Nigeria is projected to maintain its position as Africa’s largest infrastructure market, with annual spending expected to surge 77 per cent to reach $40bn by 2050, according to the latest Global Infrastructure Outlook released by PwC Nigeria on Tuesday.
The report, which offers a long-term forecast across 45 countries, ranks Nigeria 23rd globally in infrastructure investment potential. This growth is part of a massive global cycle that will see cumulative spending top $151tn over the next 25 years as nations race to modernise power, transport, and digital systems.
A critical driver of Nigeria’s infrastructure landscape will be the energy sector. According to the report, power infrastructure will be the country’s fastest-growing sector, with annual spending forecast to increase 187 per cent, rising from $1.1bn in 2024 to $3.2bn by 2050.
A Partner and Capital Projects and Infrastructure Leader at PwC Nigeria, Chioma Obaro, noted that this shift is essential for the country’s demographic and economic evolution.
“Nigeria already leads the continent’s infrastructure market, with annual spending projected to rise 77% to $40bn by 2050. 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,” she said.
While Asia-Pacific remains the global engine for total volume, Africa is set to record the world’s fastest infrastructure investment growth rate. Demographic shifts and significant existing gaps are pushing annual spending on the continent to increase nearly 1.8 times by 2050.
Obaro emphasised that for Nigeria to translate these projections into reality, the traditional models of project funding must evolve.
“To unlock this potential, stronger public-private collaboration will be essential to deliver investment-ready projects and build a more sustainable future for generations to come,” she added.
Globally, the nature of infrastructure is changing. PwC’s analysis suggests that the next 25 years will see spending double that of the past two decades, driven by the need for “intelligent” networks that support AI, electrification, and autonomous systems.
PwC’s Global Infrastructure Leader, Clara Cutajar, warned that simply mobilising capital is not enough; execution models must be modernised to capture true economic returns: “This is not a traditional construction cycle. This next generation of infrastructure will be intelligent, connected and adaptable. Systems will need to anticipate demand, allocate resources dynamically and optimise performance, delivering structural productivity gains across every sector.”
Cutajar concluded that the opportunity for emerging markets like Nigeria is significant but requires rapid policy and delivery reforms.
“The opportunity is real, but it is not automatic. Those who move fastest to integrate planning, finance and delivery will define the next era of infrastructure and capture the returns that come with it”, Cutajar noted.
