Nigeria’s real estate sector has overtaken crude oil and natural gas to become the third-largest contributor to the nation’s Gross Domestic Product (GDP), according to the latest report from the National Bureau of Statistics (NBS).
The report reveals that the sector’s contribution to the economy surged from ₦22 trillion under previous estimates to ₦41.2 trillion in 2024, placing it behind only crop production and trade.
Reacting to the development, financial analyst Kenneth Okara described the shift as a significant turning point for Nigeria’s economy. He noted that real estate overtaking oil and gas signals a major transformation in the country’s economic structure.
In a conversation with our reporter, Favour Zimoni, Okara urged the government to prioritize policy support for innovation, industrialization, and technological advancement, warning that the oil and gas sector is gradually losing its dominance.
