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Industry professionals in the building and construction sectors have been urged to adopt green building practices to secure sustainable financing for large-scale projects.
This was a key recommendation from experts who spoke at the Ecobank Design and Build Expo, which concluded on Sunday in Lagos.
Green building, or sustainable building, refers to the design and construction of structures that prioritise environmentally responsible and resource-efficient processes throughout their lifecycle — encompassing planning, design, construction, operation, maintenance, renovation, and demolition.
In a statement from Ecobank, the Chief Executive Officer of Chapel Hill Denham, Bolaji Balogun, emphasised the importance of sustainable practices during his presentation on ‘Sustainable Financing.’
He highlighted that environmentally focused projects are more likely to attract lower-cost capital both locally and internationally. He also noted that multinational companies increasingly prefer buildings with EDGE (Excellence in Design for Greater Efficiencies) certification.
“The world is shifting towards green buildings. These buildings attract cheaper capital, both domestically and abroad. Large organisations now prefer EDGE-certified buildings, which offer environmental features like low carbon footprints, energy efficiency, and reduced operating and maintenance costs,” he said.
Balogun also outlined other sources of sustainable financing, such as Sukuk, blue financing, and gender financing. He encouraged organisations to explore capital and bond markets to secure funding.
Senior Investment Officer at the International Finance Corporation, Godwin Tapela, also discussed the EDGE certification system, which was developed by the IFC to reduce the environmental impact of the building sector, particularly in emerging markets.
Tapela reaffirmed the IFC’s commitment to raising awareness about the importance of sustainable, eco-friendly buildings and providing financing solutions for developers focused on green buildings and affordable housing.
The five-day Ecobank Design and Build Expo, themed “Building Nigeria Together,” took place from 27 November to 1 December 2024, at the Ecobank Pan African Centre on Victoria Island, Lagos. The event featured around 60 exhibitors showcasing their latest products and innovations in architecture, construction, building materials, household appliances, engineering, and interior design.
A major highlight of the expo was a visit by former President Olusegun Obasanjo, who toured the pavilions showcasing cutting-edge trends, innovations, and sustainable practices. He commended the exhibitors for the high quality of their work.
Prominent global brands at the expo included Nigeria’s largest steel manufacturer, SABA Steel; Coleman Wire & Cables; Donna Spectre; Dulux Paints; HTL Africa; ITB Nigeria Limited; and Mota Engil Nigeria.
