Built environment experts are calling on property developers to embrace a circular economy and design climate-resilient and energy-efficient buildings that ensure sustainability and reduce environmental degradation.
Chairman of the Lagos Building Investment Company (LBIC), Hakeem Ogunyiran, made this call at the Africa Environmental, Social and Governance (ESG) Conference and Exhibition held in Lagos under the theme: “Sustainable Real Estate Value Chain: The Era of Green Initiatives in Africa”
The event, hosted by the Real Estate Developers Association of Nigeria (REDAN), the Mortgage Bankers Association of Nigeria (MBAN) and the Nigeria-British Real Estate Association, served as a transformational platform that brought together policy makers, industry leaders, investors, academia and civil society to drive collaboration, policy reform and sustainable investment in Nigeria’s built environment.
Mr. Ogunniran, in his presentation entitled “Issue and Prospects of the Green Agenda in Real Estate Development in Nigeria”, highlighted the urgent need to redesign the real estate development process to extend the life cycle of building materials.
“Rather than just building, using, demolishing and disposing, we are thinking about how materials can be circulated, reused, reclaimed and recycled.Real estate currently follows a linear model of make, use and dispose, which greatly contributes to environmental damage,” Oguniran said.
Highlighting the role of the built environment in climate change, Mr. Oguniran said that almost 42 per cent of global carbon dioxide emissions come from the real estate sector, 27.3 per cent from building operations, 7.1 per cent from construction and 7.3 per cent from infrastructure development.
“Climate change is no longer a peripheral issue. For cities like Lagos, which are already facing flooding, rising sea levels and crumbling infrastructure, climate change is central to their survival,” he said.
He also urged architects and designers to incorporate environmentally friendly principles into their architectural designs, regardless of their client’s specifications. “Even if a developer’s brief does not include sustainability, architects should inject green strategies such as improved air circulation, material reuse, and orientation,” Oguniran said.
He acknowledged that sustainable development is costly, in some cases up to 15% more expensive than traditional methods, adding that the long-term benefits and reduced maintenance costs outweigh the initial investment. “We must start educating stakeholders about the value of investing in sustainable systems such as alternative power sources,” he added.
The Lagos State Housing Commissioner said: Morufu Akindele Fatai said the theme of the conference was timely and relevant in the face of Africa’s escalating environmental challenges.
The commissioner, who was represented by Olufunke Fosudo, said the government was exploring opportunities such as increased adoption of renewable energy sources, green building practices, sustainable urban planning and infrastructure, increased climate change awareness and advances in green technology.
He disclosed that the Babajide Sanwo-Olu government had set new standards for sustainable real estate in Africa’s green future, and urged participants to embrace partnership as an option for Africa’s growth and development. “We may serve in different institutions, but we share a common goal of making Africa better. This has become essential as our continent faces challenges that require our united efforts towards a path to economic and environmental recovery.”
He acknowledged the fact that the real estate sector has played a vital role in the development of the continent and has intervened at the forefront of providing a renewable environment for its citizens.
His words: “To fully demonstrate our desire to combat climate change, one of the first tasks of this government was to continue to sponsor the Lagos International Climate Change Summit. With this important collaboration, we hope that other African cities can take a leaf from Lagos’ modest urban planning and apply it in their own areas to promote a greener environment for the greater good of humanity.”
The Secretary reiterated that the present administration is ensuring all the people of Lagosia the fullest benefit of the dividends of democracy. REDAN Chairman Prince Akintoye Adeoye said rising temperatures, extreme rainfall and desertification are impacting communities and threatening the resilience of the housing sector. “Developers must take responsibility for designing climate-resilient and energy-efficient buildings. ESG is not just a global trend, it is also a call to action for Africa,” he said.
REDAN emphasized the importance of incorporating ESG principles throughout the real estate value chain, from design to occupancy, to ensure ethical, inclusive and climate-smart development.
Reflecting these views, MBAN President Ayo Olowokere said the program marks an important milestone in the journey towards ESG integration in Africa’s real estate and financial sectors.
“This platform allows us to learn from global best practices and build strategic partnerships for a sustainable future,” Olowokere said, reaffirming the institution’s commitment to advancing ESG in the mortgage banking sector.
