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.
GDP From Construction in Nigeria increased to 660920.64 NGN Million in the first quarter of 2017 from 623349.23 NGN Million in the fourth quarter of 2016. GDP From Construction in Nigeria averaged 554520.61 NGN Million from 2010 until 2017, reaching an all-time high of 740204.22 NGN Million in the second quarter of 2015 and a record low of 369190.91 NGN Million in the third quarter of 2010.
Estimates suggest that current growth in the construction industry is greater than that of India. Indeed, report found that Nigeria’s population of approximately one hundred and seventy-five (175,000,000) million is urbanizing 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 its own thereby helping to conserve resource without comprising on quality.
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 equipment’s 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. Specialized company such as Julius Berger, PW, OGORMA and Hi-tech are fully engaged and overstretched in terms of equipment capacity. They also sublet contract to equipment vendor to execute on their behalf and pay upfront.
Some of the equipment that can be leased includes
Leasing advantages include: making lower monthly payments than you’d have with a loan, getting a fixed financing rate instead of a floating rate, benefiting from tax advantages, conserving working capital and avoiding cash-devouring down payments, and gaining immediate access to the most up-to-date business tools. The equipment also shows up on your income statement as a lease expense rather than a purchase. If you purchase it, your balance sheet becomes less liquid.
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