Stakeholders have commended the recent GDP rebasing, noting that the real estate sector’s valuation has climbed to N41.3tn, highlighting its rising contribution to the nation’s economy.
The contribution of Nigeria’s real estate sector to the economy surged to N41.3tn in 2024, making it the country’s third-largest economic sector, behind only trade and crop production.
This is according to the latest rebased Gross Domestic Product figures released by the National Bureau of Statistics.
The latest figure from NBS shows a significant upward revision of the sector’s economic value. Before the rebasing, the sector was valued at N10.5tn in 2023; however, with improved methodologies and updated data capturing, the figure was revised to N30.7tn for the same year, representing a N20.2tn jump.
It further climbed to N41.3tn in 2024, underscoring the rapid expansion and growing influence of real estate in Nigeria’s economic structure.
The new data positions the real estate sector ahead of telecommunications (N23tn), construction (N13.8tn), and crude petroleum & natural gas (N13.1tn) as of 2023, highlighting its rising dominance in the non-oil economy.
