Nigeria has the potential to be one of the biggest construction markets on the planet.
While the world is still struggling to emerge from the global economic collapse, Nigeria’s construction industry is growing fast and is likely to grow astronomically over the next decade, according to forecasts made in a June 2010 report by Global Construction Perspectives and Oxford Economics.Estimates suggest that current growth in the construction industry is greater than that of India. Indeed, the report found that “Nigeria’s population of approximately 154 million is urbanising at one of the fastest rates in the world, but construction is now only 3.2 per cent of the Gross Domestic Product.
In the face of increasing competition and lean resource available to a company, executives have had to contract part of their operations and responsibilities to third party agent who carry out such functions for a fee that is usually cost effective compared to when the company provides it on it own thereby helping to conserve resource without comprising on quality.
Business Processing Outsourcing {BPO} is a form of outsourcing that involves the contracting of the operations and responsibilities of a specific business function or process to an outsider or a third party agent service provider to execute. Business process outsourcing can be applied in almost every aspect and segment of business and some of the areas include Construction, Information Technology, Telecommunications, Maritime, Banking, Manufacturing etc
In outsourcing, we have the in-source, in which you are sourcing the services within the shores in which the company is located while out-source is a situation whereby the services are sourced from outside the shore of the country where the company is domiciled.
Nigeria being a developing country requires massive infrastructural development in term of road, earth dam, parks, canal channelization and drain. Lagos and other state are trying to improve its capacity for service delivery to its populace, where new construction sites are springing up daily; these sites engage professional leasing company to execute the strategic plans in land preparation such as bush clearing, levelling, excavating, construction works and sand filling.
Earth moving equipments such as Bulldozer, Excavator, Pay-loader, Roller, Grader and Low-bed (carrier) are used daily at enormous cost associated with the industry for this project. Specialised company such as Julius Berger, PW, OGORMA and Hi-tech are fully engaged and overstretched interms of equipment capacity. They now also sublet contract to equipment vendor to execute on their behalf and pay upfront.
Some of the equipment that can be leased includes
Bulldozer
Excavator
Payloader
Grader
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At Foraminifera Market Research {www.foramfera.com}, we provide bespoke and up to date market research reports for start-ups and those already in business.
Our reports are designed to assist start-ups to understand the legal and financial requirements of starting the business, the market trends vis-a-vis demand and supply, competition, risk identification and mitigation strategies.
You can order our detailed feasibility report on heavy construction equipment rental and leasing in Nigeria by clicking on the link below.
Report Title: EQUIPMENT RENTAL AND LEASING OPPORTUNITIES IN THE CONSTRUCTION INDUSTRY IN NIGERIA; THE FEASIBILITY REPORT.
Report Code: FORA/2014/EQUIPMENTRENTALINNIGERIA/887499033
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