Understanding property market operations from a dual institutional perspective: The case of Lagos, Nigeria

Agboola, Alirat Olayinka; Scofield, David; Amidu, Abdul‐Rasheed

doi:10.1016/j.landusepol.2017.07.047

Cited by 33 publications

(21 citation statements)

References 17 publications

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“…This dual mechanism created a complex system, with respect to land transaction and interpretation, which became a major obstacle to the access of land by the poor [57]. In the customary land tenure system, the use of land was controlled by traditional rulers and family heads who held it in trust for the community or family members, respectively [58]. The statutory tenure system, derived from England and local legislation in Nigeria, aimed to protect both the individual right to freely acquire (or discard) land and the state access to land through the power of acquisition [57,59].…”

Section: Land Tenure System In Lagosmentioning

confidence: 99%

“…However, increases in population and urbanization pressure have resulted in an exponential increase in land price, based on exchange value rather than use value [59]. The consequences of these changes include increases in the amount of land speculation, land title risk (as a single piece of land could be sold to more than one person), increased litigation and, for the poor, difficulties in accessing land [58,59]. To make matters worse (for the poor), the government, under the statutory land tenure, only provided land to build estates for the elites in Lagos [57].…”

Section: Land Tenure System In Lagosmentioning

confidence: 99%

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Social Capital: Higher Resilience in Slums in the Lagos Metropolis

et al. 2021

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Different slums exhibit different levels of resilience against the threat of eviction. However, little is known about the role of the social capital of the slum community in this context. This study investigates the factors contributing to slum resilience in the Lagos Metropolis, Nigeria, through a social capital lens. This study first investigates land allocation in slums, then the available social capital, and subsequently how this capital influences resilience to the threat of eviction in slums. Data were collected in two slum communities, in Lagos, through in-depth interviews and focus groups discussion. This study shows that land allocation is done by the traditional heads, contrarily to the mandate of the Nigeria Land Use Act of 1978. Furthermore, there is a form of structural social capital through the presence of government registered community development associations in the slums; however, their activities, decision-making process and the perception of the residents’ towards their respective associations, differs. This led to differences in trust, social cohesion and bonding ties among residents of the slum, thereby influencing resilience to the threat of eviction in slums. Since community group associations, through the appointed executives, drive the efficient utilization of social capital in slums, this study therefore recommends their restructuring in order to support a sustainable solution to the threat of eviction in slums in Lagos.

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Section: Land Tenure System In Lagosmentioning

confidence: 99%

Section: Land Tenure System In Lagosmentioning

confidence: 99%

Social Capital: Higher Resilience in Slums in the Lagos Metropolis

et al. 2021

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“…Finally, the Nigeria institutional framework around property titling, valuation, compensation and overall operation of the property market must be strengthened. Agboola et al (2017) observed a clear lack of confidence on the part of market actors in the institutions of the market regarding property rights protection. Also, title registration/perfection in Nigeria is particularly cumbersome and time consuming with average duration of around 132 days.…”

Section: Application Of Tif To Urban Regeneration In Nigeriamentioning

confidence: 99%

Tax increment financing in the UK and USA: its prospects for urban regeneration in Nigeria

Agboola

Ayodele

Olofa

2018

SASBE

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Purpose The purpose of this paper is to examine the potential of tax increment financing (TIF) as a viable financial mechanism for urban regeneration programmes in Nigeria. This is with a view to engendering a sustainable, productive and competitive urban land market towards enhancing the economic development of the country. Design/methodology/approach This paper adopts a desk-based study approach and review of secondary literature on urban regeneration and TIF to examine the usefulness of TIF for funding local infrastructure development. It then examines the key requirements for the successful application of TIF as a financial instrument for urban regeneration in an emergent economy like Nigeria. Findings A number of key requirements for a successful TIF programme particularly in the context of an emergent economy are identified. These are: a functional urban land market with well-developed and documented market indices on performance measurement to serve as reliable benchmarks for investors; an established land use planning system consisting of clear rules and effective decision-making processes; an active capital market that is accessible to institutional and private developers; a viable tax administration system and most importantly an efficient institutional framework with clearly defined formal property rights and sound enforcement mechanisms to monitor contractual agreements and to police deviations. Originality/value This paper represents a pioneering attempt at examining the prospects of the application of TIF to urban regeneration in the specific context of an emergent Sub-Saharan African country.

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“…Although property rights and transaction costs are interrelated concepts in NIE, however, the latter have not been the focal point in this type of research. Works that revolve around land markets are concerned mainly about the effects of transaction costs on the success of land registration programs (formalization of property rights) and/or on the efficiency of the land markets (formal or informal) in developing countries (Agboola et al, 2017;Antwi and Adams, 2003;Mooya and Cloete, 2007;Pamuk, 2000;Pamuk and Dowall, 1998;Trebilcock and Veel, 2008). In these studies, both property rights and transaction costs are at the center of investigative interest.…”

Section: Introductionmentioning

confidence: 99%

Illuminating the formal–informal dichotomy in land development on the basis of transaction cost theory

Darabi

Jalali

2018

Planning Theory

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Transaction cost theory is largely used to investigate the formal domain of land and housing. In the informal domain, however, this perspective has been employed largely as a supplement in addressing the other fundamental notion in new institutional economics—property rights—despite the possibility that informality in land development can emerge regardless of the informality or formality of such rights. To cover this gap, this study developed a theoretical framework based on transaction cost theory to explain the formal–informal dichotomy in land development. The proposed framework maintains that land development depends on engaging in transactions that involve total or partial ownership of a combination of capital and land through lease and/or sale contracts, which enable landowners to earn from the new rental prices produced by the increase in land prices. Landowners are afforded two avenues from which to reduce transaction costs, namely, formal and informal institutional frameworks, each defining and enforcing restrictive rules on agents’ actions. These avenues, however, are simultaneously a source of new transaction costs that can affect the expected financial return of land development. Landowners therefore tend to choose the institutional framework that entails lower transaction costs but enables higher gains. Thus, the higher transaction costs associated with a formal institutional framework are the primary deterrents to the selection of this structure. In turn, informal land development continues to expand, regardless of the existence of formal prohibitive measures. We investigated the formal–informal dichotomy in the rural land development process in Tehran Province, Iran. The results indicated that transaction costs cause inefficiency in formal institutions, thereby driving the perpetuation of informal development.

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Understanding property market operations from a dual institutional perspective: The case of Lagos, Nigeria

Cited by 33 publications

References 17 publications

Social Capital: Higher Resilience in Slums in the Lagos Metropolis

Social Capital: Higher Resilience in Slums in the Lagos Metropolis

Tax increment financing in the UK and USA: its prospects for urban regeneration in Nigeria

Illuminating the formal–informal dichotomy in land development on the basis of transaction cost theory

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