PURPOSE: The Nigeria REIT market has been rated low in term of dividend return amidst the industry variables of Size, NAV, FFO, Leverage, Advisor Puzzle among others. Other Scholars have examined the influence of macro- economic variables (GDP, Inflation, etc.). This study examines the effect of the macroeconomic variables on Nigeria REIT’s dividend return

DESIGN/METHODOLOGY: The study is a quantitative econometric study. The data were collected from various government institutions CBN, NBS, NSE and annual Reports of the Skye Shelter REIT. The data covers the period of existence of REIT in Nigeria (2008-2016). The study utilized linear multiple regression and correlation analyses to establish the influence and relationship of the macroeconomics variables on REIT return.

FINDINGS: The correlation study shows a significant relationship between REIT dividend to oil price (-ve) and exchange rate (+ve). The regression analysis confirmed the significant effect of oil prices of P=0.015 (P<0.5). The entire six variables accounted for 95.8% effect on dividend return having R-Square vale of 0.958. The F-Value is with a significant value of 0.031 (p<0.5)

PRACTICAL IMPLICATIONS: The study revealed the true staus of Nigeria economy as a single commodity dependent nation (crude oil) and import dependent for other commodities, especially consumables which is reflected in currency exchange rate It thus implies that the economic diversification effort of the current government from mono product situation to multi product economy be successful and sustainable to rejuvenate the Nigeria economy.

ORIGINALITY/VALUE OF WORK: The paper in addition to being the first to examine macroeconomic variables and Nigeria REIT market, has also added to the variables, the oil price and exchange rate to reflect the peculiar volatility of the Nigeria market.