Nigeria’s Real Estate sector has recorded a significant leap in its contribution to the national economy, now valued at ₦41.3 trillion in 2024, according to newly rebased Gross Domestic Product (GDP) figures released by the National Bureau of Statistics (NBS).
This updated valuation positions the sector as the third-largest contributor to Nigeria’s GDP, coming only behind Trade and Crop Production. The data marks a remarkable growth trajectory for the sector, which was previously estimated at ₦10.5 trillion in 2023 before rebasing.
Following the adoption of improved data gathering techniques and updated economic models, the NBS revised the sector’s 2023 output to ₦30.7 trillion—an increase of ₦20.2 trillion. The figure rose further to ₦41.3 trillion in 2024, reflecting the real estate industry’s growing impact on the non-oil economy.
The new GDP figures place Real Estate ahead of several major sectors, including Telecommunications (₦23 trillion), Construction (₦13.8 trillion), and Crude Petroleum & Natural Gas (₦13.1 trillion), as last reported in 2023.
The NBS attributed the increase to more comprehensive asset valuations, improved documentation of property-related services such as rentals, brokerage, and land valuation, and the influence of rapid urban development across Nigeria.
Sector analysts have hailed the development as a long-overdue recognition of Real Estate’s role in job creation, infrastructure expansion, and wealth generation. They are also urging the government to capitalise on the sector’s growth by introducing key reforms in land administration, construction regulation, and access to housing finance.
Experts believe that with continued policy support, the real estate sector can drive further diversification of Nigeria’s economy, create more sustainable employment opportunities, and stimulate inclusive growth in both urban and rural communities.
