Nigeria’s infrastructure spending is projected to rise by 77 per cent to $40 billion by 2050, maintaining its position as Africa’s largest market and ranking 23rd globally, according to a new report by PwC.

Speaking 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.”