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.
PurposeThis study aims to examine the performance of real estate investment trusts (REITs) in emerging property markets. The paper used the Nigerian REIT (N-REIT) as a case study of an African REIT market, to provide information for investment decisions.Design/methodology/approachSeven years quarterly returns data (from 2013 to 2019) were obtained and used to analyse the holding period returns, return–risk ratio, coefficient of variation and Sharpe ratios of N-REIT, All Share Index of stocks (ASI) and the Federal Government Bonds (FGB) in Nigeria.FindingsThe study reveals that N-REIT outperformed stocks but underperformed bonds. Concerning risk, stocks provided the highest level of risk (7.69), followed by bonds (2.78), while N-REIT provided the lowest risk (2.7). The Sharpe ratios showed that N-REIT is the second-best performing asset, while bond is the first and stocks the last on the risk-adjusted basis.Practical implicationsN-REIT is the second-largest REIT market in Africa with a market capitalisation of about US$136m. The N-REIT market has provided investment benefits to institutional and individual investors such as liquidity, transparency and ease of transaction. This study shows the peculiarity of N-REITs; this can guide investors in making informed investment decisions.Originality/valueThis study is one of the first to empirically analyse in a comparative context, the risk-adjusted performance of N-REITs, ASI and FGB. The study will add to the limited research in this field and equip investors with valuable information for informed investment decisions.
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.
scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.
hi@scite.ai
10624 S. Eastern Ave., Ste. A-614
Henderson, NV 89052, USA
Copyright © 2024 scite LLC. All rights reserved.
Made with 💙 for researchers
Part of the Research Solutions Family.