Real Estate Overtakes Oil As Third-Largest Contributor To Nigeria’s GDP

According to Statistician General Semiu Adeniran, Nigeria’s rebased GDP reveals that real estate and construction now contribute 15.9% to the national output—an increase from 12.4%. This surge, equivalent to a ?14.6 trillion jump, places real estate ahead of oil and gas as the third-largest GDP contributor.

Speaking at the African International Housing Show (AIHS) in Abuja, Adeniran emphasized the transformative role housing plays in job creation, urbanization, and economic resilience. He pointed out that rising informal sector participation and the intensifying demand from Nigeria’s growing population are accelerating housing’s economic influence.

Real estate alone now contributes 10.7%, up from 6.2%, with construction accounting for 5.2%. With Nigeria poised to become the third most populous country by 2050 and over half its citizens expected to live in urban centers, housing demand is set to explode—particularly in the rental market, where 60% of urban dwellers do not own the properties they inhabit.

Adeniran urged better data collection and sector-specific analysis to harness the industry’s full potential, underscoring that reliable housing statistics are crucial for policy planning and investor confidence.