IDEAS home Printed from https://ideas.repec.org/a/bcp/journl/v9y2025issue-14p577-599.html
   My bibliography  Save this article

Evaluating Sustainable Financing in Real Estate: A Panel Data Approach to Economic Growth and SDG Attainment in Nigeria

Author

Listed:
  • Sani Inusa Milala

    (Faculty of technology Management and Business, Department of Real Estate and Facilities Management, Universiti Tun Hussein Onn Malaysia, 86400, Parit Raja batu Pahat, Johor Malaysia)

  • Khadijah Binti Md Ariffin

    (Faculty of technology Management and Business, Department of Real Estate and Facilities Management, Universiti Tun Hussein Onn Malaysia, 86400, Parit Raja batu Pahat, Johor Malaysia)

Abstract

Nigeria’s pursuit of economic growth and Sustainable Development Goals (SDGs) faces persistent challenges, including inadequate financing mechanisms and underdeveloped real estate infrastructure. Despite efforts to promote sustainable urban development, the integration of green financing into the real estate sector remains limited. This gap hinders progress towards key SDGs, such as sustainable cities (SDG 11) and economic resilience. Addressing this issue is critical, as sustainable real estate financing can serve as a catalyst for economic development while advancing environmental and social goals. This study aims to evaluate the role of sustainable real estate financing in mediating the relationship between economic growth and SDG achievements in Nigeria from 2000 to 2024. By employing advanced panel data techniques, the research provides empirical evidence on how green bonds, mortgage rates, and real estate investments influence economic indicators and SDG progress. Secondary data were sourced from the National Bureau of Statistics (NBS), the United Nations, and global financial databases. The analysis utilized Python, with Pandas for data preparation, Statsmodels for Ordinary Least Squares (OLS) regression, and Matplotlib for visualization. Mediation analysis assessed the indirect effect of economic growth on SDG outcomes through real estate financing, with the Sobel test confirming mediation significance. Results revealed a significant direct effect of economic development on SDGs (β = 0.74, p

Suggested Citation

  • Sani Inusa Milala & Khadijah Binti Md Ariffin, 2025. "Evaluating Sustainable Financing in Real Estate: A Panel Data Approach to Economic Growth and SDG Attainment in Nigeria," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 9(14), pages 577-599, March.
    • Handle: RePEc:bcp:journl:v:9:y:2025:issue-14:p:577-599
    as

    Download full text from publisher

    File URL: https://www.rsisinternational.org/journals/ijriss/Digital-Library/volume-9-issue-14/577-599.pdf
    Download Restriction: no
    File URL: https://rsisinternational.org/journals/ijriss/articles/evaluating-sustainable-financing-in-real-estate-a-panel-data-approach-to-economic-growth-and-sdg-attainment-in-nigeria/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Ma, Mengjuan & Zhu, Xiao & Liu, Meishan & Huang, Xiaodong, 2023. "Combining the role of green finance and environmental sustainability on green economic growth: Evidence from G-20 economies," Renewable Energy, Elsevier, vol. 207(C), pages 128-136.
    2. Rong Wang & Fayuan Wang, 2022. "Exploring the Role of Green Finance and Energy Development towards High-Quality Economic Development: Application of Spatial Durbin Model and Intermediary Effect Model," IJERPH, MDPI, vol. 19(14), pages 1-17, July.
    3. Lidan Zhang & Gonul Colak, 2022. "Foreign direct investment and economic policy uncertainty in China," Economic and Political Studies, Taylor & Francis Journals, vol. 10(3), pages 279-289, July.
    4. Sana Slimani & Anis Omri & Abdessalem Abbassi, 2024. "Financing sustainable development goals in Sub‐Saharan Africa: Does international capital flows matter?," Sustainable Development, John Wiley & Sons, Ltd., vol. 32(6), pages 6656-6685, December.
    5. Wei, Xiaobo & Mohsin, Muhammad & Zhang, Qiongxin, 2022. "Role of foreign direct investment and economic growth in renewable energy development," Renewable Energy, Elsevier, vol. 192(C), pages 828-837.
    6. Aleksy Kwilinski & Oleksii Lyulyov & Tetyana Pimonenko, 2023. "The Effects of Urbanisation on Green Growth within Sustainable Development Goals," Land, MDPI, vol. 12(2), pages 1-16, February.
    7. Wu, Fan & Wang, Xingguo & Liu, Tao, 2023. "Sustainable development goals, natural resources and economic growth: Evidence from China," Resources Policy, Elsevier, vol. 83(C).
    8. Sulehri, Fiaz Ahmad & Ali, Amjad, 2024. "Assessing the Pathways of Sustainable Development: A Structural Equation Modeling Investigation of Regulatory Framework, Innovation, and Economic Indicators," MPRA Paper 121286, University Library of Munich, Germany.
    9. Aleksy Kwilinski & Oleksii Lyulyov & Tetyana Pimonenko, 2023. "Greenfield Investment as a Catalyst of Green Economic Growth," Energies, MDPI, vol. 16(5), pages 1-16, March.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Sani Inusa Milala & Khadijah Binti Md Ariffin, 2025. "Assessing the Impact of Economic Growth, Infrastructure Development, and Green Financing on Real Estate Sustainability: A Longitudinal Analysis of SDG11(Smart Cities)," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 9(4), pages 1-11, April.
    2. Henryk Dzwigol & Aleksy Kwilinski & Oleksii Lyulyov & Tetyana Pimonenko, 2023. "The Role of Environmental Regulations, Renewable Energy, and Energy Efficiency in Finding the Path to Green Economic Growth," Energies, MDPI, vol. 16(7), pages 1-18, March.
    3. Iryna Nyenno & Vyacheslav Truba & Liudmyla Tokarchuk, 2023. "Managerial Future of the Artificial Intelligence," Virtual Economics, The London Academy of Science and Business, vol. 6(2), pages 72-88, June.
    4. Henryk Dzwigol & Aleksy Kwilinski & Oleksii Lyulyov & Tetyana Pimonenko, 2024. "Digitalization and Energy in Attaining Sustainable Development: Impact on Energy Consumption, Energy Structure, and Energy Intensity," Energies, MDPI, vol. 17(5), pages 1-17, March.
    5. Aleksy Kwilinski, 2024. "Mapping Global Research on Green Energy and Green Investment: A Comprehensive Bibliometric Study," Energies, MDPI, vol. 17(5), pages 1-24, February.
    6. Aleksy Kwilinski, 2024. "Understanding the nonlinear effect of digital technology development on CO2 reduction," Sustainable Development, John Wiley & Sons, Ltd., vol. 32(5), pages 5797-5811, October.
    7. Edward Owusu & Jones Lewis Arthur & Kwaku Amofah, 2023. "Cross-Сultural Communication Strategies in the Digital Era: A Bibliometric Analysis," Virtual Economics, The London Academy of Science and Business, vol. 6(2), pages 55-71, June.
    8. Jijian Zhang & Guang Yang & Xuhui Ding & Luo Yichan, 2025. "Can two-way FDI synergy promote regional high-quality green development under environmental decentralization?," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 27(3), pages 6123-6138, March.
    9. Jianfeng Guo & Kai Zhang & Kecheng Liu, 2022. "Exploring the Mechanism of the Impact of Green Finance and Digital Economy on China’s Green Total Factor Productivity," IJERPH, MDPI, vol. 19(23), pages 1-18, December.
    10. Maria V. Sigova & Igor K. Klyuchnikov & Oleg I. Klyuchnikov, 2024. "Sustainability and Security of Green Finance from the Multi-agent Games Perspective," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 1, pages 78-95, February.
    11. Xiaojie Wang & Rongqing Han & Minghua Zhao, 2023. "Evaluation and Impact Mechanism of High-Quality Development in China’s Coastal Provinces," IJERPH, MDPI, vol. 20(2), pages 1-24, January.
    12. Zhao, Xin & Samour, Ahmed & AlGhazali, Abdullah & Wang, Wenjing & Chen, Guannan, 2023. "Exploring the impacts of natural resources, and financial development on green energy: Novel findings from top natural resources abundant economies," Resources Policy, Elsevier, vol. 83(C).
    13. Fareed, Zeeshan & Pata, Ugur Korkut, 2022. "Renewable, non-renewable energy consumption and income in top ten renewable energy-consuming countries: Advanced Fourier based panel data approaches," Renewable Energy, Elsevier, vol. 194(C), pages 805-821.
    14. Hugo Gaspar Hernandez-Palma & Dairo J. Novoa & Jorge Enrique Taboada à lvarez, 2024. "New Trends in Green Projects Aimed at Clean Energy: An Analysis of the Scientific Literature," International Journal of Energy Economics and Policy, Econjournals, vol. 14(6), pages 278-286, November.
    15. Lee, Chien-Chiang & Wang, Fuhao & Lou, Runchi & Wang, Keying, 2023. "How does green finance drive the decarbonization of the economy? Empirical evidence from China," Renewable Energy, Elsevier, vol. 204(C), pages 671-684.
    16. Sampene, Agyemang Kwasi & Li, Cai & Wiredu, John, 2024. "An outlook at the switch to renewable energy in emerging economies: The beneficial effect of technological innovation and green finance," Energy Policy, Elsevier, vol. 187(C).
    17. Adriana Veronica Litră & Eliza Nichifor & Ioana Bianca Chiţu & Alexandra Zamfirache & Gabriel Brătucu, 2023. "The Dilemma of the European Integration Principle—Ensuring Energy Independence of the European Union," Sustainability, MDPI, vol. 15(21), pages 1-19, November.
    18. Qianyi Li & Md Qamruzzaman, 2023. "Innovation-Led Environmental Sustainability in Vietnam—Towards a Green Future," Sustainability, MDPI, vol. 15(16), pages 1-34, August.
    19. Yunpeng Sun & Ruoya Jia & Asif Razzaq & Qun Bao, 2023. "RETRACTED ARTICLE: Drivers of China’s geographical renewable energy development: evidence from spatial association network structure approaches," Economic Change and Restructuring, Springer, vol. 56(6), pages 4115-4163, December.
    20. Mohamed Ahmed Suliman & Ahmed Hassan Abdou & Moatazbellah Farid Ibrahim & Dayal Ali Waheer Al-Khaldy & Ashraf Mohamed Anas & Wael Mohamed Mahmoud Alrefae & Wagih Salama, 2023. "Impact of Green Transformational Leadership on Employees’ Environmental Performance in the Hotel Industry Context: Does Green Work Engagement Matter?," Sustainability, MDPI, vol. 15(3), pages 1-18, February.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bcp:journl:v:9:y:2025:issue-14:p:577-599. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Dr. Pawan Verma (email available below). General contact details of provider: https://rsisinternational.org/journals/ijriss/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.