Real Estate Surpasses Oil & Gas as Nigeria’s Third Largest Economic Sector
Nigeria’s ongoing GDP and CPI rebasing reveal real estate has overtaken oil and gas as the country’s third-largest sector, trailing crop production and trade. Agriculture, previously the top sector, has been restructured, with crop production emerging as a standalone sector contributing 28.65% to GDP in Q3 2024.
Telecommunications, now a separate sector from information and communication, ranks fourth, while trade contributed 14.78% to GDP in the same period.
Real estate grew 46.52% in nominal terms in Q3 2024 but contributed a slightly lower 5.43% to real GDP compared to 2023. Despite economic challenges, Nigeria’s real estate market is projected to hit $2.61 trillion by 2025, driven by demand for residential and luxury housing.
The National Bureau of Statistics (NBS) 's rebasing exercise, the first since 2014, aims to reflect new economic realities by incorporating emerging sectors like the digital economy and modular refineries. Analysts predict it will enhance planning, increase GDP size, and provide a clearer picture of Nigeria’s economic structure.
Sources: BusinessDay
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