Real estate has overtaken oil and gas as Nigeria’s third-largest economic contributor, according to recent data from the country’s ongoing GDP and Consumer Price Index (CPI) rebasing.
Key Highlights:
Real Estate Growth: In Q3 2024, the real estate industry contributed 5.43% of real GDP, representing a nominal expansion of 46.52% over the same quarter in 2023.
Sector Rankings: Agriculture presently accounts for 28.65% of Nigeria’s GDP, followed by trade (14.78%) and real estate, with oil and gas coming in at number four.
Housing Demand: Nigeria needs about 700,000 new dwellings a year to address its estimated 28 million unit housing gap. By 2025, it is anticipated that the real estate industry will have grown to $2.61 trillion, with residential properties accounting for the largest share at $2.25 trillion.
Impact on Employment: The construction, design, and property management industries employ more than 15 million Nigerians and play a major role in job creation.
This shift reflects Nigeria’s efforts to diversify its economy, lowering its dependency on petrol and oil while emphasising the rising significance of real estate in its economy.
