The real estate sector has emerged as a major force in Nigeria’s economy, with its contribution to the Gross Domestic Product (GDP) climbing to ₦41.3 trillion in 2024, according to newly released figures from the National Bureau of Statistics (NBS).
This significant jump places real estate as the third-largest contributor to the country’s GDP, ranking behind only trade and crop production. It now surpasses key sectors such as telecommunications, construction, and crude petroleum and natural gas.
The latest valuation follows a comprehensive GDP rebasing exercise by the NBS, which incorporated improved methodologies and updated data collection techniques. As a result, the real estate sector’s 2023 value was revised upward from ₦10.5 trillion to ₦30.7 trillion a ₦20.2 trillion increase.
Driven by better asset valuation, increasing urbanisation, and a more formalised property market, the sector has continued to gain ground. By 2024, the figure rose further to ₦41.3 trillion, cementing real estate’s growing influence in Nigeria’s economic structure.
NBS attributed the surge in value to enhanced tracking of property-related services, including rentals, brokerage, and land valuation, as well as an uptick in infrastructure development linked to expanding urban centres across the country.
Experts say the new numbers highlight the long-underestimated role of the real estate sector in economic development, especially in job creation, housing provision, and wealth generation.
They are urging the government to seize the momentum by enacting reforms that improve access to housing finance, streamline land administration, and strengthen construction regulations.
With the real estate sector now outperforming industries traditionally seen as economic pillars, stakeholders say its sustained growth will be critical to Nigeria’s future development path.
