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

The country’s investment in power is also projected to rise by 187 per cent between 2024 and 2050, from $1.1 billion to $3.2 billion, supported by expanding access to electricity, decarbonisation goals and rising demand.

These are contained in PwC’s Global Infrastructure Outlook, released on Tuesday. The report said yearly global infrastructure spending is forecast to climb from $4.4 trillion in 2024 to $6.9 trillion in 2050, driving a cumulative investment of $151.1 trillion.

The report said Asia-Pacific would remain the engine of global infrastructure activity, accounting for more than half of total investment through 2050, propelled by urbanisation, industrial expansion and rapid build-out of power and digital networks.

Africa, according to the report, will see the world’s fastest-growing infrastructure investment rate, with annual spending to increase nearly 1.8 times by 2050, reflecting demographic change and significant infrastructure gaps.

It noted that Europe and North America are entering a period of renewal as ageing transport, energy and water systems require large-scale modernisation to remain resilient and competitive.

“Annual infrastructure spending is forecast to rise 1.6 times by 2050 across the Americas and 1.4 times in Europe. The regional contrasts will shape where capital flows and delivery capability become most critical”, it noted.

Speaking on Nigeria’s infrastructure outlook, Partner and Capital Projects and Infrastructure Leader, PwC Nigeria, Chioma Obaro, said: “Africa is expected to record the fastest infrastructure investment growth globally by 2050, driven by rapid population growth, urbanisation and the need to close long standing infrastructure gaps.

“Nigeria already leads the continent’s infrastructure market, with annual spending projected to rise by 77 per cent to $40 billion by 2050, maintaining its number one position in Africa and ranking 23rd globally.”

She said 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.

“To unlock this potential, stronger public private collaboration will be essential to deliver investment ready projects and build a more sustainable future for generations to come”, she stated.

The report said that across the period, cumulative global investment is forecast to reach $151.1 trillion, as countries modernise transport, power and industrial systems to meet the demands of AI, electrification and urbanisation.

“In real terms, the forecast suggests global infrastructure spending over the next 25 years will be double that of the past 20 years, before which comparable data is unavailable”, the report said.

PwC’s analysis is the first of its kind to offer long-term infrastructure spending forecasts to 2050 for nine sectors, 20 subsectors and 45 countries and territories, which represent 88 per cent of global economic output. It draws on the last 20 years of spending data and models future spending based on economic and policy factors.

The outlook highlights that investment in power, transport and digital infrastructure will converge to create more intelligent networks, where traditional assets operate as part of connected, digitally enabled and electrified systems.

Global Infrastructure Leader, PwC Australia, Clara Cutajar, said: “This is not a traditional construction cycle. This next generation of infrastructure will be intelligent, connected and adaptable, whether that’s roads built for autonomous vehicles and wireless charging or businesses running automated supply networks powered by clean energy and secure computers.”