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Assessing the Methods of Valuing Contaminated Land in Rivers State, Nigeria

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  • M. O. Ajibola
  • A. I. Kabiamaowei
  • A. O. Oluwunmi
  • D. R. Owolabi

Abstract

The practice of environmental valuation for compensation has raised serious concerns among estate surveyors and valuers (ESVs) practicing in Nigeria due to the challenges posed by the enabling laws and other factors. This study examined the methods adopted by ESVs in carrying out the valuation of land contaminated by oil spill in Rivers State. The study focused on ESVs practicing with registered firms in Rivers State. Primary data was obtained by administration of questionnaires on 120 ESVs out of which 80 questionnaires were retrieved and used for the analysis. Also, semi-structured interviews were conducted with estate surveyors and valuers identified to be experienced in the subject of study in order to obtain data on their practice and experience. The primary data was analysed using, percentages, relative importance index (RII) and principal component analysis as well as coding and narrating for the interviews. The findings indicated that the methods adopted for valuation are the income capitalization, predetermined compensation rate, sales comparison, market prices and depreciated replacement cost approach. The study therefore recommends that professional bodies should continuously train and develop ESVs in this aspect of valuation.

Suggested Citation

  • M. O. Ajibola & A. I. Kabiamaowei & A. O. Oluwunmi & D. R. Owolabi, 2020. "Assessing the Methods of Valuing Contaminated Land in Rivers State, Nigeria," Academic Journal of Interdisciplinary Studies, Richtmann Publishing Ltd, vol. 9, March.
    • Handle: RePEc:bjz:ajisjr:1888
    DOI: https://doi.org/10.36941/ajis-2020-0035
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    References listed on IDEAS

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    1. Victor A. Akujuru & Les Ruddock, 2014. "Incorporation of Socio-Cultural Values in Damage Assessment Valuations of Contaminated Lands in the Niger Delta," Land, MDPI, vol. 3(3), pages 1-18, July.
    2. Gabriel Kayode Babawale, 2013. "Emerging Issues in Compensation Valuation for Oil Spillage in the Niger Delta Area of Nigeria," Journal of Reviews on Global Economics, Lifescience Global, vol. 2, pages 31-45.
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    1. Victor A. Akujuru & Les Ruddock, 2014. "Incorporation of Socio-Cultural Values in Damage Assessment Valuations of Contaminated Lands in the Niger Delta," Land, MDPI, vol. 3(3), pages 1-18, July.
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