Affordable housing crisis tops Nigeria’s mortgage woes –REDAN President

By Maduka Nweke

The President of the Real Estate Developers Association of Nigeria (REDAN), Mr. Akintoye Adeoye, has identified the lack of affordable housing as the most pressing challenge confronting Nigeria’s real estate sector.

Speaking at a recent press conference, Adeoye emphasised the need for systemic reforms, highlighting REDAN’s commitment to integrating Environmental, Social, and Governance (ESG) principles into the industry to foster sustainable development.

“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 are contributing 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 stated.

Adeoye further urged industry stakeholders to commit to making ESG principles an essential component of every real estate project. “Together, we can build a future where every development enhances the quality of life for Nigerians while safeguarding our shared environment. To achieve this, we invite collaboration from government agencies, financial institutions, NGOs, and academia. Your support will be crucial in unlocking the full potential of ESG in transforming Nigeria’s real estate landscape.”

Reiterating the importance of sustainability, he added, “Sustainability is not merely a trend; it is the foundation of responsible development. At REDAN, we are proud to lead this charge, and we invite all our stakeholders to walk this path with us. Together, we can create a built environment that reflects the values of equity, resilience, and prosperity for generations to come.”

Recognising the significance of these principles, REDAN established the ESG Committee under the leadership of Mr. Olusola Enitan. This committee has played a pivotal role in advancing REDAN’s ESG agenda by developing frameworks, conducting audits, and engaging stakeholders across the sector.

Speaking as the Chairman of the ESG Committee, Mr. Enitan emphasised the strategic necessity of integrating ESG principles in the face of climate change, social inequality, and governance challenges. “As stewards of growth and development, it is our responsibility to ensure that the built environment contributes positively to both people and the planet. In an era marked by climate change, social inequality, and governance challenges, the integration of ESG principles has become a strategic necessity not just for compliance but for long-term success.”

According to him, “For Nigeria’s real estate sector, embracing ESG means reducing environmental footprints while promoting energy efficiency and biodiversity conservation. It also means enhancing social inclusion through affordable housing, community engagement, and equitable practices, as well as strengthening governance frameworks to ensure transparency, accountability, and ethical business conduct.

These principles not only align with global standards but also position us as leaders in sustainable development across Africa.”

Enitan further urged real estate developers nationwide to prioritize ESG principles in their projects. “Together, let us build a future where every development enhances the quality of life for Nigerians while safeguarding our shared environment. To support this mission, the REDAN ESG invites collaboration from government agencies, financial institutions, NGOs, and academia. Together, we can unlock the full potential of ESG in transforming Nigeria’s real estate landscape,” he said.

The real estate sector, he noted, plays a crucial role in national development, and with the right policies and collaborative efforts, Nigeria can set a precedent for sustainable and inclusive urban growth across the continent.