Nigeria’s real estate sector has emerged as the third-largest contributor to the nation’s economy, following the latest Gross Domestic Product (GDP) rebasing by the National Bureau of Statistics (NBS).
According to newly released data, the real estate industry’s value soared to N41.3 trillion in 2024, trailing only trade and crop production in terms of economic size. This marks a monumental leap from the N10.5 trillion recorded in 2023 prior to the rebasing.
The significant increase stems from updated data collection methods and refined valuation techniques, which revised the 2023 figure to N30.7 trillion—a remarkable N20.2 trillion jump in sector valuation. The continued expansion brought the 2024 estimate to N41.3 trillion, highlighting the rapid growth and rising dominance of the sector in Nigeria’s economic framework.
Stakeholders have welcomed the development, citing it as a reflection of the growing sophistication, investment influx, and demand in the housing and commercial property market.
The new data places real estate ahead of telecommunications (N23tn), construction (N13.8tn), and crude petroleum & natural gas (N13.1tn) in 2023, solidifying its influence within the non-oil economy and reinforcing its role in job creation, infrastructure, and national development.
Analysts say the sector’s rebased value signals the need for strategic policy focus, increased private sector participation, and stronger institutional frameworks to unlock its full potential in driving inclusive and sustainable economic growth.
