Economic Signal Newsletter
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Feb 3, 2026
Nigeria’s real estate investment trust sector is coming into closer focus as new comparisons highlight just how far the country still has to go in institutionalising property investment. Recent figures show that South Africa controls about 95 percent of Africa’s listed REIT market, with assets valued at close to $30 billion and more than thirty trusts trading across retail, logistics, residential and industrial segments. Nigeria, by contrast, accounts for roughly $600 million in listed REIT value, underscoring a stark imbalance in how real estate capital is structured across the continent.
The gap is not simply about scale. South Africa’s market has matured over decades through strong disclosure standards, deep pension fund participation, consistent regulation and broad investor education. These ingredients created liquidity and confidence, allowing property to function as a mainstream financial asset rather than just a physical store of wealth. Nigeria’s property sector still operates largely outside this framework, with most investment tied directly to land and buildings rather than to tradable vehicles that can mobilise savings at scale.
Yet Nigeria’s fundamentals tell a different story. Rapid urbanisation, a population exceeding two hundred million and a housing deficit running into the tens of millions all point to structural demand for rental housing, commercial space and logistics facilities. The country also has one of Africa’s most dynamic rental markets, even if much of it remains informal and fragmented. In theory, these conditions should be fertile ground for a growing REIT ecosystem that channels long term capital into professionally managed developments.
Closing the distance with South Africa, will require deliberate reforms. Analysts point to the need for deeper capital markets, tighter reporting standards and regulatory consistency that gives long horizon investors comfort. Mortgage finance is another critical link. Residential focused REITs depend on functioning housing finance systems that support occupancy and stable cash flows, which makes broader reforms in mortgage liquidity and underwriting standards especially important.
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The Lagos State Government has inaugurated a statewide initiative to identify, document, and formalise informal land assets estimated to be worth approximately ₦3 trillion. This strategic move, approved by Governor Babajide Sanwo-Olu, is designed to integrate undocumented land into the formal economic system, curbing misuse and unlocking significant dormant value for both the state and private landholders.
According to official statements from the Lagos State Valuation Office, the project’s scope has significantly expanded since its inception. Initially targeting 2,000 hectares, the initiative now covers 3,744 hectares of undocumented land across various high-value locations. The exercise involves extensive mapping, valuation, and the integration of land parcels that have historically remained outside the government's official records.
A new report by PwC Nigeria reveals a surge in business optimism, with 56% of Nigerian Chief Executive Officers (CEOs) expressing extreme confidence in their organisation’s revenue growth for 2026. This sentiment significantly outpaces the global average of 30%, signaling a decoupling of Nigerian business expectations from the more cautious global trend.
The findings were unveiled by Sam Abu, Country Senior Partner at PwC Nigeria, during the Executive Roundtable on Nigeria’s 2026 Budget and Economic Outlook held in Lagos. The survey, a Nigerian perspective of the 29th PwC Annual Global CEO Survey, highlights a dramatic shift in sentiment compared to previous years.
Despite a marginal seven percent increase in the budgetary allocation for the Federal Ministry of Housing and Urban Development, industry stakeholders warn that the N105bn earmarked in the 2026 Appropriation Bill is "grossly inadequate" to address the nation's widening housing deficit.
The 2026 allocation rose from N98.13bn in 2025, but experts argue the increment does not reflect the economic realities of soaring building material costs and high inflation.
