The construction industry globally is often perceived to be the life wire of its respective economy as it cuts across all aspects of human activities and the Nigerian construction industry is not an exception to this. Its contribution ranges from enabling the procurement of goods and services to the provision of buildings and other infrastructure, thereby providing employment opportunities to its labour force while contributing immensely to the Gross Domestic Product (GDP). Population growth, coupled with urbanization, is continuously increasing the demand for quality and affordable housing, which will support the growth of the residential construction market over the forecast period. According to the United Nations Department of Economic and Social Affairs (UNDESA), the country’s total population increased by 11.8%, from 164.2 million in 2011 to 183.5 million in 2015, and is expected to reach 210.2 million by 2020. The country’s urban population increased by 20.4%, from 72.8 million in 2011 to 87.7 million in 2015, and is expected to reach 108.7 million by 2020.