Real Estate Boom: Nigeria’s Property Sector Skyrockets to ₦41.3tn, Surpasses Oil

The real estate sector in Nigeria has recorded an unprecedented surge, reaching a valuation of ₦41.3 trillion and solidifying its position as the third-largest contributor to the nation’s economy. According to iReporter Online, the figures were revealed through the latest rebased Gross Domestic Product data released by the National Bureau of Statistics.

This leap marks a significant recalibration of the sector’s value, which had previously been estimated at ₦10.5 trillion in 2023. However, following improved valuation techniques and broader data capture methods, the 2023 figure was revised to ₦30.7 trillion, with the sector’s value soaring further to ₦41.3 trillion in 2024.

The updated figures place real estate ahead of major sectors such as telecommunications (₦23 trillion), construction (₦13.8 trillion), and crude petroleum and natural gas (₦13.1 trillion), underlining its fast-growing role in Nigeria’s non-oil economic landscape.

According to iReporter Online, the revaluation reflects a broader recognition of the sector’s structural depth, including increased formalisation of services such as property rentals, land valuation, brokering, and rising urbanisation across major cities.

Reacting to the figures, the Executive Secretary of the Association of Housing Corporations of Nigeria, Toye Eniola, described the development as both timely and encouraging. He noted that the data validates long-standing calls for the government to prioritise housing as a key driver of economic recovery.

“This is a cheering development that authenticates and justifies our demand and calls for more attention to the sector by our government,” Eniola said. “The housing sector has the capacity to lift Nigeria’s economy from its downward trend if appropriate and adequate support is given.”

A real estate consultant, Jimi Peter, also weighed in, pointing out that the rebased GDP now more accurately reflects the sector’s true value. He explained that the real estate industry operates across multiple value chains—from land acquisition and architectural design to construction, brokerage, property management, and rentals—creating income streams and employment at virtually every level.

Peter highlighted Nigeria’s cultural emphasis on land and homeownership as another driver of sustained demand. “Unlike in some advanced countries where renting is common even among the wealthy, here in Nigeria, owning a home is considered a symbol of success,” he noted. “As long as people can afford it, they will pursue property ownership.”

He emphasized that the growing population, combined with the cultural value placed on homeownership, fuels the real estate ecosystem—stimulating employment and wealth creation across sectors. The new figures, he said, serve as a wake-up call to policymakers to support and regulate the sector more robustly.