Real Estate Sector Valued at ₦41.3tn, Now Nigeria’s Third-Largest Economic Contributor
Real Estate Sector Valued at ₦41.3tn, Now Nigeria’s Third-Largest Economic Contributor
The latest GDP rebasing by the National Bureau of Statistics (NBS) has revealed a significant growth in Nigeria’s real estate sector, now valued at ₦41.3 trillion as of 2024. This places the sector as the country’s third-largest economic contributor, trailing only trade and crop production.
In 2023, the real estate sector was initially estimated at ₦10.5tn, but with improved data capturing and updated valuation models, the figure was revised to ₦30.7tn. The 2024 estimate further increased to ₦41.3tn, overtaking key industries like telecommunications, construction, and crude oil.
Eagles Sight News reports that the NBS attributes this surge to increased formalization of property services, better asset valuation, and rapid urban growth. The data underscores the importance of housing-related services—including rentals, land valuation, and brokering—to Nigeria’s non-oil economic landscape.
Reacting to the new figures, Toye Eniola, Executive Secretary of the Association of Housing Corporations of Nigeria, said:
This is a cheering development that authenticates and justifies our demand and calls for more attention to the sector by our government. The housing sector has the capacity to lift Nigeria’s economy from its downward trend if appropriate and adequate support is given to both the demand and supply sides of the market.”
Real estate consultant Jimi Peter echoed this sentiment, stating:
This rebasing should have been captured long before now. However, as is often the case with rebasing exercises, for the data to be accurate and reliable, it requires time and a thorough consideration of multiple factors. If you look at the real estate industry in Nigeria, it’s clear that the sector comprises numerous value chains…”
He further highlighted how cultural values, population growth, and the housing demand cycle significantly stimulate employment and economic activity at every level of the value chain—from land acquisition to construction, sales, and property management.
The sector’s expansion not only reflects its rising GDP impact but also its role in generating jobs and wealth across various professions, confirming its central position in Nigeria’s economic transformation.