Africa has seen a drop in both the number and value of infrastructure building projects. According to the Deloitte 2016 African construction trends report, there was a dramatic fall in infrastructure project spending in 2016.
BusinessLive reports that in 2016, 286 projects worth $50m and more were being built in Africa, down from 301 in 2015. The total value dropped from $375bn in 2015 to $324bn in 2016. Projects included human settlements and associated water, sewerage, roads, electricity, schools and health infrastructure, as well as large construction works such as energy, dams, mines, ports and oil and gas facilities.
According to Jean-Pierre Labuschagne, Deloitte Africa infrastructure and capital projects leader, "global economic headwinds, low growth and lower commodity prices” have all contributed to the drop. According to Labuschagne, several large mining projects on the continent have been suspended, including three iron-ore projects worth a total of $30bn. The drop in oil prices has caused Nigeria and Angola, scrambling for foreign currency, to push back projects; Angola suspended the building of a large oil refinery.
Further reading on businesslive.co.za