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An Examination of the Basis and Methods of Wetland Valuation for compensation in the Niger Delta, Nigeria

Ajibola, M. O. and Peter, Nkolika Joy and Babajide, O. S. and Oni, A. O. (2014) An Examination of the Basis and Methods of Wetland Valuation for compensation in the Niger Delta, Nigeria. Covenant Journal of Research in tile Built Environment (CJRBE), 1 (2).

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Abstract

In assess ing the wot1h of interest in any propetty, there are varieties of approaches available to the Estate Surveyor and Valuer. How be it, the approach chosen is usually a fimction of variety of tactors such as the purpose of the valuation, the type of property, the basis of valuation. This study therefure examined the basis and methods adopted in the valuation of wetland resources in the Niger Delta. Questionnaire as well as persona l and telephone interv iews were adopted fur data co llection. Seventy-two (72) quest io nna ires were retrieved, co llated, ana lysed and presented in the study using ireq uency distributions and percentages and re lative importance index (RII ). The study revea led that tmjority of Estate Surveyors and Va luers, in theN iger De lta adopted open market (61.8%) and cost (32.7%) bases fur wetland va luat ion. Also, the study showed that in va luing wet land resources, respondents in the study area adopted tnethods that re ly more on market evidence with market prices 1nethod ranked as having highest leve l ofusage (RII = 3. 15) fo llowed by rep lacetnent cost method (RII = 3.03), cost-benefit ana lys is (RII = 2.96), hedonic pric ing method (RII = 2.87) and production fimct ion (RII = 2.80). The study recommends that Estate Surveyors and Va luers should adopt tota l economic va lue bas is fur wetland valuation. Since contingent valuat ion method captures both the use and non use values of wetland resources it is recommended that Estate Surveyors and Valuers should adopt the method in valuing wetland resources fur compensation. In addition, the Nigeria Valuation Standards and Guidance Notes should be reviewed with a view to including tota l economic value as a basis of wetland valuation and also include the identified methods for environmental valuation.

Item Type: Article
Uncontrolled Keywords: Basis of Valuation, Compensation, Methods of Valuation, Wetlands, Niger Delta.
Subjects: H Social Sciences > HD Industries. Land use. Labor
T Technology > TA Engineering (General). Civil engineering (General)
T Technology > TH Building construction
Divisions: Faculty of Engineering, Science and Mathematics > School of Civil Engineering and the Environment
Depositing User: Mrs Patricia Nwokealisi
Date Deposited: 28 Mar 2014 20:42
Last Modified: 15 Sep 2015 20:29
URI: http://eprints.covenantuniversity.edu.ng/id/eprint/2294

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