Nigeria’s real estate sector overtakes oil, gas in GDP contribution-Official

Mr Ajayi Franklin, Convener of the International Real Estate Conference and Exhibition (IRECE), said Nigeria’s real estate sector has overtaken oil and gas in its contribution to the nation’s Gross Domestic Product (GDP).

Franklin stated this at the sidelines of a 3-day International Real Estate Conference and Exhibition in Abuja on Thursday.

He said the sector now contributes about 40 per cent to Nigeria’s GDP, while oil and gas account for around four per cent.

According to him, this signals a major shift in the country’s economic structure.

“We basically have something that is less than four per cent for oil and gas or about four per cent. Real estate has by far surpassed that margin,” he said.

He described the real estate market in Nigeria and across Africa as one of the fastest-growing sectors, expanding rapidly and creating new opportunities for investors, developers, and the general public.

“It’s time to begin to have that discourse because the African market is opening up and a lot of things are happening. Developers should take advantage of it and do things differently,” Ajayi said.

The convener explained that discussions were ongoing with government stakeholders to promote affordable housing initiatives for Nigerians.

He said that the lack of access to finance, low average incomes, and high construction costs had made homeownership difficult for many citizens.

“Common Nigerians cannot afford comfortable buildings due to low incomes, high cost of construction, and a severe housing deficit.

“We’re working on something with the government that could make affordable housing a reality,” he said.

Ajayi emphasised on the importance of real estate as a basic necessity, stressing that every Nigerian, regardless of status or income, deserves decent shelter.

He urged citizens to consider property investment as a long-term opportunity, adding that demand would continue to rise due to population growth and limited land availability.

“Our land is limited; it’s not going to expand in five years. With an increasing population, there will be more demand for property and space, which will naturally make real estate more profitable,” he said.

Also speaking, Hajia Binta Ibrahim, Chairperson of the Rader National Women Developers Committee, urged developers to prioritise affordability and transparency in land acquisition.

“Developers should interact with landowners to ensure they are getting good, unencumbered lands. At the end of the day, it is the buyers who bear all the costs,” she said.

In her remarks, Ene Simon Agbo, Monarch Home and Properties, advised buyers to engage trusted real estate professionals to avoid falling victim to fraudsters.

“People should not think of bushes when buying land or property. The bush today is the city tomorrow,” Agbo said.

Similarly, Chetdan Amos of MS Properties and Project Limited, encouraged Nigerians to invest in estate housing for safety and comfort, urging them to purchase properties that suit their financial capacity.

“There are categories of buildings in every estate. You can buy studio apartments, duplexes, or high-rises, depending on your means,” he said.

IRECE brought together industry stakeholders, developers, policymakers, and investors to discuss opportunities and challenges within Nigeria’s expanding real estate market.