© Covenant Journal Of Research In The Built Environment . 2013. Vol. 1 No. 2
Publisher: Covenant University
An Examination of The Basis and Methods of Wetland Valuation For Compensation In The Niger Delta, Nigeria
Mayowa Olusola Ajibola, Nkolika Joy Peter, Omamuromu Susan Babajide
KEYWORDS: Basis of Valuation, Compensation, Methods of Valuation, Wetlands, Niger Delta
ABSTRACT:In assessing the worth of interest in any property, there are varieties of approaches available to the Estate Surveyor and Valuer. Howbeit, the approach chosen is usually a function of variety of factors such as the purpose of the valuation, the type of property, the basis of valuation. This study therefore examined the basis and methods adopted in the valuation of wetland resources in the Niger Delta. Questionnaire as well as personal and telephone interviews were adopted for data collection. Seventy-two (72) questionnaires were retrieved, collated, analysed and presented in the study using frequency distributions and percentages and relative importance index (RII). The study revealed that majority of Estate Surveyors and Valuers, in the Niger Delta adopted open market (61.8%) and cost (32.7%) bases for wetland valuation. Also, the study showed that in valuing wetland resources, respondents in the study area adopted methods that rely more on market evidence with market prices method ranked as having highest level of usage (RII = 3.15) followed by replacement cost method (RII = 3.03), cost-benefit analysis (RII = 2.96), hedonic pricing method (RII = 2.87) and production function (RII = 2.80). The study recommends that Estate Surveyors and Valuers should adopt total economic value basis for wetland valuation. Since contingent valuation method captures both the use and nonuse values of wetland resources it is recommended that Estate Surveyors and Valuers should adopt the method in valuing wetland resources for compensation. In addition, the Nigeria Valuation Standards and Guidance Notes should be reviewed with a view to including total economic value as a basis of wetland valuation and also include the identified methods for environmental valuation.
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