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.

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The billionaire businessman, whose Lagos-based refinery is the largest in Africa, criticized the region’s export-driven crude oil model, noting that African nations are essentially outsourcing their economic future to foreign refiners.

“Every year, we hand over $90 billion to economies better positioned to refine our resources,” Dangote said. “This approach is stalling our industrial growth and exporting jobs we desperately need.”

Despite Africa’s rich hydrocarbon reserves, the continent refines only about 31% of its fuel needs, while 69% is imported, according to data from the Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). Five leading West African economies—Nigeria, Ghana, Niger, Senegal, and Côte d’Ivoire—continue to import the bulk of their gasoline, despite having a combined refining capacity exceeding one million barrels per day.

Dangote highlighted the technical and regulatory challenges he faced in establishing the $19 billion refinery in Lagos, pointing out that procuring local crude remained a major hurdle. “Rather than selling directly to us, Nigerian producers preferred to deal with international traders, who in turn resold the crude to us at inflated prices,” he said. This situation, he added, forces the refinery to import crude from as far as the United States.

He also drew attention to logistical inefficiencies across Africa, revealing that transporting crude from one African country to another is more expensive than importing it from Asia. Compounding the problem, he said, are inconsistent fuel specifications across African nations, which complicate regional trade.

“The diesel refined for Nigeria cannot be sold in neighbouring countries like Ghana or Cameroon due to different quality standards. This lack of harmonisation only strengthens the grip of foreign fuel traders,” he noted.

In addition to the economic concerns, Dangote warned that Africa’s refining ambitions are under threat from the influx of low-cost, substandard fuel products, especially from Russia. “We must guard against the same fate that befell our textile industry—where dumping killed domestic production,” he said.

Despite the headwinds, Dangote said the Lagos refinery has already exported over one million tonnes of petrol since June and is preparing for a public listing. He called for unified political action across the continent to harmonise fuel standards, support local refining, and curb the influence of rent-seeking middlemen.

Also speaking at the conference, Farouk Ahmed, Chief Executive of NMDPRA, acknowledged the urgent need for reform, noting that the continent trades about 2.14 million metric tonnes of gasoline monthly, but produces only 610,000 metric tonnes locally.

Ahmed expressed optimism that upcoming refining projects—particularly in Nigeria—will shift the tide. The 2025 OPEC World Oil Outlook projects that Africa will add 1.2 million barrels per day in refining capacity by 2030, much of it from West Africa.

To boost market efficiency, Ahmed disclosed that the agency is working with S&P Global Commodity Insights to launch regional pricing indices tailored to West Africa, aiming to enhance pricing transparency and foster regional trade.

NNPCL’s Group Chief Executive Officer, Bayo Ojulari, echoed the concerns, describing the region’s dependence on fuel imports as “an existential threat” to both energy security and economic progress. He said Nigeria, with its strategic ports and growing regulatory capacity, is well positioned to emerge as a regional refining hub.

Meanwhile, the African Refiners and Distributors Association (ARDA) warned that more than 80% of refined fuels consumed in West Africa are still imported. ARDA’s Executive Secretary, Anibor Kragha, said the situation poses a threat to sovereignty and called for over $15 billion in downstream investments across the continent over the next decade.

“Let us not wait for outsiders to define Africa’s energy destiny,” Kragha said. “We must shape it ourselves—by Africans, for Africans.”

The conference closed with calls for accelerated reform, regional collaboration, and greater political will to secure Africa’s energy independence and reduce its reliance on imported petroleum products.

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Following deliberations on the report of the House Committee on Public Accounts during Tuesday’s plenary, lawmakers adopted a motion urging the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to recover the funds and ensure their remittance into the Federation Account.

The motion, spearheaded by Rep. Bamidele Salam, pointed to “grave internal control failures, unauthorised expenditures, and persistent violations of procurement regulations” across the indicted agencies.

Among the major infractions, the Ministry of Foreign Affairs was flagged for making payments without legislative approval on a presidential lodge project in the Nigerian Embassy in Ethiopia. The ministry was ordered to refund ₦124 million and $795,000, as well as explain the disbursement of ₦49.4 million for unapproved renovations and another ₦9.2 million lacking supporting documentation.

The Bank of Agriculture also came under scrutiny for failing to recover debts totalling ₦75.6 billion. In response, the House directed the immediate publication of the names of debtors in three national newspapers, tasking both anti-graft agencies with recovering the funds. An additional ₦350 million in overdue accounts is to be tracked and accounted for within 90 days.

Other agencies implicated include:

• Nigerian Correctional Service – Mandated to recover ₦7.47 million in unremitted withholding taxes.
• Nigeria Export Processing Zones Authority (NEPZA) – Directed to retrieve 12 official vehicles, including eight diverted to the Ministry of Industry, Trade, and Investment, and to refund ₦12 million spent in breach of procurement rules.
• Kwali Area Council (FCT) – Ordered to account for ₦82 million disbursed to 105 unidentified individuals. The former council chairman was tasked with recovering the funds and presenting evidence to the committee.
• Rural Electrification Agency (REA) – Indicted over ₦1.3 billion in irregular transactions, including ₦394 million used for unauthorised projects and ₦969 million improperly transferred to a Eurobond ledger.
• Veterinary Council of Nigeria – Must remit over ₦19 million in excess payments and unremitted internally generated revenue (IGR), in addition to ₦1.1 million in uncollected stamp duties.
• Nigerian Communications Satellite Limited (NCSL) – Instructed to refund ₦1 billion, comprising ₦250 million misappropriated by staff and contractors and ₦700 million in unresolved debts.

Lawmakers emphasized that the recurrent disregard for financial regulations and oversight mechanisms poses a significant threat to fiscal accountability and national development.

“The volume of infractions uncovered is alarming and demands immediate enforcement action,” Rep. Salam said. “This House has taken a clear stand in holding public institutions accountable and ensuring that public resources are safeguarded.”

The House concluded by mandating the relevant oversight committees to follow up on the implementation of the directives and to submit progress reports within a defined timeframe.

The post House of Reps Uncovers Over ₦103bn, $950,000 Financial Infractions in 31 Federal MDAs, Orders EFCC, ICPC Action appeared first on Housing TV Africa.

The meeting will begin at 10:00 a.m. on the first day, with deliberations continuing through July 22. Governor Olayemi Cardoso is expected to announce the committee’s decisions at the close of the session.

The two-day meeting comes at a critical time, as policymakers weigh Nigeria’s inflation trends, exchange rate stability, and global economic pressures. The financial market will be watching closely for any adjustments to the Monetary Policy Rate (MPR), which currently stands at 27.5%.

At the last MPC session in May, the committee opted to retain key policy rates, including the MPR, Cash Reserve Ratio, and Liquidity Ratio. All 12 members had voted unanimously to maintain the existing rates, citing the need to observe the impact of earlier policy moves before considering new adjustments.

The upcoming meeting is expected to provide clarity on the central bank’s direction in managing inflation and supporting economic growth.

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Dr. Ifeanyi Okeke, the Director General, said this growing trend is harming both consumers and honest producers. He spoke through Mrs. Talutu Athan at a workshop held in Abakaliki, Ebonyi State.

He explained that poor-quality products damage the country’s economy and put lives at risk. He urged both importers and local manufacturers to stop selling inferior goods. Dr. Okeke also stressed that following proper standards is the only way to build strong businesses that last.

He told the audience that standards are not made to make life hard for producers. Instead, they help products compete better, both locally and internationally. He said the goal of the workshop was to teach business owners how standardisation can help them grow.

He warned that one person selling fake goods hurts everyone in the market, including those doing honest work. He asked for support from the public and business owners, saying SON cannot tackle the problem alone. He reminded the audience that SON has toll-free lines where people can report substandard products.

Mr. Emeka Orajaka from NAFDAC also attended. He said his agency is fully committed to helping SON clear out fake goods from markets across Nigeria. He urged producers to certify their products before putting them on the shelves.

A guest speaker, Mr. Lawal Ayanda, highlighted the importance of using Nigerian-made goods. He said locally made electrical cables are some of the best, noting their fire-resistant quality and clear SON labels.

Mrs. Maryrose Ugwueche, who leads SON in Ebonyi, thanked all stakeholders for their support. Officers from the police, immigration service, and road safety corps also joined the event.

The post SON Fights Back as Fake Goods Flood Nigerian Markets appeared first on Housing TV Africa.

Godwin Alenkhe, the national president of ERCAAN, believes Nigeria is ready for a property boom. He said there’s plenty of land, a large young population, and cities growing fast. But instead of building on these strengths, the country keeps running into the same old problems—slow land processing, poor policy direction, and confusing rules. These issues have made it harder for people to own homes and left millions without proper shelter.

Sabastine Onyewe, CEO of PropertyPlus, praised the government’s plan to build homes across all local government areas. But he said the private sector can’t afford to stay quiet. Developers, investors, and professionals must step up if the housing gap is going to shrink.

A government official at the event stressed the need for proper registration. She said all real estate agents and developers must register with the Lagos State Real Estate Regulatory Authority. Doing so builds trust and keeps the system clean.

Surveyor Ewenla Mustapha gave some big-picture insights. He said real estate added more to Nigeria’s economy this year than last up to 5.6% of the national GDP. He sees big demand for homes and commercial buildings, which means there’s room to grow. But the road is full of potholes. High costs, legal delays, bad roads, and outdated laws hold everything back.

Mustapha urged both government and private players to come together. If they fix the system and remove the roadblocks, real estate could become one of the biggest drivers of growth in the country.

The post Real Estate Could Rescue Nigeria’s Economy If Leaders Stop Holding It Back appeared first on Housing TV Africa.

These projections, outlined in the World Bank’s Global Economic Prospects report, paint a picture of cautious optimism for Africa’s largest economy as it navigates lingering domestic and global challenges.

The services sector, a consistent driver of Nigeria’s economic expansion, remains central to this growth trajectory. In 2024, the economy grew by an estimated 3.3%, fueled largely by financial and telecommunication services, which have been instrumental in offsetting weaker performances in other sectors. The World Bank attributed this uptick to key macroeconomic and fiscal reforms implemented in 2024. These reforms not only bolstered business confidence but also paved the way for revenue growth by eliminating the implicit foreign exchange subsidy through the unification of the naira’s exchange rate.

Tightened monetary policy by the Central Bank of Nigeria was another decisive factor, aimed at tackling the persistent inflation that has plagued the economy. Inflation, which had eroded purchasing power for years, is projected to decline gradually, providing a much-needed boost to consumption and economic stability. However, while monetary tightening has brought some relief, it also underscores the fragility of Nigeria’s economic framework, where structural issues continue to impede sustained recovery.

The oil sector, historically a cornerstone of Nigeria’s economy, is expected to see only modest gains in production over the forecast period. Despite this slight improvement, output will likely remain below the country’s OPEC quota. This underperformance in oil production, combined with vulnerabilities in the exchange rate and rising debt-servicing obligations, remains a key concern for policymakers and stakeholders.

The World Bank cautioned that while the projected growth figures are encouraging, per capita income growth will remain weak. This signals that the benefits of economic expansion may not be felt evenly across the population, particularly as structural challenges such as inflationary pressures and inadequate fiscal buffers persist. Rising debt costs further complicate the outlook, limiting the government’s ability to implement transformative policies or invest in critical infrastructure.

READ MORE: Experts Predict Nigeria’s Economy Will Soar by 3.5% in 2025

On a regional level, Nigeria’s economic performance continues to be pivotal for Sub-Saharan Africa. The region as a whole is forecasted to see growth accelerate from 3.2% in 2024 to 4.1% in 2025 and 4.3% in 2026. Nigeria, alongside South Africa, remains a major contributor to this trajectory. In 2024, the two largest economies in the region averaged 2.2% growth, buoyed by improved electricity supply in South Africa and higher oil production in Nigeria.

The World Bank’s projections reinforce the significance of Nigeria’s services sector, which not only accounted for 53.58% of the country’s GDP in the third quarter of 2024 but also grew by an impressive 5.19%. This underscores the sector’s rising influence in shaping the economic landscape, as services-led growth continues to outpace contributions from agriculture and industry.

Looking ahead, Nigeria’s economic prospects remain intertwined with its ability to address structural vulnerabilities, improve fiscal management, and sustain investor confidence. While the projected growth rates of 3.5% in 2025 and 3.7% in 2026 signal progress, they also highlight the pressing need for comprehensive reforms to ensure that growth translates into tangible benefits for the broader population.

The post Nigeria’s Economy Set for Gradual Growth World Bank Projects 3.5% Growth in 2025 appeared first on Housing TV Africa.

This optimistic forecast comes from the latest NESG-Stanbic IBTC Business Confidence Monitor report authored by Dr. Olusegun Omisakin, Muyiwa Oni, and Dr. Shakirudeen Taiwo. The authors attribute this anticipated growth to easing inflationary pressures and the waning impact of the government’s flagship policies on foreign exchange liberalization and the removal of fuel subsidies.

The report outlines that the second half of 2024 will witness relatively lower inflation, a factor expected to support consumer spending and stimulate business activity. According to the authors, the improved macroeconomic environment will help propel Nigeria’s economic growth to 3.5% in 2025. They noted that the gradual adjustment to policy reforms like the fuel subsidy removal and FX liberalization is creating a more stable economic foundation.

Headline inflation, while predicted to remain sticky through the first nine months of 2025, is expected to drop below 30% by September. By December 2025, inflation is forecasted to settle at 27.1%, with an annual average of 30.5%. This projection assumes no major shocks to petrol prices and anticipates smoother global and local market conditions. Declines in inflation are also expected to coincide with improved foreign exchange stability, a reduction in fiscal deficits, and better food supply chains.

The report highlighted that the high exchange rate of the naira against major global currencies had inflated import costs in recent years, adversely affecting pricing strategies and reducing profitability for many businesses. Limited access to financing remained a structural issue throughout 2024, hindering business growth, but 2025 is expected to bring some relief in this area. The Central Bank of Nigeria’s Monetary Policy Committee (MPC) may shift to a more accommodative stance by late 2025, easing borrowing costs and improving credit access for businesses.

While the government’s FX liberalization and subsidy reforms initially caused disruptions, these measures are now setting the stage for long-term economic sustainability. By addressing systemic inefficiencies and fostering greater investor confidence, these reforms aim to strengthen Nigeria’s economic fundamentals.

Experts believe that the easing of inflation, coupled with policy adjustments, will create an environment conducive to growth. Businesses are expected to recover from the challenges faced in 2024, supported by improved fiscal and monetary conditions. As the Nigerian economy finds its footing, 2025 could mark the beginning of a more stable and prosperous era for the nation’s financial landscape.

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The Nigerian naira has broken new ground by trading below N2,000 to the British pound for the first time in five months, marking a significant shift in the country’s foreign exchange market.

The currency began the week at N2,225 to the pound but concluded at N1,980, showing a remarkable gain of N245 over the course of the week.

This impressive performance in the parallel market, where the pound stood at N1,980 on Saturday morning, has been attributed to ongoing reforms in the Nigerian currency market. These reforms have helped improve market conditions, which have been struggling due to challenges such as weak oil production, fiscal issues, low export capacity, and speculative practices.

The recent recovery in the naira’s value is largely due to a combination of factors, including the Central Bank of Nigeria’s (CBN) proactive measures. These included the issuance of a successful Eurobond and the implementation of a new trading platform, Bloomberg BMatch, aimed at improving the effectiveness and transparency of the foreign exchange market.

The platform, which was launched on November 26, 2024, provides an automated trade-matching system designed to ensure market integrity and foster better price discovery.

The effects of the Bloomberg BMatch system have already been noticeable, with a reduction in speculative activities and a noticeable improvement in the naira’s performance in the black market. As a result, speculators are finding it increasingly difficult to adjust to the new system, which has led to a greater willingness to sell dollars and reduced hoarding.

Additionally, the CBN’s introduction of a centralized pricing mechanism and a set of new rules for the Electronic Foreign Exchange Matching System (EFEMS) has further streamlined operations and enhanced confidence in the naira. The new system mandates that all foreign exchange transactions be processed through a central platform to ensure transparency and provide public access to daily exchange rates.

This improvement in the value of the naira also highlights the continued strong financial relationship between Nigeria and the United Kingdom. The UK was responsible for nearly 50% of Nigeria’s capital investments in the first half of 2024, reinforcing the economic ties between the two nations. The UK’s significant investments over the past decade continue to make it Nigeria’s primary source of capital imports, with $2.93 billion invested in the first half of 2024 alone.

While the British pound has enjoyed a period of relative stability, gaining against both the euro and the U.S. dollar, the strength of the pound and the resilience of Nigeria’s economy suggest the possibility of more favorable exchange rates in the near future. As Nigeria’s foreign exchange market continues to evolve, the naira’s strengthened position may signal a promising direction for the nation’s economic recovery and growth.

 

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