Government Expenditure on Human Capital Development: Implications for Economic Growth in Nigeria

This study examines the relationship between human capital development efforts of the Government and economic growth in Nigeria. It seeks to find out the impact of government recurrent and capital expenditures on education and health in Nigeria and their effect on economic growth. The data used for the study are from secondary sources while the augmented Solow model was also adopted. The dependent variable in the model is the level of real output while the explanatory variables are government capital and recurrent expenditures on education and health, gross fixed capital formation and the labour force. The result shows that there exists a positive relationship between government recurrent expenditure on human capital development and the level of real output, while capital expenditure is negatively related to the level of real output. The study recommends appropriate channeling of the nation’s capital expenditure on education and health to promote economic growth. Keywords: Human capital development, Capital and recurrent expenditure, Economic growth JEL Classification: H5, O4

Issues and Challenges Militating against the Sustainability of Affordable Housing Provision in Nigeria

Housing all over the world has remained an interdependent phenomenon that affects every facet of mankind. Its importance is so pronounced that it imparts on the social, physical and mental wellbeing of man irrespective of his socio-economic status, color or creed. It represents of the most basic human needs and has no doubt impact on the health, welfare and productivity of the individual. In spite of the importance of housing to mankind, there is however, a universal shortage of needed dwelling units especially in developing countries including Nigeria where population growth and urbanization are rapidly on the increase and where the gap between housing supply and housing demand is so wide. This paper critically appraises the contemporary housing and the role of government in the provision of housing in the country. It places in context public housing policies and programmes as they affect the development of housing at the turn of the country. The paper proposes initiatives to address the country’s monumental housing needs through the provision of enable environment which will make the resources required for acquisition housing to majority of the citizenry accessible

HVOTL Associated Risks and Real Estate Investment in Lagos Metropolis, Nigeria

High Voltage Overhead Transmission Lines (HVOTLs) associated risks have been thought to foster potential risks elements capable of creating property value diminution when located within the built environment. This current attempt identifies and evaluates particular risk elements attributable to HVOTLs within a perpendicular distance of 200m in residential neighbourhoods within Alimosho and Surulere neigbourhoods in Lagos metropolis using survey method. Data retrieved from residents within a 200meters distance perpendicular to power lines in the study areas of Lagos metropolis were analyzed and interpreted using the relative importance index. The study established that within the study areas, all nine risk elements were found significant but within varing extents. The study suggests that ROWs in the state must be enforced and respected by the public while erring individuals be sanctioned and their buildings demolished by State and Federal governments actions. This is crucial in promoting the sustainability of real estate investment

An Exposition on Principals’ Influence in Real Estate Negotiation

The conflicting interest between principals’ and the intermediary role played by Estate Surveyors and Valuers during real estate negotiation could prone the latter to influence from these principals’ as evident in valuation. The research which entailed a survey of 159 Estate Surveyors and Valuers in Lagos metropolis was analyzed with the use of descriptive statistics and the Relative Important Index. It was discovered that potential tenants are most apt in influencing real estate negotiation which is usually carried out with the use of reward powers and information power where pecuniary gains are offered to Estate Surveyors and Valuers in order to accomplish their whims while access to information by these principals are also used against the Estate Surveyor and Valuer working in an unfamiliar terrain respectively. The researchers therefore opines that a wakeup call by both the Nigerian Institution of Estate Surveyors and Valuers and the Estate Surveyors and Valuers Registration Board of Nigeria in curbing the prevalence of this influence will help preserve the integrity of the Estate Surveying and valuation profession

Proximity of HVOTLS and Residential Rental Values in the Metropolitan Lagos

High Voltage Overhead Transmission Lines (HVOTLs) otherwise referred to as power-lines have been thought to influence property values over the years. This study investigates the relationship between distance to HVOTLs and the rent of homes in metropolitan Lagos. Questionnaires were distributed to estate surveying firms, residents within 200m to power-lines in Surulere and Alimosho areas of Lagos while an in-depth interview of managers and field officers of Akangba and Alimosho PHCN sub-station was conducted. Average response rate was 66.5% and collated data were analysed. Findings revealed that residential property rents increased as distance from power-lines increased and the existence of a null effect on the rent of residential properties located over 100m away from power lines. Finally, the study encouraged the burial of yet-to-be constructed power-lines and strict enforcement of ROWs within Lagos metropolis where power-lines already exist to abate the effect of power-line on property investments

EMPLOYERS PERSPECTIVE OF THE EMPLOYABILITY SKILLS-GAP IN REAL ESTATE EDUCATION IN NIGERIA

The study examined the skills-gap in real estate education with the aim of identifying the important employability skills that are required for a graduate of Estate Management to excel in the Nigerian real estate industry. Data was collected with the aid of questionnaire survey distribution to one hundred and ninety-eight (198) employers within the study area. One hundred and thirty-one (131) questionnaires were duly filled, returned and considered ideal for the study. Data collected were analyzed with the use of relative importance index and principal component analysis. The study revealed that the most important employability skills from the perspective of the employers include teamwork, written communication, oral presentation, willingness to learn and adaptability. The study recommended that higher institutions of learning should adopt the University-Industry based approach so as to foster a good relationship between the employers and the academia

Interval Estimate in Plant and Machinery Valuation: A Guide against Variance for Capacity Development amongst Estate Valuers

-Valuation variance, one of the valuation errors, has been explored by researchers all over the world in relation to valuation of land and buildings; however, there is dearth of this research on plant and machinery. This research is in a bid to harmonizing values of these assets amongst estate valuers particularly at this propitious time when the Financial Reporting Act of 2011 has paved way for more enforceable statutory valuations in Nigeria. This study as against most arbitrary placed margin of errors is in furtherance to an earlier pedagogic work that entailed the review of related literatures from where an allowable range of ±5% error was permisible and an interval estimate of an appropriate depreciated value at a 95% confidence level was adopted from basic statistics to give a reasonable ±9.8% margin of error. The researchers hereby opine that adherence to thie result in practice will help in capacity development of Estate Valuers who have the statutory preserve to undertake valuations of all asset

Assessment of the effectiveness of maintenance management systems in delivering quality maintenance services in higher institutions

The study assessed the effectiveness of maintenance and management systems in delivering quality maintenance services in higher institutions of learning with specific focus on the University of Lagos. There is the need for effectiveness in the management of educational buildings, facilities and supporting services. Self-structured questionnaires were administered to one hundred and ninety-one questionnaires (191) resident students of the University of Lagos, and three (3) to the maintenance executives of the Works and Physical Planning Department of the University of Lagos, with response rates of 71.73% and 100% respectively. Data collected where analysed using a combination of the Mean ranking and T-Test. Findings revealed a general dissatisfaction with the service quality delivered as the maintenance management system was not adjudged to be as effective as expected as various obstacles and factors influence the acceptable standard and quality of maintenance. The study recommended that the maintenance management team should improve on the effectiveness of their service delivery, by improving the rate of responsiveness of the maintenance staff through thorough training of skill and technical know-ho

A Search for Application Level of Heuristics In Property Valuation In Three Nigeria Cities

Heuristics research in property valuation had been confined to anchoring and adjustment at the neglect of the other three, Availability, Representative and Positivity Heuristics. More so, majority of previous studies have been restricted to Lagos Metropolis. Recently a study was carried out to discover the existence of major heuristics in two other prominent cities in Nigeria; namely, Abuja and Port-Harcourt. The present study is aimed at determining the level of application of heuristics in property valuation in the three cities. The study is a cross-sectional survey and entailed the distribution of questionnaires to 159 Head Offices of Estate Surveying Firms in Lagos Metropolis and 29 and 39 of such offices in Abuja and Port-Harcourt respectively. Standard deviation of the Mean of frequency in usage of heuristics in 20 property valuations carried out reveals that Availability Heuristics is mostly predominant in the three cities: Lagos Metropolis (X=7.93; a=6.408); Abuja (X=9.94; a=5.651) and Port-Harcourt (X=S.35; a=4.911). The study therefore recommends that confinement to anchoring and adjustment will result to superfluxity of research and consequently focus should be on availability heuristics due to its predominance in usag

Problems and Prospects of Forward Sale in the Nigerian Housing Market: A Critique of Policy and Modus Operandi

One way of dealing with the challenge of demand uncertainty in property market is the use of forward sale. However, despite the huge demand for housing in Nigerian urban centre, it appears that the strategy is not popular with the demand base as expected. This study therefore examined the challenges of forward sale in the Nigerian housing market. This was achieved by reviewing the institutional policy provisions and operational guidelines within which forward sale transaction is conducted in Nigeria. Existing studies in this regards were reviewed while the opinion of three categories of respondents, the developers, buyers and estate surveyors and valuers in the Metropolitan Lagos State were obtained with the use of structured questionnaire. The percentages of options of responses were ranked. The study found that while developers prefer to harness the benefits of forward sale optimally, buyers are reluctant to use the method. Different challenges were responsible for this situation amongst which is the lack of policy protection for the buyer’s thereby exposing them to developer’s default, poor construction quality or delayed implementation. It was suggested that government regulate forward sale market to improve buyer’s confidence thereby providing developers with unhindered access to development fund at no cost