Nigeria is one of the fastest-growing economies in Africa, the construction industry is one of those responsible for the high growth rate, especially in the West African nations. It boosts infrastructural development and is also a major source of sustainable employment opportunities.
The Nigerian construction industry has outgrown most other sectors of the local economy over the last few years. Experts have opined that the industry is expected to maintain a continuous growth from 2020-2030.
Although the industry has not been able to fully maximize its potentials because, its contribution to the Nigerian GDP and employment of labour is still low. This is expected to rise because of the recent focus of the Federal Government to investments on infrastructural developments.
With the right political and economic environment, this will attract foreign investors with the attendant benefit of increase in construction activities, says the award-winning Arch. Fakanlu Adonis Oluwabusuyi- The Managing Director and Chief Executive officer of Comfort Architectural Finishing Limited-CAF LTD.
Comfort Architectural Finishing Limited-CAF LTD. is an emerging Building and Civil Construction company specializing in Building and civil Construction, Real Estate Development and Project management. CAF Ltd offers integrated construction solutions and related services. It specializes in executing complex construction projects that require the highest levels of technical expertise and over the years excelled in the implementation of state-of-the-art construction methods and technologies.
Fakanlu, Spoke extensively on the economic impact of Nigeria’s construction industry veiled with untapped opportunities.
The well experienced Architectural Technologist, with extra ordinary and outstanding ability in the areas of building and civil construction, who has successfully executed over 200 building and road construction projects, further said, The ability of Nigeria’s construction industry to significantly contribute to economic growth and development is being constrained by the huge amount of untapped opportunities available in the sector.
This was disclosed during a media chat he had with some media experts in Lagos recently at the 26th CED Awards held at Sharaton Hotels Ikaje, Lagos.
GlobalData expects the construction industry in Nigeria to grow by 4% in real terms in 2022, downgraded from a previous projection of 5.7% growth this year. Against this backdrop, Arch. Fakanlu Adonis Oluwabusuyi said that the sector is also instrumental to economic growth as it creates employment opportunities, facilitates infrastructure development, and fosters industrialization, however the impact is marginal on economic growth due to the numerous untapped opportunities existent in the sector.
“There are a lot of opportunities for private sector stakeholders in the area of construction and rehabilitation of residential, commercial and Industrial structures. For instance, Nigeria has one of the largest housing deficits in the sub-Saharan African region estimated at around 20 million units and this presents massive opportunities for industry players.
The award-winning Architectural Technologist, Building and Civil contractor and Reals Estate developer, listed in CED magazine as a recipient of the highly respected CED FORUM AWARD OF EXCELLENCE (Outstanding Building Contractor and Real Estate Developer) at the 26th edition Ceremony, held on October 8 2022, Fakanlu, said, However, what is even more important is how industry players can strategically position themselves to take advantage of these opportunities,”
He mentioned that Nigeria’s construction industry requires a form of transformation in order for players to fully exploit the abundant opportunities in the sector.
“While most of other industries have undergone tremendous changes over the last few decades and have reaped the benefits of processes and product innovations, the engineering and construction sector has been hesitant about fully embracing the latest technological opportunities and its labour productivity has stagnated accordingly,” He said.
Highlighting factors that drive activities in the sector, he said that Nigeria’s teeming population pegged at over 200 million, the growing urbanization rate in the country, huge infrastructure deficit among other factors drives the sector’s activities.
Fakanlu said the industry requires a more efficient model that ensures Sustainability, less waste, greater cost certainty, increased capacity, advanced technological adoption, improved funding and enabling policies, adding that the industry is in dire need of investment and collaborations.
With several years of practice in Architectural Technology, Building and Civil Construction, Real Estate Development and Project Management, Arch. Fakanlu Adonis Oluwabusuyi has acquired a wide range of experience across various project types and has built an impressive network of Professionals, Skilled Craftsmen, Suppliers and Specialist Vendors across the country.
Over the years, he and his team have set a standard for CAF LTD which clients and several Professional colleagues have come to recognize instantly – high quality, Sustainable, energy efficient and timely delivered projects at the most competitive prices.
An Alumni of Lagos Business School where he studied Owner Manager Programme with a foundation degree in Architectural Technology from the Osun State College of Technology, Esa Oke, Project Management Training at the Albert and Benjamin Ross Project Management Institute Lagos. He is an Associate member of American Institute of Architects and an Affiliate of Chartered Institute of Architectural Technologist, Uk.
He previously worked as Project Coordinator and Projects Manager for Sageto Ltd overseeing Federal Government, State Government, Multinational Corporation and Individual’s high profile projects across the country before founding CAF LTD in 2009.
As the Chief executive officer of COMFORT ARCHITECTURAL FINISHING LTD- (CAF LTD), He’s successfully conceptualised and developed over 120 real estate housing units across the federation in different configurations.
Possessing a deep understanding of Architectural Technology and construction, The firm has gone from its small cubicle in central Lagos to having offices and is now recognized as an emerging Architectural Technologist, building & civil construction firm in Nigeria, Providing bespoke design and constructions solutions services to discerning clientele, He has overseen the construction of over 250 outstanding projects both for the public and private sectors in Nigeria, like the Nigerian federal and state governments, multinational corporate organizations and private individuals.
We can boldy say that the award is a honour well deserved given the evidences demonstrated in the design and construction of the iconic innovation center at lagos state university main campus Ojo, lagos, the design and construction of the 120 bed mother and child center at Alimosho General Hospital igando commissioned by the Lagos State Governnor, Mr Babajide Sanwolu for the Office of the Senior Special Adviser to the President of the federation in October 2019, The design and on-going construction of the 240 beds multipurpose Hospital facility at the Lagos State Teaching Hospital Complex, ikeja lagos and the Construction of the main entrance gate for the Lagos Anglican Diocese Centenary city eleko, ibeju lekki lagos designed by the renowned Arc Ayo Timothy Onajide of ATO Architects in 2020 to mention just a few as highlighted at the award ceremony.
Presently, Arch. Fakanlu Adonis Oluwabusuyi is leading Innovations, Investments, and company policies towards making CAF LTD a leading name in project delivery across the country and beyond. Core competencies cover all project phases, including planning, design, engineering, construction, maintenance, and operation, for building, infrastructure, and industrial projects.
