Yemisi Izuroa
Industry professionals in the building and construction sectors have been encouraged to adopt green building practices as a means to secure sustainable financing for large-scale projects.
This was the key takeaway from experts who spoke at the Ecobank Design and Build Expo in Lagos last week.
Green building, or sustainable building, refers to the design and construction of structures that prioritize environmentally responsible and resource-efficient processes throughout their lifecycle—spanning planning, design, construction, operation, maintenance, renovation, and demolition.
Bolaji Balogun, Chief Executive Officer of Chapel Hill Denham, emphasized the importance of sustainable practices during his presentation on “Sustainable Financing.” He highlighted that projects with an environmentally-friendly focus are more likely to attract lower-cost capital both locally and internationally. He also pointed out that multinational companies are increasingly seeking buildings with EDGE (Excellence in Design for Greater Efficiencies) certification.
He explained, “The world is shifting towards green buildings. These buildings attract cheaper capital, both domestically and abroad. Large organizations now prefer EDGE-certified buildings, which offer environmental features like low carbon footprints, energy efficiency, and reduced operating and maintenance costs.”
Balogun also mentioned other sources of sustainable financing, such as Sukuk, blue financing, and gender financing. He encouraged organizations to explore capital and bond markets to secure funding.
Godwin Tapela, Senior Investment Officer at the International Finance Corporation (IFC), spoke about the EDGE certification system, which was developed by the IFC to minimize the environmental impact of the building sector, particularly in emerging markets. He emphasized the corporation’s ongoing efforts to promote awareness of the importance of eco-friendly, sustainable buildings.
Tapela also reaffirmed that the IFC remains committed to providing sustainable financing solutions, especially for developers of green buildings and affordable housing.
The five-day Ecobank Design & Build Expo, themed “Building Nigeria Together,” took place from November 27 to December 1, 2024, at the Ecobank Pan African Centre (EPAC) 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 highlight of the expo was a visit from former President Chief Olusegun Obasanjo GCFR, who toured the various pavilions, which displayed cutting-edge trends, innovations, and sustainable practices. He praised the exhibitors for the high quality of their work.
Prominent global brands participating in the expo included SABA Steel, Nigeria’s largest steel manufacturer; Coleman Wire & Cables, the leading cable producer in West Africa; Donna Spectre, a major player in indigenous oil and gas logistics; Dulux Paints, a top paint brand in Nigeria; HTL Africa, an innovative architectural firm; ITB Nigeria Limited, a major construction company in Nigeria and West Africa; and Mota Engil Nigeria, a leading civil construction company.