Nigeria’s real estate sector has witnessed an unprecedented leap in economic valuation, surging to a massive ₦41.3 trillion in 2024, according to newly rebased GDP figures released by the National Bureau of Statistics (NBS). This marks a transformative shift in Nigeria’s economic structure, positioning real estate as the third-largest contributor to the national economy, behind only trade and crop production.
Previously estimated at ₦10.5tn in 2023, the sector’s revised figure was adjusted to ₦30.7tn under the updated GDP calculation methodology, reflecting improved data collection and valuation techniques. The updated 2024 figure represents a further jump of ₦10.6tn, underscoring the rising prominence of real estate in Nigeria’s evolving economic landscape.
The rebasing has repositioned real estate above long-standing powerhouses like telecommunications (₦23tn), construction (₦13.8tn), and crude petroleum & natural gas (₦13.1tn). Industry analysts point to the formalisation of property services, growing urban migration, and renewed investor confidence as key factors behind this growth.
According to the NBS, this upward revision was driven by a better assessment of property assets, expanded data on ancillary real estate services like rentals and brokering, and stronger recognition of informal real estate activities now captured in official data.
Toye Eniola, Executive Secretary of the Association of Housing Corporations of Nigeria (AHCN), hailed the development as a long-overdue validation of the housing sector’s economic strength.
“This is a cheering development that justifies our persistent calls for the government to prioritise real estate. With the right policy support on both demand and supply sides, housing can lead Nigeria out of economic stagnation,” Eniola said.
Real estate consultant Jimi Peter echoed similar sentiments, adding that the sector has long been undervalued due to fragmented data and informal practices.
“The rebased figures reflect reality more accurately. Every level of the housing value chain contributes—architects, engineers, artisans, brokers, facility managers. It’s a deeply integrated sector with powerful multiplier effects on jobs and income,” Peter explained.
He stressed that homeownership culture in Nigeria significantly boosts real estate activity. Unlike in developed economies, where renting is common even among the wealthy, property ownership in Nigeria remains a strong status symbol and economic aspiration.
Experts say the sector’s contribution goes beyond construction. The ripple effects are vast—from land sales and legal services to materials supply, logistics, and post-construction property management. According to estimates, real estate supports millions of jobs and directly influences dozens of allied industries.
The rise in real estate valuation also signals Nigeria’s shifting economic reliance—from fossil fuels toward non-oil, urban-centric growth drivers. With housing demand increasing due to population growth and urbanisation, the sector is likely to remain on an upward trajectory.
Despite the surge, analysts warn that without clear regulatory frameworks, affordable housing initiatives, and access to housing finance, the benefits of this boom may remain skewed toward high-income earners and investors. Stakeholders are now urging the government to unlock trapped land assets, reform titling systems, and support long-term mortgage financing to deepen access to housing for middle- and low-income Nigerians.