By Paul Onehi
Nigeria’s Real Estate Industry Set to Skyrocket to N2.25tn by 2025, According to Minister of Housing and Urban Development Ahmed Dangiwa.
The exciting news which emerged from the Minister of Housing and Urban Development, Ahmed Dangiwa, regarding Nigeria’s real estate industry is expected to reach a whopping N2.25tn by 2025, thanks to the government’s investment in technology and infrastructure.
“Nigeria real estate sector contributed around 5.2 percent to the national’s GDP in 20214, and will increase in market volume to N2.25 trillion by the end of 2025,” Dangiwa noted.
This announcement has sparked a buzz of curiosity and anticipation among investors and industry professionals alike. With Nigeria’s economy on the rise and various advancements in technology, the real estate market seems to be a promising field for both local and international investors.
In an interview with AIT, Dangiwa highlighted the significant role of technology in the growth of the real estate industry. He emphasized the importance of digitalization in making the sector more accessible, transparent, and efficient. With the increasing use of digital platforms and tools in the real estate process, investing in Nigeria’s property market is becoming more convenient and secure.
Dangiwa discuss the role of Pro Tech in digitalized property transaction. He revealed the collaboration with the World Bank on the National Land Registration and Documentation Programme to enhance transparency and land titling.
Similarly, Dangiwa pointed out that the government’s intention to focus on developing affordable housing projects would also contribute to the growth of the industry.
This initiative aims to cater to the housing needs of the rapidly growing urban population in Nigeria. With the implementation of technology and the government’s support, affordable housing projects are expected to increase the demand for real estate, thus driving the industry’s growth.
“To counter this in Nigeria, the government is using incentive such as banks offtake guarantees, facilitate land access, and low interest financing to encourage investment in affordable housing, “he stressed.
He also notes that, “The government is working on improving the overall infrastructure in the country. This includes the development of roads, electricity, and water supply, which are crucial factors for the growth of the real estate industry. With better infrastructure, more people will be inclined to invest in properties, leading to an increase in the industry’s value.
With such positive forecasts for the real estate industry, now is the perfect time for investors to seize the opportunity and explore Nigeria’s property market. The country’s potential for growth, combined with the government’s efforts, makes it a promising destination for real estate investments.
The Minister of Housing and Urban Development’s announcement has also brought a sense of optimism for local businesses and job seekers. As the real estate industry continues to expand, it will generate more job opportunities and boost the overall economy. This growth will not only benefit the real estate market but also create a positive ripple effect on other industries.
In addition to technology and infrastructure, the government is taking steps towards promoting transparency and accountability in the real estate sector. This will further attract more investors and ensure a competitive and fair market for all.
Nigeria’s real estate industry is set to reach new heights by 2025, thanks to the government’s efforts and advancements in technology. With a strong economy and a growing urban population, the demand for properties is expected to rise, making it a lucrative market for investments. It is an exciting time for both the industry and the country, and we can’t wait to witness the growth and development of Nigeria’s real estate sector in the coming years.
