Lagos, Nigeria – February 12, 2025 – The Nigerian real estate sector has the potential to drive the country’s ambition of achieving a $1 trillion economy, according to Femi Akintunde, Group Managing Director (GMD) of Alpha Mead Group.
Akintunde highlighted the sector’s rapid expansion, noting a 46.52% growth rate, a 16.5% quarter-on-quarter increase, and a 5.43% contribution to real GDP in Q3 2024. He emphasized that if properly harnessed, real estate could be a major economic driver through job creation, urban renewal, and tax contributions.
“The sector leaped ahead of oil and gas, telecommunications, and agriculture—traditional economic leaders—while facility management played a crucial role in this progress,” Akintunde said. He stressed the growing importance of sustainability, cybersecurity, automation, smart buildings, and AI in shaping the industry’s future.
To sustain this growth, Akintunde urged developers and property owners to engage professional facility managers, warning that poor facility management leads to tenant dissatisfaction, costly repairs, legal disputes, and low investment returns.
At Alpha Mead Group, he noted, efforts are underway to enhance real estate sector performance across Nigeria and Africa. The firm provides ISO 9001:2015-certified facility management services to large-scale and complex properties, ensuring higher returns for investors and improved user experiences.
With real estate now a pivotal sector in Nigeria’s economic landscape, Akintunde reiterated that its long-term sustainability depends on proper facility management and innovative industry practices.
