The Real Estate Developers Association of Nigeria (REDAN) has urged real estate developers to prioritise Environmental Social Governance (ESG) principles that ensure environmental sustainability in projects.
The group also emphasised that adopting the principles in housing developments will enhance the quality of life for Nigerians and safeguard the environment.
REDAN President, Akintoye Adeoye, made the call at the presentation of the ESG framework for real estate developers by its ESG committee in Lagos.
He noted that the world is changing rapidly, and players must adopt the new principles, adding that climate change, social inequality, and governance challenges demand urgent action from all sectors, including the housing sector.
“As urbanisation continues to accelerate, the need for sustainable practices in real estate has never been more pressing. By adopting ESG principles, we can reduce environmental degradation and contribute to national climate goals.
“Build equitable societies by promoting affordable housing, fostering community engagement, and enhancing well-being and strengthening trust through transparent, as well as ethical business practices that protect the interests of investors, tenants, and communities alike,” he said.
Adeoye pointed out that ESG is not just about compliance or ticking boxes but creating lasting value for everyone involved in the real estate ecosystem. He said in recognising the importance of these principles, REDAN has established the ESG Committee instrumental in driving REDAN’s ESG agenda forward, developing frameworks, conducting audits, and engaging stakeholders across the board.
Under their guidance, he disclosed that REDAN has achieved significant milestones with the creation of the Nigerian Real Estate ESG Handbook, which provides practical advice for integrating ESG into real estate projects, and capacity-building programmes that equip members with the knowledge and tools needed to implement ESG principles effectively. He further said partnerships with government agencies, financial institutions, and civil society organisations to amplify the impact of efforts.
“For developers, embracing ESG principles offers clear advantages: enhanced reputation, improved risk management, increased property values, and greater market competitiveness.
“For homebuyers, it means healthier living environments, lower utility bills, and peace of mind knowing they contribute to a sustainable future. For the nation, it means fostering economic growth, reducing urban poverty, and positioning Nigeria as a leader in sustainable development on the African continent,” he said.
The Chairman of REDAN ESG Committee, Mr Olusola Enitan, said: “The committee focused on three core pillars; encouraging sustainable building practices, reducing carbon emissions, enhancing energy efficiency, and conserving biodiversity, fostering community engagement.
“Advocating for affordable housing, prioritising health, safety, and well-being and upholding corporate governance best practices, ensuring transparency, combating corruption, and promoting fair competition.”
