Affordable housing greatest challenge of mortgage in Nigeria – REDAN President

By Maduka Nweke

The President of the Real Estate Developers Association of Nigeria (REDAN), Mr Akintoye Adeoye, has said that the real estate sector faces significant challenges in providing affordable housing in Nigeria.

Speaking during a press conference, Adeoye highlighted one of the most critical initiatives in REDAN’s history: the promotion and institutionalisation of Environmental, Social, and Governance (ESG) principles within the sector.

“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.

“Let us commit to making ESG an integral part of every project we undertake. 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.

“Finally, and in closing, let me reiterate that 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 you, 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,” he opined.

Recognising the importance of these principles, REDAN established the ESG Committee under the leadership of Mr Olusola Enitan. This committee has been instrumental in driving the ESG agenda forward by developing frameworks, conducting audits, and engaging stakeholders across the board.

Speaking in his capacity as Chairman of Environmental, Social, and Governance (ESG), Mr Enitan said, “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.

“For the Nigerian 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, and 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.

“We urge all real estate developers across the federation to prioritise 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.