Market Research Report
Nigeria Bathrooms 2020
|Nigeria Bathrooms 2020|
Published: November 30, 2020
BRG Building Solutions
Content info: 161 Pages
Delivery time: 1-2 business days
This report provides an in-depth analysis of the Nigerian bathroom market including the monitoring of recent trend patterns and demand drivers, plus substantiated volume forecasts for the next 5 years. After suffering from a weaker-than-expected 2018, Nigeria experienced economic development, political stability and improved imports in 2019. The bathroom market has been experiencing reasonable growth over the last year, as a result of the strong development of construction activity all over the country, especially in the urban areas. The market experienced a positive development in 2019, with sales boosted by the increasing demand in the new housing - and with increasing public spending and rising demand for renovation activities (which also includes first time installations), the RMI segment also experienced a good growth in 2019. In line with the increasing inflation, the value of the bathroom products were impacted in 2019.
Due to high volatility in the Nigerian Naira, the values in Euro terms were impacted when compared with 2018. The exchange rate of the Naira remained unstable during the year, both in euros and dollars, and MSPs for all products under the scope registered a significant change - also impacted by fear of the possible outcomes of the 2019 presidential elections. There was also a considerable valuation of oil prices during 2019, which impacted the volatility of the currency. Inadequate funding and heavy contract debts are the main challenges that are currently limiting fast growth of the housing industry in Nigeria. The country is still suffering from a massive housing deficit, estimated at over 18 million units. However, the construction sector should be sustained in the future as a wide range of new residential projects are currently under development across Nigeria. Also, the re-election of President Buhari seems to have its positive impact on the industry with ruling out of new housing development policies for further investments in residential and non-residential construction activities that is expected to improve bathroom products sales in the upcoming years.