IFC Advocates for Stronger Environmental Regulations in Nigeria

The International Finance Corporation (IFC) has urged for tighter enforcement of environmental frameworks and regulations to drive compliance within Nigeria's real estate sector. This call was made during a conference organized by the Lagos Chamber of Commerce and Industry (LCCI) on the theme of mainstreaming ESG compliance in the engineering and construction sectors.

Ms. Temilola Sonola, representing the IFC, emphasized that ignoring environmental sustainability leads to significant financial costs, citing examples of housing developments in flood-prone areas. She noted that Nigeria's regulatory framework needs improvement to internalize these costs effectively.

Mr. Ley Kupoluyi, president of the LCCI, highlighted that Nigeria's economic future significantly depends on managing infrastructure and urban systems sustainably. Dr. M.K.O.

Balogun, CEO of Global Property Facilitation, stressed that ESG principles are critical for project financing and long-term value creation. Dr. Michael Oladiji, chairman of the LCCI Real Estate Group, reiterated that adopting ESG principles is essential for reducing investment risks and improving operational efficiency.