The National Bureau of Statistics (NBS) has listed the real estate sector as the third-largest sub-sector in Nigeria’s economy, up from 5th position, following the recent GDP rebasing exercise
According to data from the Nigerian Bureau of Statistics (NBS), the real estate sector contributed 5.20 per cent to the GDP in Q1 of 2024.
The rebasing exercise has rearranged the hierarchy of Nigeria’s leading industries. While grain crop production and Trade remain the top and second-largest industries, real estate has surpassed crude petroleum and Natural gas to claim third place.
Telecommunications remains in the fourth spot, followed by Crude Petroleum and Natural Gas, Construction, and Food, beverages, and tobacco in the fifth, sixth, and seventh positions, respectively.
Key Highlights from the Rebasing Exercise
Current and Rebasing Rankings:
The updated rankings from the GDP rebasing reveal a shift in the Nigerian economy’s structure, signalling a more diversified and dynamic economic landscape.
The GDP rebasing exercise incorporates data from new and previously underreported economic activities. Key areas now covered include:
The rise of real estate as the third-largest subsector demonstrates the growing importance of infrastructure, urbanization, and property development.
This shift also shows the economy’s reduced dependence on crude petroleum and natural gas, traditionally a dominant sector.
With crude oil now ranked fifth, the rebased GDP offers a clearer view of Nigeria’s structural changes and the increasing prominence of non-oil sectors.