REAL ESTATE AND CONSTRUCTION FIRMS SECURE N21.89TN IN LOANS IN FOUR YEARS
Real estate and construction firms in Nigeria have displayed remarkable financial prowess, as they successfully secured loans amounting to a staggering N21.89tn over the span of four years. This finding comes to light as part of an analysis conducted by The PUNCH, which sheds light on the robust growth of these sectors in the country.
During the same period, thereal estate
and construction industries
also played a pivotal role in bolstering Nigeria's Gross Domestic Product (GDP), contributing an impressive N93.14tn. This significant contribution underscores the vital role these sectors play in the nation's economic development.
A closer look at the credit allocation reveals that the real estate
sector secured loans amounting to N8.22tn. Not to be outdone, the construction industry showcased even more impressive figures, securing credit facilities worth a staggering N13.77tn. These numbers indicate the tremendous confidence and support from financial institutions towards these dynamic sectors.
It is noteworthy that amidst these impressive achievements, the Central Bank of Nigeria implemented a series of interest rate hikes in the past year. The benchmark interest rate was increased from 11.5 per cent earlier last year to 18.5 per cent in May this year. This move was part of a strategic approach by the apex bank to combat inflation and control the liquidity in circulation.
The real estate
and construction sectors have emerged as key players in Nigeria's economic landscape, driving growth, job creation, and overall prosperity. With substantial loans secured, these industries have demonstrated their potential for further expansion and development.
As the nation continues to navigate economic challenges and opportunities, the real estate
and construction sectors remain pillars of strength, contributing significantly to Nigeria's economic resilience and prosperity.