Nigeria's REITs Reach $230 Million in Emerging Market

Nigeria's five Real Estate Investment Trusts (REITs) have a combined market capitalization of about $230 million within Africa's estimated $30 billion REIT market, as reported by Fortren & Company. The report highlights Nigeria as an emerging REIT market, although it remains considerably smaller than South Africa's, which accounts for approximately 92% of Africa's total REIT market value.

Nigeria's REIT market has been operational since 2008, with the initial dominance of UPDC REIT, SFS REIT, and UHREIT, followed by the entry of Chapel Hill Denham NREIT and the MOFI Real Estate Investment Fund in 2025. The report indicates that Africa has 49 operational REITs valued at around $30 billion, with South Africa leading with more than $27 billion.

Institutional participation is identified as crucial for the development of Nigeria's REIT market, where high-net-worth individuals are significant capital sources. Mixed performance was recorded in 2025, with a few large funds dominating the sector's assets.

As of December 24, 2025, Nigeria's REITs had a combined net asset value of N483.06 billion, representing 6.30% of Nigeria's N7.67 trillion mutual fund industry.