• About Us
  • Contact Us
  • Privacy & Policy
Tuesday, September 9, 2025
Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history
Advertisement
  • National
  • Politics
  • Economy
  • Entertainment
  • Sports
  • Editorial
  • Opinion
  • Columns
No Result
View All Result
  • National
  • Politics
  • Economy
  • Entertainment
  • Sports
  • Editorial
  • Opinion
  • Columns
No Result
View All Result
Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history
No Result
View All Result

Real Estate and Construction Sectors Pump N11.2 Trillion into Q1 2024 Economy

Vincent Amadi by Vincent Amadi
August 16, 2024
in Economy
Reading Time: 3 mins read
A A
0
Real Estate and Construction Sectors Pump N11.2 Trillion into Q1 2024 Economy
Share on FacebookShare on TwitterShare on WhatsappShare on EmailShare on Telegram


Real estate and construction have shown extraordinary resilience, warding off economic challenges and contributing N11.2 trillion to the Nigerian economy in the first quarter of 2024 (Q1).
Analysts observe that the contribution is remarkable as the sector has been hit hard by a combination of factors including inflation, volatile exchange rates, high interest rates, and astronomical increases in the prices of inputs, especially cement and iron bars.
“Real estate and construction are the most resilient sector of the economy and we all saw the result of this resilience in the first quarter figures released by the National Bureau of Statistics (NBS), which shows that the sector contributed N11.2 trillion to the economy in this period,” real estate consultant Funsho Adebayo told Business Day in an interview.


Adebayo’s statement echoes that of mortgage banker and CEO of Aso Savings and Loans, Dr. Risdikatu Ahmed, who described real estate as the most reliable and rewarding asset class during his opening speech on the third day of the ongoing Africa International Housing Show in Abuja.
Ahmed called for more room for women’s participation in the sector to increase their contribution to the economy, urging the government to develop more initiatives and programs to encourage investment in the sector, saying the sector can contribute more to the gross domestic product if the environment is right and offers more opportunities. According to the latest NBS statistics, the sector’s contribution of N11.2 trillion in the first quarter of 2024 was an improvement compared to N9.1 trillion in the fourth quarter (Q4) of 2023.
Specifically, the report noted that the real estate sector contributed 5.20 percent to GDP during the period under review, while the construction sector contributed 4.0 percent to GDP during the same period.
“Real GDP growth recorded in the sector for the first quarter of 2024 stood at 0.84 percent, lower than the growth recorded in the first quarter of 2023 by 0.86 percent points, and lower by 0.50 percent points relative to Q4 2023.
“On a quarter-on-quarter, the sector grew by -27.88 percent in the first quarter of 2024. It contributed 5.20 percent to real GDP in Q1 2024, lower than the 5.31 percent it recorded in the corresponding quarter of 2023,” the NBS report said.

However, the report noted that although the construction sector’s nominal (year-on-year) growth rate was -0.29% in the first quarter of 2024, this represents a decline of 38.00 percentage points compared to 37.71% in the same quarter of 2023.
He added that while the nominal quarter-on-quarter growth rate was 1.60%, there was a decline of 3.16 percentage points quarter-on-quarter.
The report also noted that the construction sector’s contribution to nominal GDP in the first quarter of 2024 was 10.24%, lower than 11.79% in the same period last year and higher than 9.00% in the fourth quarter of 2023.
Analysts attribute this to the aforementioned resilience of the sector, as well as growing investor confidence and overseas remittances, which recorded a significant increase throughout the year.
“Diaspora Nigerians are exploiting the stronger currency at their disposal and investing in real estate,” UPDC Chief Executive Officer Odunayo Ojo said in an interview with Business Day, explaining that a large portion of remittances from the diaspora are heading towards real estate, which in his view is a great way to store value at any given time.

Tags: business
Vincent Amadi

Vincent Amadi

Related Posts

Manufacturing and agric sectors decline threaten Nigeria’s industrialisation
Economy

Manufacturing and agric sectors decline threaten Nigeria’s industrialisation

2 weeks ago
FG launches initiative to cut overhead cost
Economy

FG launches initiative to cut overhead cost

3 weeks ago
Grant tax relief to media houses —Ex-NNPCL spokesman tells FG
Economy

Grant tax relief to media houses —Ex-NNPCL spokesman tells FG

3 weeks ago
Rice farmers blame middlemen for continuous price hike
Economy

Rice farmers blame middlemen for continuous price hike

3 weeks ago

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

NATIONS NEWS

2027: New applications for political parties’ registration now at 144 — INEC
National

INEC announces 3.5 million online pre-registration in ongoing CVR

5 hours ago
Peter Obi, El-Rufai Granted Waiver Ahead 2027 Election
National

Update: ADC sets up disciplinary committee to resolve Abia leadership crisis

5 hours ago
Tinubu may borrow from Moniepoint, Opay next – Dino Melaye
National

Tinubu may borrow from Moniepoint, Opay next – Dino Melaye

5 hours ago
FG, NUPENG, Dangote meeting ends in deadlock
National

FG, NUPENG, Dangote meeting ends in deadlock

5 hours ago
NARTO backs NUPENG strike over Dangote’s nationwide distribution of petrol
National

NARTO backs NUPENG strike over Dangote’s nationwide distribution of petrol

1 day ago
2027 election: `Democracy must reflect will of the people` Peter Obi warns
National

Peter Obi Insecurity Crisis: Calls for State of Emergency in Nigeria

1 day ago

POLITICS

Peter Obi, El-Rufai Granted Waiver Ahead 2027 Election

Update: ADC sets up disciplinary committee to resolve Abia leadership crisis

5 hours ago
APC acting like terrorist organisation, says ADC over Lagos attack

APC acting like terrorist organisation, says ADC over Lagos attack

1 day ago
Breaking News: APC National Chairman Ganduje Resigns

Ganduje Denies Defection to ADC, Reaffirms APC Loyalty

2 days ago
Peter Obi Can Return to PDP Without Wike Obstruction – Jacob Mark

Nigeria slipping into full-blown dictatorship — PDP governors

3 days ago
Obi’s one-term pledge is Atiku’s idea – Kenneth Okonkwo

Obi’s one-term pledge is Atiku’s idea – Kenneth Okonkwo

3 days ago
Seven Akwa Ibom Lawmakers Defect to APC, Citing Party Divisions

Distractions can not stop Tinubu –  APC Chairmen

4 days ago

YOUR ECONOMY

Manufacturing and agric sectors decline threaten Nigeria’s industrialisation
Economy

Manufacturing and agric sectors decline threaten Nigeria’s industrialisation

2 weeks ago
FG launches initiative to cut overhead cost
Economy

FG launches initiative to cut overhead cost

3 weeks ago
Grant tax relief to media houses —Ex-NNPCL spokesman tells FG
Economy

Grant tax relief to media houses —Ex-NNPCL spokesman tells FG

3 weeks ago
Rice farmers blame middlemen for continuous price hike
Economy

Rice farmers blame middlemen for continuous price hike

3 weeks ago
Naira appreciates against dollar on the weekend
Economy

Naira appreciates against dollar on the weekend

3 weeks ago
Largest shea butter refinery in Africa begins operation in Niger State
Economy

Largest shea butter refinery in Africa begins operation in Niger State

1 month ago

E & P

Lookman Wins Atalanta Player of the Month of September 2024
Sports

Siasia to Chelle: Rely on Lookman, Arokodare

by Steven Atogi
5 hours ago
0

Former Nigeria coach, Samson Siasia has advised Super Eagles manager Eric Chelle to maximise Ademola Lookman’s set-piece ability and Tolu...

Chelsea Push £78m Fermin Lopez Transfer Bid

Chelsea Push £78m Fermin Lopez Transfer Bid

2 weeks ago
The Rise And Fall Of Sports Institute, Isaka

The Rise And Fall Of Sports Institute, Isaka

2 weeks ago
KTF Launches Free Youth Tennis Clinic in Port Harcourt

KTF Launches Free Youth Tennis Clinic in Port Harcourt

3 weeks ago
‘It’s a shame’ – Ex-Newcastle striker, Andy Carroll blasts Isak over transfer move

‘It’s a shame’ – Ex-Newcastle striker, Andy Carroll blasts Isak over transfer move

3 weeks ago
NPFL Suspends S’Eagles Goalkeeper Over Betting Allegations

NPFL Suspends S’Eagles Goalkeeper Over Betting Allegations

1 month ago

YOUR THOUGHT & HISTORY

HOW MR EAZI, OTEDOLA’S SON-IN-LAW, BUILT AN 18-COUNTRY EMPIRE
Opinion

HOW MR EAZI, OTEDOLA’S SON-IN-LAW, BUILT AN 18-COUNTRY EMPIRE

by Odini Brains
2 days ago
Mr Eazi and Temi Otedola: A Love Story That Traveled Three Continents
National

Mr Eazi and Temi Otedola: A Love Story That Traveled Three Continents

by Odini Brains
2 days ago
The Rise And Fall Of Sports Institute, Isaka
Columns

The Rise And Fall Of Sports Institute, Isaka

by Tammy Opoki
2 weeks ago
Tribute to Old Port Harcourt Boy (Peter Rufai)
Columns

Tribute to Old Port Harcourt Boy (Peter Rufai)

by Tammy Opoki
2 months ago
A Democracy Strained: Buhari’s Human Rights Record and the Repression of Dissent
Columns

A Democracy Strained: Buhari’s Human Rights Record and the Repression of Dissent

by Odini Brains
2 months ago

Who we are

Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history

Welcome to Umpire News, your go-to online newspaper dedicated to broadening perspectives and expanding the horizons of our numerous readers. Read more

Browse by Category

  • Columns
  • Economy
  • Editorial
  • Entertainment
  • International
  • National
  • News
  • Opinion
  • Politics
  • Sports
  • Trends

Recent News

Lookman Wins Atalanta Player of the Month of September 2024

Siasia to Chelle: Rely on Lookman, Arokodare

September 9, 2025
2027: New applications for political parties’ registration now at 144 — INEC

INEC announces 3.5 million online pre-registration in ongoing CVR

September 9, 2025
  • About Us
  • Contact Us
  • Privacy & Policy

© 2024 Copyright Umpirenews. All rights reserved

No Result
View All Result
  • Home
  • National
  • Economy
  • Politics
  • Sports
  • Entertainment
  • Editorial
  • Opinion
  • Columns

© 2024 Copyright Umpirenews. All rights reserved

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
🤑Join & Get Our Easter Gifts 🤑

Enter your NAME & Email NOW!!

Be among the 1st 100 lucky WINNERS to win our Amazing GIFTs this Easter Period as you READ our Daily hot NEWs & make meaningful comments and follow us on our social media handles.

Name
Enter your email address