Business
Real Estate GDP Contribution Surges To N41.3tn
The real estate sector’s valuation and contribution to Gross Domestic Product (GDP) has climbed to N41.3tn, highlighting its rising contribution to the nation’s economy, according to data from the National Bureau of Statistics (NBS).
This contribution of Nigeria’s real estate sector to the economy surged to N41.3tn in 2024, making it the country’s third-largest economic sector, behind only trade and crop production.
Latest rebased Gross Domestic Product figures released by the NBS shows a significant upward revision of the sector’s economic value.
According to the data, before the rebasing, the sector was valued at N10.5tn in 2023. With improved methodologies and updated data capturing, the figure was revised to N30.7tn for the same year, representing a N20.2tn jump.
It further climbed to N41.3tn in 2024, underscoring the rapid expansion and growing influence of real estate in Nigeria’s economic structure.
The new data positions the real estate sector ahead of telecommunications (N23tn), construction (N13.8tn), and crude petroleum & natural gas (N13.1tn) as of 2023, highlighting its rising dominance in the non-oil economy.
According to NBS, the surge in value is driven by better valuation of assets and increased formalisation of property-related services such as rentals, broking, and land valuation, as well as the effects of rapid urbanisation across the country.
This development has received commendation from stakeholders of the real estate environment.
A real estate consultant, Jimi Peter, in reacting to this devepment, noted that the recent rebasing, which pushed Nigeria’s real estate sector GDP contribution to N41.3 trn should have been captured before now.
“This rebasing should have been captured long before now. However, as is often the case with rebasing exercises, for the data to be accurate and reliable, it requires time and a thorough consideration of multiple factors.
“If you look at the real estate industry in Nigeria, it’s clear that the sector comprises numerous value chains. It generates employment at virtually every level. Before a house can even be built, land must be acquired, usually from an individual or family.
“Then, professionals such as architects are engaged to produce designs, followed by structural engineers who supervise the integrity of the building process. These engineers in turn employ builders, plumbers, electricians, and various artisans, all of whom play integral roles.
“After construction, if you are a developer intending to sell, brokers and real estate agents, also known as realtors, become involved in marketing and selling the property.
“Once the sale is made, the new owner may choose to hold the property, resell it, or rent it out, again generating income for letting agents or facility managers.
“At every stage, someone is earning. In Nigeria, there’s a strong cultural value attached to land and homeownership. Owning property is widely seen as a benchmark of financial stability and success.
“Unlike in some advanced countries, where even wealthy individuals might choose to live in rented apartments, here in Nigeria, owning a home is almost a necessity. It’s a social marker. So, as long as people can afford to build or buy, they will pursue it”, he said.
By: Corlins Walter
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UAC of Nigeria PLC (UAC) has announced the completion of it’s in a press release on October 3, 2025, that it has completed the acquisition of Chivita|Hollandia (CHI Limited), following approval from the Federal Competition and Consumer Protection Commission (FCCPC).
Revealing this in a Press Release, at the Weekend, UAC said the transaction, first disclosed on July 30, 2025, involved the transfer of ownership of CHI Limited, a leading Nigerian food and beverage company best known for its market-dominant Chivita juice and Hollandia dairy brands, to UAC.
Commenting on the development, the Managing Director, CHI Limited, Eelco Weber, expressed optimism in the company’s future under UAC’s ownership.
“We are pleased to have received regulatory approval for this transaction. We look forward to a smooth transition and to seeing Chivita|Hollandia thrive under UAC’s ownership,” he said.
Group Managing Director of UAC, Fola Aiyesimoju, highlighted the strategic importance of the acquisition saying “We are excited to officially welcome the Chivita|Hollandia team and brands into the UAC family, and we are eager to work together to build on their strong legacy and market leadership”.
The acquisition is expected to strengthen UAC’s position in Nigeria’s fast-moving consumer goods (FMCG) sector, expanding its footprint into the growing juice and dairy markets.
UAC further said that the acquisition aligned with its growth agenda by adding two market-leading brands and a well-established distribution network to its por.
The National Pension Commission has said it has deployed a framework to restore gratuity for Federal Civil Service under the Contributory Pension Scheme.
Director-General of PenCom, Omolola Oloworaran, disclosed this at a Stakeholders’ Conference on the Workings of the Contributory Pension Scheme (CPS) for Employees and Pensioners of Federal Government Treasury-Funded Ministries, Departments and Agencies, in Abuja, last Thursday.
Represented by the Acting Commissioner, Technical, PenCom, Hon. Hafiz Kawu Ibrahim, Oloworaran said, “Working with the office of the Head of the Civil Service, a framework has been developed to restore gratuity benefits for federal workers under CPS, in line with Section 4(4) of the PRA 2014.”
The PenCom DG added that “PenCom has enhanced pensions for over 241,000 retirees, representing 80% of those under Programmed Withdrawal. Monthly pensions rose from N12.157 billion to N14.837 billion, effective June 2025.
“Also, since July 2025, no retiree waits to access their pensions. Payments are now immediate, aligned with monthly salary releases from the Federal Ministry of Finance”.
Also speaking, the Chairman of the National Salaries, Income and Wages Commission, Ekpo Nta, stated that the Commission would partner PenCom to examine the current rate of retirement benefits and recommend appropriate mechanisms for periodic reviews of retirement benefits.
The Corporate Affairs Commission (CAC) and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) have announced a joint initiative to register 250,000 Micro, Small, and Medium Enterprises (MSMEs) free of charge across the country, with CAC foregoing about ?3 billion in registration fees
The initiative, announced during the signing of a Memorandum of Understanding (MoU) in Abuja, at the Weekend, seeks to remove barriers such as high costs and bureaucratic challenges that have long kept many small businesses in the informal sector.
The Registrar-General, CAC, Hussaini Ishaq Magaji, SAN, explained that the scheme would eliminate the registration fee, helping entrepreneurs access official recognition and grow their businesses.
SMEDAN Director-General, Dr. Charles Odii, added that registration is just the first step, noting that registered businesses will benefit from continuous aftercare such as grants, training, and market access.
Together, the two agencies noted that CAC will forgo approximately ?3 billion in registration fees, while SMEDAN will provide continuous support to help these businesses thrive.
They added that this partnership supports the Federal Government’s Renewed Hope vision to boost Nigeria’s economy by empowering entrepreneurs.
CAC further disclosed measures to ease company registration with the steps as follows: 1. Visit the SMEDAN portal: http://portal.smedan.gov.ng., 2 Sign up and complete your registration on the portal., 3. When asked if you have a CAC number, select “No”., 4. Submit your details to complete the process., 5. Once registration is completed, you will be contacted with the next steps to finalise your free CAC registration.
It further clarified that MSMEs already on SMEDAN’s database without CAC registration automatically qualify for this free registration drive.