AN ASSESSMENT OF ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) PRACTICES AMONG REAL ESTATE DEVELOPERS IN BENIN CITY, NIGERIA

This study assessed the adoption of Environmental, Social, and Governance (ESG) practices among real estate developers in Benin City, Nigeria, with a view to promoting sustainable property development. The study sought to examine the profiles of real estate development companies in Benin City, evaluate their extent of ESG adoption, and identify the factors influencing the implementation of ESG principles. A descriptive survey research design was adopted, and primary data were collected through structured questionnaires administered to registered real estate developers operating in Benin City. Out of 43 identified firms, 30 valid responses were obtained and analyzed using descriptive statistics and multiple regression analysis. The findings revealed that most developers were small- to medium-sized firms primarily engaged in residential and commercial developments. The overall level of ESG adoption was moderate, with Governance practices recording the highest adoption index (Mean = 3.14), followed by Social practices (Mean = 2.98) and Environmental practices (Mean = 2.86). Governance highlighted activities such as compliance monitoring, transparency, and property audits were more widely implemented than environmental initiatives such as renewable energy adoption and green roofing systems. The study further identified management leadership and commitment, availability of finance, perceived return on investment, and corporate strategy as the most significant factors influencing ESG adoption. Regression analysis showed that institutional factors exerted the strongest influence on ESG adoption, followed by organizational and market factors, collectively explaining 52.5% of the variation in ESG implementation among developers. The study concludes that while awareness of ESG principles is growing among real estate developers in Benin City, implementation remains largely moderate and compliance driven, with environmental and social dimensions receiving less attention than governance concerns. The study recommends the development of a comprehensive ESG regulatory framework, increased access to green financing, enhanced capacity building, and the institutionalization of ESG reporting standards to improve sustainability performance within Nigeria’s real estate sector. Keywords: Environmental, Social and Governance (ESG), Real Estate Development, Sustainability, Sustainable Property Development, Governance Practices, Benin City, Nigeria.