Table of Contents
ABSTRACT.. 2
CHAPTER ONE.. 5
INTRODUCTION.. 5
1.1 Background to the Study. 5
1.2 Statement of the Problem... 7
1.3 Objectives of the Study. 8
1.4 Research Questions. 8
1.5 Research Hypothesis. 9
1.6 Significance of the Study. 9
1.7 Scope of the Study. 10
1.8 Limitations of the Study. 10
1.9 Organization of the Study. 10
CHAPTER TWO.. 13
REVIEW OF RELATED LITERATURE.. 13
2.1 Introduction.. 13
2.2 Theoretical Review.. 13
2.3 Conceptual Review.. 15
2.4 Empirical Review.. 18
2.5 Summary of Literature Review.. 20
Chapter Three. 22
Research Methodology. 22
Research Design.. 22
Area of the Study. 22
Population of the Study. 23
Sampling Techniques. 23
Data Collection Methods. 23
Analytical Approach.. 24
Conclusion.. 24
CHAPTER FOUR.. 26
DATA ANALYSIS AND INTERPRETATION.. 26
4.1 Preamble. 26
4.2 Socio-Demographic Characteristics of Respondents. 26
TABLES BASED ON RESEARCH QUESTIONS.. 30
4.3 Analysis of the Respondents’ Views on Research Question one:. 31
CHAPTER FIVE.. 47
SUMMARY CONCLUSION AND RECOMMENDATIONS.. 47
5.1 Summary of Findings. 47
5.2 Conclusion.. 49
5.3 Recommendations. 49
REFERENCES.. 50
APPENDIX.. 53
Title: Research Questionnaire on the Impact of Land Speculation on Housing Affordability in Nigeria.. 53
CHAPTER ONE
INTRODUCTION
1.1 Background to the Study
The impact of land speculation on housing affordability in Nigeria is a critical issue that warrants attention due to its multifaceted implications on socioeconomic development. Nigeria, as Africa's most populous country and one of its largest economies, grapples with a housing crisis exacerbated by rampant land speculation. Land speculation, defined as the purchase of land with the anticipation of its value appreciation rather than for immediate use, has profound repercussions on housing affordability by inflating land prices and subsequently driving up housing costs. This phenomenon not only impedes access to decent housing for low and middle-income earners but also perpetuates inequality and undermines sustainable urban development efforts. Adewale, B. A. (2018).
One significant consequence of land speculation in Nigeria is the distortion of the housing market dynamics, wherein artificially inflated land prices create barriers to entry for prospective homeowners, particularly in urban areas. As demand for housing continues to surge due to rapid urbanization and population growth, speculative practices intensify competition for land, resulting in exorbitant prices that often exceed the purchasing power of the majority. Consequently, this exacerbates the prevalence of informal settlements and slums as individuals and families are forced to reside in substandard housing conditions due to unaffordability. Afolabi, B. (2019).
Moreover, the detrimental effects of land speculation extend beyond housing affordability, encompassing broader economic ramifications and social implications. Studies have shown that speculative activities contribute to market volatility, discourage productive investments, and hinder long-term urban planning initiatives. Furthermore, the speculative frenzy engenders social tensions and conflicts over land ownership and distribution, exacerbating existing challenges related to land tenure security and access to justice. Addressing the root causes of land speculation is thus imperative for fostering inclusive growth, reducing poverty, and promoting sustainable development in Nigeria. Eboh, E. C., & Umeora, C. (2020).
In light of the urgency to mitigate the adverse effects of land speculation, policymakers, urban planners, and stakeholders must adopt comprehensive strategies that address regulatory loopholes, promote transparent land governance, and prioritize affordable housing initiatives. By enhancing land administration systems, enforcing stringent regulations on land transactions, and incentivizing responsible land use practices, Nigeria can mitigate the detrimental impact of speculation on housing affordability and pave the way for more equitable and sustainable urban development. This necessitates collaborative efforts from government entities, civil society organizations, and the private sector to foster a conducive environment for inclusive and affordable housing provision while safeguarding the rights and interests of vulnerable populations. Ibrahim, M. (2017).
1.2 Statement of the Problem
The impact of land speculation on housing affordability in Nigeria presents a multifaceted problem with far-reaching consequences for socioeconomic development. In recent years, Nigeria has experienced rapid urbanization and population growth, exacerbating the demand for housing in urban centers. However, rampant land speculation has distorted the dynamics of the housing market, leading to artificially inflated land prices that far exceed the purchasing power of many Nigerians. This phenomenon not only impedes access to decent housing for low and middle-income earners but also perpetuates inequality by favoring speculative investors over genuine homebuyers, thereby exacerbating the housing crisis in the country. Adewale, B. A. (2018).
Furthermore, the adverse effects of land speculation extend beyond housing affordability to encompass broader economic and social implications. Speculative activities contribute to market volatility, discourage productive investments in the housing sector, and hinder long-term urban planning initiatives. Additionally, the speculative frenzy engenders social tensions and conflicts over land ownership, exacerbating existing challenges related to land tenure security and access to justice. Addressing the problem of land speculation is thus imperative for fostering inclusive growth, reducing poverty, and promoting sustainable urban development in Nigeria. Afolabi, B. (2019).
1.3 Objectives of the Study
The main objective of the study is to examine the impact of land speculation on housing affordability in Nigeria. Specific objectives of the study are:
- 1. To analyze the relationship between land speculation activities and the price of land in different regions of Nigeria.
- 2. To assess the impact of land speculation on the availability of affordable housing options for low and middle-income households in Nigeria.
- To evaluate the effectiveness of existing policies and regulations in mitigating the negative impacts of land speculation on housing affordability in Nigeria.
1.4 Research Questions
To guide the study and achieve the objectives of the study, the following research questions were formulated:
- 1. To what extent does land speculation contribute to the increase in land prices in different regions of Nigeria?
- 2. How does land speculation affect the availability and affordability of housing options for low and middle-income households in various Nigerian cities?
- What are the strengths and weaknesses of current policies and regulations in addressing the challenges posed by land speculation in relation to housing affordability in Nigeria?
1.5 Research Hypothesis
The following research hypothesis was developed and tested for the study:
Ho: There is no statistical significant relationship between land speculation and housing affordability in Nigeria.
1.6 Significance of the Study
The study is important for many reasons. The following are the major stakeholders this paper through its practical and theoretical implications and findings will be of great significance:
Firstly, the paper will benefit major stakeholders and policy makers in the Estate Management sector. The various analysis, findings and discussions outlined in this paper will serve as a guide in enabling major positive changes in the industry and sub-sectors.
Secondly, the paper is also beneficial to the organizations used for the research. Since first hand data was gotten and analysed from the organization, they stand a chance to benefit directly from the findings of the study in respect to their various organizations. These findings will fast track growth and enable productivity in the organisations used as a case study.
Finally, the paper will serve as a guide to other researchers willing to research further into the subject matter. Through the conclusions, limitations and gaps identified in the subject matter, other student and independent researchers can have a well laid foundation to conduct further studies.
1.7 Scope of the Study
The study is delimited to Uyo Metroplis. Findings and recommendations from the study reflects the views and opinions of respondents sampled in the area. It may not reflect the entire picture in the population.
1.8 Limitations of the Study
The major limitations of the research study are time, financial constraints and delays from respondents. The researcher had difficulties combining lectures with field work. Financial constraints in form of getting adequate funds and sponsors to print questionnaires, hold Focus group discussions and logistics was recorded. Finally, respondents were a bit reluctant in filling questionnaires and submitting them on time. This delayed the project work a bit.
1.9 Organization of the Study
The study is made up of five (5) Chapters. Chapter one of the study gives a general introduction to the subject matter, background to the problem as well as a detailed problem statement of the research. This chapter also sets the objectives of the paper in motion detailing out the significance and scope of the paper.
Chapter Two of the paper entails the review of related literature with regards to corporate governance and integrated reporting. This chapter outlines the conceptual reviews, theoretical reviews and empirical reviews of the study.
Chapter Three centers on the methodologies applied in the study. A more detailed explanation of the research design, population of the study, sample size and technique, data collection method and analysis is discussed in this chapter.
Chapter Four highlights data analysis and interpretation giving the readers a thorough room for the discussion of the practical and theoretical implications of data analyzed in the study.
Chapter Five outlines the findings, conclusions and recommendations of the study. Based on objectives set out, the researcher concludes the paper by answering all research questions set out in the study.
