Nigeria’s annual infrastructure spending is projected to grow by 77 percent to $40 billion by 2050, reinforcing its position as Africa’s largest infrastructure market and placing it 23rd globally, according to a new report by PwC.
The projections are contained in PwC’s Global Infrastructure Outlook, which also estimates that Nigeria’s investment in the power sector will increase by 187 percent over the same period—from $1.1 billion in 2024 to $3.2 billion by 2050—driven by rising electricity demand, expanded access, and decarbonisation efforts.
Globally, the report forecasts that annual infrastructure spending will rise from $4.4 trillion in 2024 to $6.9 trillion by 2050, with cumulative investment expected to reach $151.1 trillion as countries modernise transport, energy, and industrial systems.
The report identified the Asia-Pacific region as the dominant force in global infrastructure activity, accounting for more than half of total investment through 2050, supported by rapid urbanisation, industrial growth, and large-scale expansion of power and digital networks.
Africa, however, is expected to record the fastest growth rate in infrastructure investment, with annual spending projected to increase nearly 1.8 times by 2050, reflecting population growth and persistent infrastructure deficits across the continent.
In contrast, Europe and North America are entering a phase of renewal, with ageing infrastructure systems requiring extensive upgrades. Annual infrastructure spending across the Americas is projected to grow 1.6 times by 2050, while Europe is expected to see a 1.4 times increase.
Commenting on Nigeria’s outlook, Chioma Obaro, Partner and Capital Projects and Infrastructure Leader at PwC Nigeria, said the country remains central to Africa’s infrastructure growth story.
“Africa is expected to experience the fastest infrastructure investment growth globally by 2050, driven by rapid population expansion, urbanisation, and the need to close long-standing infrastructure gaps,” she said.
Obaro added that Nigeria’s projected growth will be shaped by increased investment in transport connectivity, expansion of power infrastructure, and rising demand for digital and smart systems to support economic development.
She emphasised that unlocking this potential will require stronger collaboration between the public and private sectors to deliver bankable, investment-ready projects and ensure sustainable outcomes.
The report also noted that infrastructure investment globally will increasingly focus on integrated systems, where power, transport, and digital networks converge to create smarter, more efficient ecosystems.
According to Clara Cutajar, Global Infrastructure Leader at PwC Australia, the next phase of infrastructure development will go beyond traditional construction.
“This is not a conventional construction cycle. Future infrastructure will be intelligent, connected, and adaptable—from roads designed for autonomous vehicles to supply networks powered by clean energy and advanced digital systems,” she said.
PwC said its analysis, which covers nine sectors, 20 subsectors, and 45 countries representing 88 percent of global economic output, is the first comprehensive long-term outlook of its kind, based on two decades of historical data and forward-looking economic models.
The report concludes that infrastructure investment over the next 25 years is expected to exceed that of the previous two decades, underscoring the scale of transformation required to meet the demands of urbanisation, electrification, and emerging technologies.
