Do you know that the real estate sector has overtaken oil and gas to become the third-largest contributor to the nation’s Gross Domestic Product(GDP)?
Here’s the gist…
The National Bureau of Statistics(NBS) recently conducted a rebasing of Nigeria’s GDP.
Updating the base year to reflect the current economic realities.
The result?
The exercise led to a reclassification of various sectors.
This reveals that real estate now ranks third in terms of GDP contribution.
After the likes of crop production and trade, which hold the first and second positions, respectively.
Furthermore, according to NBS, the real estate sector contributed 5.20% to Nigeria’s GDP in the first quarter of 2024.
Which surpasses the crude petroleum and natural gas sector, which has now fallen to the fifth position.
These projections highlight a significant transformation in Nigeria’s economic priorities.
It underscores the importance of continued investment and policy support to sustain and enhance this growth trajectory.
So, what does this mean to you?
It shows the future of real estate in Nigeria is bright, with significant growth anticipated over the next decade.
As you know, the real estate market is projected to reach 2.61 trillion dollars by 2025.
The majority is led by residential properties, which will account for approximately 2.25 trillion dollars of the market volume.
No doubt that the real estate sector is expected to grow at a compound annual growth rate of 6.91% from 2025 – 2029.
Approximately, reaching 3.41 trillion dollars by 2029.