Nigeria’s Real Estate Market Poised to Hit $2.25 Trillion by 2025 – FG
The Minister of Housing and Urban Development, Ahmed Dangiwa, has urged foreign investors to tap into Nigeria’s growing housing market. Speaking at the Saudi Real Estate Forum, Dangiwa highlighted the Federal Government’s Renewed Hope Cities and Estates Programme as a platform for collaboration and investment in the country’s real estate sector.
A statement issued by Mark Chieshe, the Minister’s Special Assistant on Media and Strategy, reinforced the government’s focus on attracting foreign investment to address Nigeria’s housing deficit and drive economic growth.
Real Estate Growth and Investment Potential
During a panel discussion, Dangiwa underscored the significant potential within Nigeria’s real estate sector, citing its 2024 contribution of 5.2% to the nation’s GDP and projecting a market value increase to $2.25 trillion by 2025.
“Despite this growth, there are still immense opportunities, especially in residential real estate. Nigerians urgently need housing, and partnerships with the government can help deliver these homes at scale,” he said.
The forum, themed “Balance and Innovation in the Real Estate Landscape,” featured insights from global leaders, including Abdullah Al-Attiya, Qatar’s Minister of Municipality, and Abdulla Muththalib, the Maldives’ Minister of Construction, Housing, and Infrastructure.
Addressing Nigeria’s Housing Deficit
Dangiwa pointed out that Nigeria faces a housing deficit of 28 million units, worsened by rapid urbanization. He outlined the government’s strategies to tackle this issue, including:
- Public-private partnerships to increase housing delivery.
- Innovative financing models to support affordable housing projects.
- Collaboration with state governments to unlock land for development, addressing land acquisition challenges.
Economic Impact of Housing Development
Dangiwa emphasized the vital role of housing in driving economic growth, enhancing social stability, and fostering national development.
“Housing is a fundamental driver of economic growth, but achieving affordability and profitability requires addressing challenges like sustainability, cost efficiency, and policy alignment,” he explained.
The Nigerian government’s commitment to overcoming these challenges aims to create a balanced, thriving real estate sector that supports both local and foreign investors.
Looking Ahead
With the Federal Government’s focus on large-scale housing initiatives and strategic partnerships, Nigeria’s real estate sector is on track to become a key contributor to national economic transformation by 2025.