The New Economic Powerhouse: Bricks Over Barrels
Nigeria’s real estate sector has officially displaced crude oil as the country’s third-largest GDP contributor, according to newly rebased 2024 data from the Nigerian Bureau of Statistics (NBS).
Sector Rankings (2024 Rebased GDP):
1️⃣ Crop Production – ₦61.9T (17.58%)
2️⃣ Trade – ₦67.9T (17.42%)
3️⃣ Real Estate – ₦41.2T (10.78%) (new)
4️⃣ Telecommunications – ₦25.4T (6.78%)
5️⃣ Crude Oil & Gas – ₦14.6T (5.85%) (down from 3rd)
Why Real Estate is Booming
🏠 28 Million Housing Deficit: Requires 700,000 new homes/year (currently unmet)
📈 Q1 2025 Growth: 18.08% nominal expansion (vs. 8.73% in Q4 2024)
🌍 Informal Sector Capture: Rebasing better reflects actual market activity
“People need roofs—that’s why real estate is surging,” says Faji Tobiloba (Besitz Group).
Oil’s Decline vs Real Estate’s Rise
| Crude Oil & Gas | Real Estate |
|---|---|
| ▼ 5.85% GDP share | ▲ 10.78% GDP share |
| ▼ Price volatility | ▲ Steady demand |
| ▼ Limited local value | ▲ Domestic job creation |
The shift signals Nigeria’s slow but real economic diversification.
Sector Snapshots
🏡 Real Estate Drivers:
• Urbanization & population growth
• Mortgage reforms (e.g., NHF)
• Diaspora investments
🛢️ Oil’s Challenges:
• Theft & pipeline vandalism
• Global energy transition
• Underinvestment
Expert Insight
“This isn’t just data—it’s a wake-up call. Nigeria must prioritize housing to sustain this growth.”
– Real Estate Analyst
Call to Action
📊 Track Trends: Follow @BossuTV for updates
🏗️ Invest: Explore REITs @SECNigeria
🏘️ Advocate: Push for housing policies #HousingForAll
About the author
Adenta Building Collapse Linked to Illegal Construction and Ignored Stop-Work Orders
A preliminary investigation into the collapse of a three-storey building at Adenta New Site in the Greater Accra Region has revealed that the project was carried out without the required regulatory approvals and in defiance of official stop-work directives issued by local authorities. The findings were released by a Joint Technical Investigative Committee comprising structural engineering experts and representatives from the Ghana Institution of Engineering (GhIE), the Institution of Engineering and Technology, Ghana (IET-Gh), and the Architecture Registration Council (ARC). According to the committee, the incident highlights serious violations of Ghana’s building regulations and raises concerns about compliance and enforcement within the construction sector. The building collapsed on June 3, 2026, trapping five occupants beneath the debris. The victims included three adults and two children. Rescue teams successfully pulled four individuals from the rubble alive and transported them to the […]
Kpandai Residents Encouraged to Promote Unity and Peace for Sustainable Development
Residents of Kpandai in the Northern Region have been encouraged to put aside tribal, linguistic and political differences and work collectively toward the development of their communities. The call was made by the Parish Priest of St. Kizito Parish, Rev. Fr. Moses Nseaminya, during the launch of the St. Kizito Parish Feast, Partnership and Cultural Day Celebration. The event seeks to promote peace, social cohesion and stronger relationships among the various ethnic groups living within the district. Speaking during the launch, Rev. Fr. Nseaminya emphasized that diversity should be viewed as a strength that can drive development rather than a source of conflict and division. He noted that although residents come from different cultural backgrounds and hold varying political views, they all share a common goal of improving the welfare and future of Kpandai. According to the parish priest, meaningful […]
ECG Explains Power Outages in Greater Accra and Western Regions Following Technical Faults
The Electricity Company of Ghana (ECG) has attributed ongoing power interruptions in parts of the Greater Accra and Western regions to separate technical faults affecting its distribution network. In a statement issued on Monday, June 8, 2026, the power distributor said a technical fault at the Nsawam Primary Station has disrupted electricity supply to several communities within the Accra West operational area. The affected communities include Hebron, Medie, Samsam, Satellite, Koleman and nearby areas, where residents have been experiencing intermittent power outages. According to ECG, engineering teams have been deployed to the station and are actively working to identify and rectify the fault to restore stable electricity supply as quickly as possible. Meanwhile, in the Western Region, a broken high-tension (HT) electricity pole at Ankasa has caused a separate power disruption, affecting multiple towns and communities across the area. Communities […]
Burkina Faso forme 8 000 jeunes VDP agricoles pour renforcer l’autosuffisance alimentaire
La cérémonie officielle de sortie de la 3e cohorte des Volontaires pour la Défense de la Patrie (VDP) agricoles et de fin de formation de 8 000 jeunes en entrepreneuriat agricole s’est tenue le 5 juin 2026 à l’École nationale de formation agricole (ENAFA) de Matourkou. L’initiative s’inscrit dans le cadre de l’Initiative présidentielle pour l’agriculture et l’autosuffisance alimentaire, portée par les autorités burkinabè. Cette formation vise à renforcer les capacités des jeunes dans le secteur agricole tout en les impliquant dans une dynamique de production locale et de souveraineté alimentaire. Une jeunesse formée entre agriculture, civisme et engagement citoyen Le directeur exécutif du Bureau national des grands projets du Burkina Faso, Hamidou Sawadogo, a salué l’engagement des bénéficiaires. Selon lui, le programme traduit la volonté des autorités de transformer durablement le secteur agricole afin de réduire la dépendance alimentaire […]
Clément Zongo dédicace trois ouvrages littéraires à Ouagadougou
Le journaliste-chroniqueur burkinabè Clément Zongo a procédé, le 6 juin 2026 à Ouagadougou, à la dédicace de trois ouvrages intitulés La fille aux cheveux châtains, Les Chroniques de Clément Zongo et Juste un coup de plume. La cérémonie, organisée dans la grande salle du Centre national des arts du spectacle et de l’audiovisuel (CENASA), a réuni des acteurs du monde culturel, des professionnels des médias ainsi que de nombreux passionnés de littérature. De son vrai nom Alexis Yaméogo, Clément Zongo est titulaire d’une maîtrise en sciences et techniques de l’information et de la communication. Conseiller des affaires culturelles, il s’est distingué au fil des années grâce à plusieurs récompenses obtenues dans le domaine littéraire. Un roman consacré à la lutte contre les préjugés liés à l’albinisme Parmi les œuvres présentées figure La fille aux cheveux châtains, un roman qui aborde […]
Three Rescued as Rescue Teams Search for Trapped Victims After North Industrial Area Building Collapse
Rescue teams are continuing efforts to locate and extract individuals believed to be trapped beneath the rubble of a collapsed building in Accra’s North Industrial Area following a structural failure that has left several people injured. According to Alex King Nartey of the Ghana National Fire Service's communications team, three people have so far been rescued from the scene and are currently receiving medical treatment. However, emergency responders fear that at least three more individuals may still be trapped under the debris. Speaking at the site, Mr. Nartey explained that rescue operations have been slowed by the absence of earth-moving equipment needed to remove large sections of collapsed concrete and debris safely. He disclosed that the Fire Service has requested assistance from the military, while the Mayor of Accra has also facilitated the deployment of heavy machinery to support the […]
Related
“Don’t blame me for Igbo pogrom in North,” says Gowon
Former Nigerian Army soldier and activist, Major (rtd) Gowon, has sparked controversy after making statements about violence against Igbos in northern Nigeria, saying he should not be blamed for the pogrom [not sourced from original article - please verify]. In his remarks, Gowon reportedly said that blaming him for the violence against Igbos in the North is unfair and that he has not been involved in any such activities that would warrant such accusations [not sourced from original article - please verify]. The activist's comments come amid ongoing tensions and security concerns affecting ethnic communities across Nigeria, particularly in the North-South divide [not sourced from original article - please verify]. Gowon's statement has drawn criticism from various groups who feel that his position is insensitive to the suffering of displaced families and victims of ethnic violence [not sourced from original […]
NDLEA arrests Brazil-based businessman, others in drug raids across Nigerian states
Operatives of the National Drug Law Enforcement Agency (NDLEA) have arrested a Brazil-based Nigerian businessman, Uche Franklin Onyekwere, for attempting to smuggle cocaine into the country through the Murtala Muhammed International Airport, Lagos, in coordinated operations across multiple states. Onyekwere, 47, was apprehended at the airport's arrival hall during the inward screening of passengers on a South African Airways flight from Brazil via Johannesburg, following intelligence-led profiling and surveillance. A body scan conducted on the suspect indicated the presence of concealed substances, and a subsequent strip search uncovered a large wrap of a white powdery substance, later confirmed to be cocaine, strapped to his right thigh. Further examination revealed two additional wraps hidden inside the soles of the flat shoes he was wearing, with NDLEA officers recovering three wraps of cocaine weighing 1.6 kilogrammes in total. During questioning, the suspect […]
Abacha’s death suspicious, says Abdulsalami Abubakar
Former Head of State, General Abdulsalami Abubakar (retd.), has described the circumstances surrounding the death of the late military ruler, General Sani Abacha, as suspicious, saying the events of that day left him feeling that “something was fishy.” Abacha died suddenly on June 8, 1998, while still serving as Nigeria’s Head of State, with the official explanation pointing to a heart attack. In a new account contained in his book, Call of Duty, and recent media interviews, Abdulsalami recalls that he and the then Chief of Army Staff, Lt.-Gen. Ishaya Bamaiyi, were mysteriously locked inside a waiting room at the Presidential Villa for nearly an hour before being told Abacha had died. According to Abdulsalami, he was urgently summoned to the Villa that morning but, on arrival, was led into a room and the door was shut with no explanation. […]
Boko Haram ISWAP terrorists burn schools in Chibok
Suspected Boko Haram and ISWAP terrorists have reportedly set ablaze a primary and a secondary school in Chibok Local Government Area of Borno State. Local youth groups and community leaders say the attackers stormed the area at night, shooting into the air to scare residents before targeting the schools. Classrooms, offices and learning materials were said to have been destroyed in the fire, leaving pupils and teachers without facilities. The attack is part of renewed assaults by Boko Haram and ISWAP elements around Chibok and neighbouring communities, where several people have been killed and many displaced in recent weeks. Chibok is the same area where more than 200 schoolgirls were abducted from a government secondary school in 2014, an incident that drew global outrage. Community representatives have raised alarm over the growing insecurity, warning that continuous attacks on schools will […]
Abubakar tried to secure M.K.O. Abiola’s release before his death
Former Nigerian President Abdulsalami Abubakar has revealed that he actively tried to secure the release of pro-democracy leader M.K.O. Abiola before Abiola's sudden death in detention on July 7, 1998. Abiola was the apparent winner of Nigeria's June 12, 1993 presidential election, which was later annulled by the military regime of General Ibrahim Babangida. He was arrested and held in detention for more than four years by the military government of General Sani Abacha. According to a new book by Abdulsalami Abubakar, American officials who were with Abiola when he died were initially denied access to him before being allowed to meet with him. On July 7, 1998, just days before Abiola's scheduled release from prison, he collapsed during a meeting with a U.S. delegation and died in a medical center. Various theories emerged after Abiola's death, including claims that […]
Bandits flaunt cash online using TikTok livestreams and giveaways
Armed bandits and criminal hoodlums in Nigeria are increasingly using social media platforms, especially TikTok, to flaunt cash, hold livestreams, and fund giveaways to attract attention and build online followings. Investigators say these "cash-flaunting bandits" use money from criminal activities to stockpile arms and ammunition, buy food, and organise social gatherings in forest hideouts. The same funds are also poured into their digital presence, where they display large amounts of cash, luxury items and flashy lifestyles through short videos and live streams. These bandits run regular livestreams on TikTok, where they encourage viewers to join giveaways, follow their accounts, and engage with their content. Some of them have become known online for their flamboyant displays of wealth, even as they remain linked to kidnapping, armed robbery and other violent crimes. The use of social media by these criminal groups has […]