Nigeria’s Real Estate Sector Soars to ₦41.3 Trillion, Driving Economic Momentum

Nigeria’s real estate sector has experienced a dramatic valuation leap, surging to ₦41.3 trillion in 2024, thanks to the National Bureau of Statistics’ (NBS) recent GDP rebasing exercise . This upward revision positions real estate as third-largest sector by GDP, behind only trade and crop production .

Precision in GDP Rebasing

The rebasing incorporated newer base years and access to richer data. This improved methodology revealed that real estate’s output had been significantly undervalued prior to the revision . In 2023, the sector was initially pegged at ₦10.5 trillion—then adjusted to ₦30.7 trillion. In just one year, it rose even further to ₦41.3 trillion by 2024, highlighting both measurement improvements and actual expansion .

Sector Share & Growth Trajectory

  1. As of Q3 2024, real estate services posted a nominal growth rate of 46.52%—up sharply from the previous year’s quarter .
  2. On a quarter-on-quarter basis, the sector expanded by 16.15%, contributing around 5.43% of total real GDP, marginally lower than 5.58% in Q3 2023 .

What’s Behind the Surge?

1. Enhanced Asset Valuation & Formalisation

Better data collection, property registration, and formal processes in rental, brokerage, and land valuation brought more of the sector into official visibility and contributed significantly to its revised value .

2. Rapid Urbanisation & Structural Demand

With growing urban population pressures and cultural preference for homeownership, demand for housing remains strong. Experts suggest Nigeria needs 700,000 new homes annually to begin closing its estimated 28 million housing-unit deficit .

3. Employment & Value‑chain Reach

The sector encompasses a broad economic ecosystem—from land acquisition and design to construction, brokerage, facility management and repairs. This breadth creates employment and multiplier effects across numerous professions .

Experts React

Stakeholders have welcomed the recalibrated data.

  1. Toye Eniola (Executive Secretary, Association of Housing Corporations of Nigeria) described the figures as validation of the sector’s importance, urging increased government attention to housing and real estate policy .
  2. Jimi Peter, real estate consultant, highlighted how rebasing finally acknowledged the industry’s broad value chain and employment potential, emphasizing Nigeria’s cultural embrace of property ownership as a growth driver .

Future Implications & Opportunities

The rebasing isn’t merely a statistical adjustment—it recasts real estate as a cornerstone of Nigeria’s non-oil economy:

  1. Stakeholders urge policy action in areas like land administration reforms, housing finance mechanisms, and construction regulations to unlock further growth .
  2. With a projected global real estate market value of $2.61 trillion by 2025, growing at a 6.91% CAGR toward $3.41 trillion by 2029, Nigeria stands to benefit from participation in this global expansion—especially given urbanisation trends and formal-sector gains .

📌 Summary

MetricValue
Real estate sector value (2024)₦41.3 trillion
Rank among GDP sectors3rd
Key reasons for revisionImproved data capture, formalisation, valuation
Q3 2024 growth (nominal)46.52%
Real estate’s GDP share (Q3 2024)~5.43%

Nigeria’s real estate sector, once understated in official metrics, now emerges as a powerful engine of economic growth, jobs, and investment potential. With strategic reforms and solid public–private collaboration, it could significantly reshape the nation’s development trajectory.




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