Real estate is the 6th largest sector in Nigeria, report says

A report from the National Bureau of Statistics (NSE) is saying that real estate is the 6th largest sector in Nigeria, amongst other things.

 National Bureau of Statistics (NBS)

A new report from the National Bureau of Statistics (NSE) is saying extremely good things about the real estate sector in Nigeria.

THISDAY reports that this report titled “Real Estate: Building the Future of Africa” show a 5.9% growth in the real estate sector, thereby contributing 8.37 per cent to the gross domestic products (GDP) in the 4th quarter of 2014.

The statistics from the report also show a 8.7% growing rate in the real estate division, thus, making it the sixth largest sector in the Nigerian economy.

Based on this report, stakeholders think this is the right time to invest in real estate.

Onye Onwuka, Managing Director and Chief Executive Officer of Huntingfieald Capital, a private equity focused firm, said the same thing.

“What I know is that the bits and pieces of market intelligence that we picked up from very reliable sources are that if we do not act now, we will lose money in the future. We are buying in those location now not because there is a slowdown or the over-reported twenty per cent drop that may give us immediate gain, rather those location may become unavailable when we will need them.”

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