Nigeria’s real estate sector has experienced tremendous growth, reaching a valuation of ₦41.3 trillion. This makes it the country’s third-largest contributor to GDP, following trade and crop production, according to revised figures from the National Bureau of Statistics (NBS). The substantial increase from ₦10.5 trillion in 2023 to ₦41.3 trillion in 2024 highlights the sector’s rapid expansion, resilience, and growing significance in the country’s development.
The growth in the real estate sector can be attributed to several factors, including improved valuation techniques, increased formalization of property services, and rising urbanization. Industry analysts also point to renewed private investment, government-supported housing programs, and better access to mortgage financing as key contributors to this momentum. With Nigeria’s growing population and a strong cultural emphasis on homeownership, the demand for housing continues to drive the entire real estate value chain, spanning land acquisition, construction, brokerage, rentals, and facility management.
Stakeholders, including Toye Eniola from the Association of Housing Corporations of Nigeria and consultant Jimi Peter, emphasize the sector’s ability to create jobs, promote wealth generation, and encourage economic diversification. With the ongoing regulatory reforms and development of infrastructure, reaching the ₦41.3 trillion milestone reflects a strong confidence in the sector’s long-term potential to support inclusive and sustained growth.
