Lagos residents, more than 70% are tenants – REDAN
Lagos residents, more than 70% are tenants – REDAN
The new National President of the Real Estate Developers Association of Nigeria, Akintoye Adeoye, says more than 70 per cent of people living in Lagos State are tenants.
Adeoye made this observation during a press briefing for the promotion and institutionalisation of the Environmental, Social, and Governance principles within the real estate sector.
He said, “If I were to ask how many people here own their homes, the number would certainly not be 100 per cent. But if I asked how many have the capacity to own a home given the right opportunity, the figure would likely be close to 100 per cent. The primary challenge to homeownership in Nigeria is affordable mortgages.
“Affordable mortgage financing is what differentiates homeownership in Nigeria from that in the UK. In the UK, the system enables individuals to purchase homes and repay at lower, single-digit interest rates.
“The impact we are experiencing in the country is very minimal, because if we still have more than 70 per cent of Nigerians in the urban area still not living in their own houses, it is still very high. More than 70 per cent of people living in Lagos are tenants.”
Meanwhile, Akintoye noted that the world was changing rapidly, adding that climate change, social inequality, and governance challenges demand urgent action from all sectors, including other real estate sectors.
He continued, “In Nigeria, where 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 strengthen trust through transparent and ethical business practices that protect the interests of investors, tenants, and communities alike.
“In short, ESG is not just about compliance or ticking boxes; it is about creating lasting value for everyone involved in the real estate ecosystem. Recognising the importance of these principles, REDAN established the ESG Committee under the leadership of Olusola Enitan. This committee has been instrumental in driving our ESG agenda forward, developing frameworks, conducting audits, and engaging stakeholders across the board.
“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.
“Today, I call upon all real estate developers across the federation to join us in this transformative journey. 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.”
Speaking on the need for ESG principles in real estate, the Chairman of the REDAN ESG Committee, Olusola Enitan, said 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.
Lagos residents, more than 70% are tenants – REDAN
He said, “For the Nigerian real estate sector, embracing ESG means reducing environmental footprints while promoting energy efficiency and biodiversity conservation, 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.”
Listing out the benefits and opportunities of ESG adoption, Enitan for developers, adopting ESG principles offers tangible benefits.
He highlighted “enhanced reputation and brand value, attracting socially conscious investors and tenants, improved risk management through adherence to evolving regulations and standards, increased property values, and market competitiveness driven by innovative, sustainable designs.
“For homebuyers, ESG-driven projects mean healthier living environments, reduced utility costs, and peace of mind knowing they contribute to societal and environmental progress.
“For the nation of Nigeria, widespread ESG adoption fosters economic growth, reduces urban poverty, mitigates climate change impacts, and positions Nigeria as a leader in sustainable development.”
