The Real Estate sector has ascended to become Nigeria’s third-largest economic contributor following the latest GDP reassigning exercise by the National Bureau of Statistics (NBS). The updated figures reveal an impressive leap of over ₦25 trillion in the sector’s valuation between the previous and reassigned 2023 data.
According to the revised statistics, the real estate sector’s contribution to GDP rose sharply from ₦10.5 trillion (pre-rebasing) to ₦30.7 trillion post-rebasing in 2023. The momentum continued into 2024, with the sector’s value reaching ₦41.3 trillion, placing it just behind Trade and Crop Production.
Several factors contributed to this significant growth:
- A more accurate valuation of properties nationwide
- Increased formalization within the housing and real estate industry
- Enhanced data capturing of real estate activities including rentals, brokerage, and land services
- Continued urbanization and expansion of housing markets across major cities
This shift underscores the fact that real estate had long been undervalued in Nigeria’s economic calculations. The rebased figures now offer a clearer reflection of the sector’s true economic weight.
Notably, the updated 2023 figures place the real estate sector ahead of traditional economic pillars such as:
- Telecommunications – ₦23 trillion
- Construction – ₦13.8 trillion
- Crude Petroleum and Natural Gas – ₦13.1 trillion
This development marks a pivotal moment for the Nigerian real estate industry, reinforcing its critical role in national economic growth and development.
