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Over the upcoming years, the Nigerian construction equipment market is anticipated to expand.
The Nigerian construction equipment industry has expanded over the past few years, largely as a result of increased federal government spending on infrastructure projects, technological advancements, and better market circumstances in Nigeria following the recession.
The Nigeria Construction Equipment Market accounted for $XX Billion in 2021 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2022 to 2030.
As the COVID-19 effect spread throughout Nigeria, it had a negative influence on a number of industries and almost all construction activity.
It seems very certain that there will be supply chain disruptions, worker shortages owing to illness and preventative quarantines, and work stoppages due to measures implemented by governmental and non-governmental authorities in an effort to stem the spread of the virus.
The required movement restrictions, the reduction in the number of workers permitted on most construction sites in Nigeria to no more than one worker per site, and other factors are likely to slow down the progress of the project.
Although the CONVID-19 pandemic breakout was not anticipated by many in the construction industry, contractors might still be held legally liable for delays on ongoing projects if the necessary steps are not followed.
Numerous contractual clauses could be important to those discussions. the contractor’s timetables, delays, liquidated damages, considerable performance, and other contractual clauses, among others.
It is best to know exactly what is in each contract and take special note of any force majeure provisions that allow work to be suspended or terminated when certain circumstances of this nature arise. Although it can be a defensive measure to claim for an extension of time for such issues, it is best advised to know exactly what is in each contract.
