A comparison of wetland valuation purposes in Lagos Metropolis and the Niger Delta, Nigeria

Abstract

Valuation assignments are carried out for various purposes usually determined by the client. Various studies showed that, in addition to the general purposes, wetland valuation could also be required for conservation, rating of oil installations and environmental restitution. The study compared wetland valuation purposes between Lagos Metropolis and the Niger Delta, Nigeria. A total of 163 copies questionnaire were retrieved from Lagos Metropolis while 72 were retrieved from the Niger Delta. In analysing the primary data collected, frequency tables and percentage were adopted. The study revealed that respondents perceived wetland as swampy land, marchland, poorly drained land and infested land. Also the study showed that wetland resources are majorly carried out for loan facilities (98.8%, RII = 4.15) and advice on sales (85.1%, RII = 3.49) in Lagos Metropolis while the prominent purposes for wetland valuation in the Niger Delta are compensation (94.4%, RII = 3.85), rating of oil installations (69.4%, RII = 3.76) and environmental restitution (66.7%, RII = 3.31). The study recommends that NIESV and ESVARBON should compel institutions offering Estate Management to include environmental valuation as a core course and also organise regular professional training/workshop for practicing Estate Surveyors and Valuers. Also, NIESV should incorporate environmental valuation in the curriculum for professional examinations.

Urban property markets and security risk: explaining how neighborhood security shapes housing rental prices in Ojo Lagos, Nigeria

“…Hence as displayed in Figure 3, the determinants of property values depend on the structural condition of the property, the state of the market and the neighborhood-location specific factors such as accessibility, proximity to transport routes, children schools, parks, risks from natural Plate 1. Housing conditions in the Ojo area of Lagos Neighborhood security and housing prices in Lagos hazards and communal security (Richardson et al, 1974;Bin and Polasky, 2004;Harrison et al, 2001;Ajibola et al, 2012;Aliu, 2016;Ayedun et al, 2018). While proximity factors confer positive externalities insecurity confers negative externalities on rental property values.…”

“…Hence as displayed in Figure 3, the determinants of property values depend on the structural condition of the property, the state of the market and the neighborhood-location specific factors such as accessibility, proximity to transport routes, children schools, parks, risks from natural hazards and communal security (Richardson et al ., 1974; Bin and Polasky, 2004; Harrison et al. , 2001; Ajibola et al. , 2012; Aliu, 2016; Ayedun et al.…”

“…Studies have shown that the determinants of housing prices are quite numerous ranging from dwelling-structural, neighborhood-location specific factors to market specific factors bordering on macro-economic conditions including the inflation rate, the unemployment rate, wage level, mortgage rates and even demographics (Kain and Quigley, 1970; Richardson et al ., 1974; Speyrer and Ragas, 1991; Harrison et al. , 2001; Bin and Polasky, 2004; Ajibola et al. , 2012; Oloke et al.…”

“…The determinants of urban housing rental values and real estate property prices have been intensively studied by urban and housing scholars for long. Studies have shown that the determinants of housing prices are quite numerous ranging from dwelling-structural, neighborhood-location specific factors to market specific factors bordering on macroeconomic conditions including the inflation rate, the unemployment rate, wage level, mortgage rates and even demographics (Kain and Quigley, 1970;Richardson et al, 1974;Speyrer and Ragas, 1991;Harrison et al, 2001;Bin and Polasky, 2004;Ajibola et al, 2012;Oloke et al, 2013;Aliu, 2016;Wu et al, 2017;Ayedun et al, 2018;Belanger and Bourdeau-Brien, 2018). In spite of the intensity of studies on the drivers of housing values there is no consensus as to the precise factors that majorly influence home values as scholars differ on the impacts that structural, location and neighborhood factors have on property values.…”

Appraising the State of Knowledge of the Valuation of Contaminated Freshwater Ecosystem of the Niger Delta

“…That is, you cannot exclude a single landowner from flood protection if he or she does not pay. [25] note that valuation helps to compare the real costs and benefits of ecosystem use and degradation, and allows more balanced decision-making regarding the protection and restoration versus degradation of ecosystem services. It also facilitates optimal decision-making which maximises societal well-being.…”