The purpose of this study is to examine the existing land tenure systems in Gombe state Nigeria with a view to determining its impact on agricultural productivity in the study area. The targeted population for the study comprised of 7,832 households in purposively selected agrarian settlements cutting across the 3 senatorial districts in Gombe state Nigeria. The population was stratified into three zones and two locations were selected from each zone. The sample size for the study comprised of 500 households in each of the study locations. Hence, 500 questionnaires were administered on the household heads of the 6 study locations making a total of 3,000 questionnaires (representing 38.3% of the targeted population). However only 2,223 (74.1%) questionnaires were correctly filled and returned for analysis. The random sampling technique was adopted in the questionnaire administration. Descriptive statistical tools such as frequency counts, averages, weighted mean and percentages were used in analyzing the data obtained. The Relative Importance Index (RII) was used to identify and rank the variables. Inferential statistical tool such as multiple regressions were also used in analyzing the relationship between the criterion or dependent variable and the predictors or independent variables. The study revealed that customary land tenure system is the predominant type of tenure system (60.1%) practiced in the study area. Similarly, agricultural productivity in the study area was shown to be impeded by land tenure insecurity (RII, 0.933963), political/bureaucratic bottlenecks in land rights acquisition for agricultural purposes (0.846154) and tenure rules such as stipulated in the Nigerian Land Use Act of 1978 (RII, 0.65596) among others. The study also showed a strong positive relationship of 0.809 between land tenure systems and agricultural productivity in the study area. The study concluded that for better agricultural productivity in the study area in particular and similar developing economies in general, farmers need to have secured land tenure as this encourages investments in the secured land which consequently improves agricultural productivity.

This study aims at examining the diversification and inflation-hedging potentials of both direct and indirect real estate investments in Nigeria from 2005 to 2014 this is with a view to providing information for investment decisions. DESIGN/METHODOLOGY/APPROACH: Secondary data on rental/capital values of direct real estate investments covering an average total of 1,587 residential properties was obtained from the records of 5 Estate Surveying and Valuation Firms in Gombe. Similarly, the dividend and share prices of the indirect real estate investment were also collected from the data bank of the Nigerian stock exchange. These data were subsequently translated to holding period returns. Furthermore, secondary data with respect to the Nigerian Consumer Price Index (CPI) which was used as a proxy for actual inflation for the study was collected from the National Bureau of Statistics (NBS). These data groups were used to calculate the asset and portfolio returns as well as the asset and portfolio risks of the selected assets. Furthermore, both descriptive and inferential statistics were used to determine the diversification and inflation-hedging potentials of the selected investment assets. This involved the use of weighted means, Pearson Product Moment Correlation and the Ordinary Least Square Regression. FINDINGS: The study revealed that investment in direct property provided the highest returns (22.48%) as well as the highest level of risk (8.71548%) over the study period. The study further showed that only the direct property investment demonstrated the existence of diversification potential. Similarly, among the two selected asset classes only direct property showed complete inflation-hedging potential with beta 0.082, while indirect property showed a beta of-0.126, suggesting a perverse hedging characteristics. PRACTICAL IMPLICATIONS: Diversification and Inflation-hedging potentials of investment asset classes is of particular interest to investors. The results of this study can be useful for investment forecasts as well as investment decisions on asset types to include in portfolios as a measure for protecting investors' earnings from erosion by inflation and a means of enjoying diversification benefits thereby improving the performance of the investment portfolio. ORIGINALITY/VALUE: Research work on the subject of diversification and inflation-hedging in Nigeria were majorly conducted in isolation. This study expanded the scope of the diversification and inflation-hedging literature by empirically investigating both investment indicators in a comparative context.

PurposeCost of construction of residential properties as well as its subsequent rent trends remain a major challenge to stakeholders in the property rental markets of emerging economies. This study examined the relationship between housing construction costs and house rents fluctuations in Osogbo, Nigeria, to provide information for informed investment decisions.Design/methodology/approachThe authors conducted a survey, where three sets of questionnaires were administered on building contractors; estate surveyors and valuers and private residential property owners. The data required comprise the estimated average construction costs and average market rents for two and three-bedroom bungalows in the study area from 2008 to 2018. These data were respectively sourced from all the 15 firms of building contractors and 25 firms of estate surveyors and valuers in Osogbo, Nigeria. Stratified random sampling was employed to select 180 property owners from three medium-density residential districts of Osogbo. Secondary data on macroeconomic variables were sourced from the Central Bank of Nigeria. Data collected were analysed using descriptive and inferential statistical tools.FindingsThe authors found a significant positive relationship (0.749) between construction costs and house rents trends; both variables maintained ascending trends. Construction costs and house rents inflation rates exhibited random fluctuations with the former having a higher mean inflation rate (10.47%). However, the difference was not statistically significant (p-value = 0.317 > 0.05). Respondents identified consumer price index (CPI) inflation among other macroeconomic variables as the strongest predictor of both construction costs and house rents fluctuations. However, evidence from further analysis of the time series suggested otherwise.Practical implicationsThe result confirms construction cost as one of the vital supply factors of the housing market, which is often pass through to house rents. The positive relationship between construction costs and house rents trends should trigger new development which, will, in turn, allow rental housing investments to expand into new areas with prospects for profits that could be earned by domestic and foreign investors.Originality/valueThis study to the best knowledge of the researchers is the first to relate housing construction cost to house rent in Osogbo, Nigeria; thereby adding to the body of knowledge in this field.

The study aims at investigating the impact of inflation on securitized real estate investments in Nigeria with a view to providing information to aid real estate investors in making informed investment decisions. The timeframe for the study covers between 2007 and 2016. All the securitized real estate investments including both REITs and non REITs were captured in the study. The population for the study comprised of all securitized real estate companies in Nigeria namely: Skye Shelter Fund REITs, Union Home REITs, UPDC REITs and UACN properties. Data for the study were collected from the databases of the securitized real estate companies covering the study period. The data collected comprised of share prices and dividends of the respective companies as well as inflation rates obtained from the Nigerian National Bureau of Statistics (NBS). The data were analyzed by means of both descriptive statistical tools such as frequencies, mean scores and percentages; and inferential statistical tools such as regression models. Findings from the study revealed that the return profile of REITs and non REITs equities in Nigeria from 2007 to 2016 had experienced some level of volatility with the non REITs outperforming the REITs investment asset (the highest returns obtained from REITs investment was 5.43%, while the highest returns for the non REITs was 41.79%). Inflation was seen to be mostly in double digits and had kept increasing throughout the study period, ranging between 4.37 and 18.45. Analysis of the relationship between indirect real estate investment returns and inflation in the study area revealed negative Beta coefficients for both REITs and non REITs investments in the study area. This was indicated by a beta coefficient of -0.127 and -0.225 for REITs and non REITs asset classes respectively. This results suggested a perverse hedging characteristics for all the securitized real estate investments in the study area. This study have implications for individual and institutional real estate investors. The result of this study can be useful for investment forecast and investment decisions as regards to the type of asset to include in an investor's portfolio, taking to consideration the impact of inflation on such asset(s).

This paper examines the relationship between Nigeria equity real estate investment trusts (REITs), with focus on Nigeria First REIT (Skye Shelter) and money market indicators (MMI), such as Treasury bill (TBR), Prime lending rate (PLR), Currency-in-Circulation (CIC), injection to corporate private sector (CPS) and Broad Money Supply to the economy (BMS) in the period 2008-2016 in an attempt to document the statistical significance of the indicators on N-REITs dividend returns. Design/Methodology/Approach-Quarterly data on dividend returns of Skye Shelter REIT were used as proxy for listed N-REITs return, while data on MMI were extracted from published Central Bank of Nigeria (CBN) and National Bureau of Statistics (NBS) bulletins from 2008-2016. The study deployed Augmented Dickey-Fuller test statistic (ADF t-statistic) to test for unit root and stationarity status of deterministic trend in the data collected. The degree of association, the existence of co-integration and the test for statistical significance between N-REITs and MMI were conducted by correlation analysis, Johansen Co-Integration Test and granger causality test of VAR and VECM respectively. Finding: At p-value <0.05; the data passed the ADF t-test using Schwarz information criterion (SIC) at 1 st Difference indicating stationary data series as required for granger causality model, while Trace and Max-Eigen statistics indicate co-integration confirming a long term relationship among the variables. The predicted granger causality analysis of an insignificant long term _______________________________________________________ 308 The 18 th AFRES ANNUAL CONFERENCE 2018 causal relationship and a short run significant causal relationship between N-REITs returns and MMI were confirmed. Practical implications: Information on MMI indicators simulates caution signal and provide informed decision for investors in the Nigeria real estate sector. The study is important to investment analysts and capital market players. Originality/Value: This study is first to investigate the causal relationship of money market indicators and N-REITs returns. Whereas, previous studies examined the performance of indirect property investment including REITs, effects of macroeconomic factors on REITs and MMI in isolation.