What to know about third largest sector in rebased GDP.
Nigeria’s real estate sector is gaining significant momentum as reflected in the rebased gross domestic product (GDP) where it emerged as the third largest sector in the Nigerian economy.
Valued at $2.14 trillion by the end of 2024, the sector has seen a 7.24 percent growth from the previous year and is projected to reach $2.61 trillion by 2025, with further growth to $3.41 trillion by 2029.
This growth trajectory partly explains the sector’s major shift from the first fifth to the third largest contributor to Nigeria’s economy, overtaking the once-dominant oil and gas sector.
From a sector that has, apparently, been struggling from the effect of an adverse macro-economy, especially soaring inflation that peaked at 34.80 percent in December 2024, this shift came as a surprise and an eye-opener.
Source: BUSINESSDAY
