Nigeria Power EPC Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The Nigerian power EPC market is expected to register a CAGR of more than 3% during the forecast period of 2021-2026. The COVID-19 pandemic has delayed several power projects in the country during Q1 and Q2 2020. However, factors such as increasing investment and supportive government policies are likely to drive the Nigerian power EPC market during the forecast period. The Nigerian power sector is dominated by thermal power generation, that too gas-fired, which accounted for over 80% of the total power generation in the country as of 2019. The transmission losses in Nigeria, across the network, are high at an average of approximately 8%-10%, compared to the emerging countries’ benchmarks of 2%-6%. The Nigerian government is approaching foreign investment for power plant infrastructure to full fill the demand of the country. This, in turn, is expected to propel the Nigerian power market during the forecast period. However, geopolitical tensions and the high fiscal deficit coupled with a high inflation rate are expected to negatively impact the Nigerian power EPC market in the short term.
Key HighlightsThe Nigerian power EPC market is moderately consolidated. Some of the key players operating in this market include Gentec EPC Ltd, Andritz AG, Alten Energías Renovables, Energo Nigeria Ltd, and JuNeng Nig Ltd.
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