Nigeria's economy grew by 3.4%, according to a new report by Ubosi Eleh & Company, a real estate and valuation company.

The report indicates that the country's economy grew by 3.4% to surpass the 3% figure forecast by the International Monetary Fund (IMF). The document notes that Nigeria's GDP grew by 5.01% year-on-year in the second quarter of 2021. Citing the National Bureau of Statistics (NBE), the report in its macroeconomic review section, noted that 20% of Nigerian workers have lost their jobs due to COVID-19 while the country's unemployment rate has reached an alarming level of 33.3%, or around 23.2%.

The report projects a positive outlook for residential real estate for 2022 now in the eighth month, based on the face of a few developments leading up to 2021. Overall, the real estate sector grew modestly, from 1.77% in the first quarter of 2021 to 3.55% in the second quarter of 2021, describing it as the highest in six years.