Nigeria’s real estate sector has seen a significant boost in value, surging to an estimated ₦41.3 trillion as of 2024, making it the third-largest contributor to the country’s economy, behind only trade and crop production.
According to the newly rebased Gross Domestic Product (GDP) figures released by the National Bureau of Statistics (NBS), the sector’s value saw a major leap from ₦10.5tn in 2023 to ₦30.7tn due to updated valuation methods. It further climbed to ₦41.3tn in 2024, reflecting rapid urbanisation, increasing formalisation of property transactions, and better asset tracking.
The updated data now places real estate ahead of key sectors such as telecommunications (₦23tn), construction (₦13.8tn), and crude petroleum & natural gas (₦13.1tn), showcasing the industry's growing dominance in Nigeria’s non-oil economy.
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Speaking with The PUNCH, Toye Eniola, Executive Secretary of the Association of Housing Corporations of Nigeria, praised the development. “This justifies our calls for more government focus on housing. The sector can lift Nigeria’s economy with proper support,” he said.
Also reacting, real estate consultant Jimi Peter emphasized the industry's massive value chain. “From land acquisition to construction and sales, real estate employs thousands at every level. It's a strong economic engine, driven by our cultural preference for homeownership,” he said.
Peter added that rebasing exercises like this reveal the true extent of real estate’s GDP impact and its multiplying effect on job creation and national wealth. “Homeownership in Nigeria is a symbol of success. The sector will keep growing with rising demand for housing and infrastructure,” he concluded.
With its strategic role in employment, urban development, and wealth creation, stakeholders are now calling for broader investment, regulatory support, and infrastructure planning to sustain the momentum in this vital economic sector.
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