Hardware & Building Materials - Nigeria

In Nigeria, the Hardware & Building Materials market has recorded a revenue of US$28.70bn in 2024.
It is projected to experience an annual growth rate of 3.88% (CAGR 2024-2029).
When compared globally, China generates the highest revenue in this market segment, with a staggering US$525bn in 2024.
Considering the total population, the per capita revenue generated in Nigeria amounts to US$125.20 in 2024.
Nigeria's hardware & building materials market is experiencing a surge in demand due to the rapid urbanization and infrastructure development in the country.

Definition:

The Hardware & Building Materials segment includes a diverse range of products that play an important role in the structure, safety, and functionality of a building. In terms of hardware, this includes various items relating to doors, cabinets, floors, and garage accessories. Also included in this category are products related to home safety and security. Building materials cover products related to key components of home improvement such as doors, walls, ceilings, and windows, as well as concrete, cement, and masonry.

Additional Information:

The market consists of revenue and average revenue per capita data. Per capita figures take into account the whole population. This market includes only B2C (business to consumer) sales. B2B (business to business) sales (e. g., hardware for coffee shops, offices, etc.) are excluded. This segment does not include floor covering, which is shown separately in the Floor Covering segment of the DIY market. For more information on the displayed data, click the info button on the right hand side of each box.

Hardware
Building supplies

Hardware services
Construction activities

The Hardware & Building Materials Market in Nigeria is seeing slow growth due to several factors like the gradual adoption of digital tools, increasing awareness of health among consumers, and the convenience provided by online services.

Customer preferences: There is a growing trend towards eco-friendly and sustainable choices in the Hardware & Building Materials Market within the DIY & Hardware Store Market in Nigeria. This is driven by a rising awareness and interest in environmental issues among consumers. Additionally, the growing middle class in Nigeria is leading to an increase in DIY projects, creating a demand for quality and affordable building materials. This has also led to a rise in online shopping for these products, as consumers look for convenience and competitive pricing.

Trends in the market: In Nigeria, the Hardware & Building Materials market is experiencing a rise in e-commerce platforms, with more consumers using online marketplaces to purchase construction supplies. This trend is expected to continue as more Nigerians adopt digital technologies and seek convenient ways to make purchases. This shift towards online shopping has significant implications for industry stakeholders, as they must adapt their strategies to cater to the growing demand for online purchasing. Furthermore, the increased use of e-commerce platforms allows for better inventory management and cost savings, driving growth in the Hardware & Building Materials market within the DIY & Hardware Store Market.

Local special circumstances: In Nigeria, the Hardware & Building Materials Market within the DIY & Hardware Store Market is heavily influenced by the country's large population and growing urbanization rate. With many people moving to cities, there has been an increased demand for home renovation and DIY projects, driving the market's growth. Additionally, Nigeria has strict regulations on building materials to ensure safety and quality, which impacts the types of products available in the market. Moreover, cultural preferences for specific building materials also contribute to the unique dynamics of the market.

Underlying macroeconomic factors: The Hardware & Building Materials Market within the DIY & Hardware Store Market in Nigeria is affected by various macroeconomic factors. One of the key drivers is the country's economic health and stability. With Nigeria being the largest economy in Africa, it is also heavily dependent on global economic trends and fluctuations. Fiscal policies and government initiatives, such as infrastructure development, also play a significant role in driving market growth. Additionally, the country's growing population and rising urbanization rate create a high demand for hardware and building materials, further boosting market growth.

Data coverage:

Data encompasses B2C enterprises. Figures are segmented by product type and consist of the following: Paint, Wallpaper & Supplies, Tools & Machines, Hardware and Building Materials, Lawn & Garden, Heating & Cooling, Bathroom Hardware, and Floor Covering.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use national statistical offices, international institutions, in-house market research, and resources from the Statista platform. Next we use relevant key market indicators and data from country-specific associations such as product value, import value, and export value to determine domestic supply. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing. The main drivers are turnover indices, GDP per capita, and consumer spending per capita.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Consumer market, in a PDF format.

For those who want to start a do-it-yourself project to improve their home or give it a new style, the Home Depot might be considered a shopping paradise. Whether consumers prefer to buy in-store or online, the Home Depot offers a wide range of products such as appliances, building materials, hardware, indoor garden furniture, paint, kitchen, and bath decorating items, among other important products for home improvement projects. With stores across North America, the company is the leading DIY and home improvement chain in the United States and Canada. By the end of the fiscal year 2023, Home Depot had generated over 152 billion U.S. dollars in revenue, and its revenue in the previous year placed it as the home improvement leader worldwide.