construction industry increased its contribution to Nigeria’s GDP to N572.9 billion from N513.6 billion in Q2 2020. He said the National Bureau of Statistics had projected the construction industry to record a compound annual growth rate of 16.6 percent to reach an all-time high of N13.2 trillion by 2024.
According to him, this makes it imperative for players in the real estate and construction industry to exploit the attendant opportunities for growth that will be presented.
In his presentation at the event, he shared the plan for one year of his firm to grow the sector in 2021.
“With the positive outlook of the construction industry for 2021 and the forecasted growth in the industry, Dutum intends to participate and contribute toward the development of various industry segments, he said.”
Dutum is a Nigerian company with interests in public and private industry construction that has delivered projects in the education, energy, aviation, hospitality, and social sectors.
Other speakers at the event took turns to share their thoughts to grow the construction industry. The speakers included Mr. Tayo Odunsi, Chief Executive Officer, NorthCourt Real Estate; Mrs. Sandra Momah, Assistant Director Ernest & Young; Mr. Olaide Agboola, Chief Executive Officer, Purple; Mrs. Funke Okunbadejo, Director Actis and more. The Nigerian Real Estate market outlook was organized by NorthCourt Real Estate in partnership with Dutum Construction Company to provide insights into the Nigerian Real Estate market. The annual event brings together experts and stakeholders in the Nigerian real estate and construction industry to share trends, opportunities, projections, and insights into what to expect for the New Year.