Nigeria’s Real Estate industry has climbed to the third spot among the country’s largest economic sectors, following the latest GDP rebasing by the National Bureau of Statistics (NBS), which revealed a sharp increase in the sector’s valuation by over ₦25 trillion.
The revised figures show the Real Estate sector’s contribution to the GDP surged from ₦10.5 trillion in 2023 under the old methodology to ₦30.7 trillion post-rebasing, and further jumped to ₦41.3 trillion in 2024. This placed the sector just behind Trade and Crop Production, which now occupy the first and second spots, respectively.
According to the NBS data, Trade became Nigeria’s largest economic activity, contributing ₦68 trillion to GDP in 2024, up from ₦55.3 trillion in 2023. Crop Production, which had historically led, now ranks second with ₦61.9 trillion following the rebasing adjustments.
The rebasing exercise revised Nigeria’s total GDP for 2024 to ₦372.8 trillion, a significant increase from the previously reported ₦229.9 trillion. The review incorporates updated price structures, a realignment of sector classifications, and the inclusion of new and emerging industries that were previously underrepresented or excluded.
This development underscores the growing significance of the real estate sector in Nigeria’s economy and highlights broader structural shifts driven by urbanization, housing demand, and investment in property development. It also reflects efforts by statistical authorities to better capture the current economic landscape and growth dynamics.
