THE APPLICATION OF ENVIRONMENTAL SOCIAL GOVERNANCE IN PROPERTY VALUATION IN NIGERIA

Purpose: The rising need for the integration of Environmental, Social, and Governance (ESG) principles into real property valuation has become an issue of global concern, but its usage and adoption in the Nigerian valuation context remains underexplored.

Design/methodology/approach: The paper therefore examines the growing relevance of ESG considerations in property valuation practices within the context of the Nigerian real estate market subsector. Mixed research method was adopted and both inference and descriptive statistical tool were employed to analyze how valuers in Nigeria are responding to the demand of sustainable development (SDG) principle through community impact, sustainability, and governance factors, the study highlights both emerging practices and prevailing gaps.

Findings: Data from estate valuers, regulatory frameworks, and stakeholder perspectives reveal that while awareness is increasing, ESG integration is often inconsistent due to limited institutional framework/support and professional training.

Research limitations/Implications: The limitations to the current research work include the non-cooperative attitude of most estate surveyors and valuers in divulging comprehensive information on their knowledge of ESG in valuation reporting and their willingness to adopted ESG concept in valuation practice.

Practical implications: The study recommends the inclusion of ESG metrics in valuation standards, alongside capacity-building initiatives for practitioners.

Originality/value: This research contributes to a more sustainable and socially responsible valuation approach in Nigeria, aligning local practice with international trends.