Characteristics of Land Market in Nigeria: Case of Ibeju Lekki Local Government, Lagos, Nigeria

Abstract

This study examined the characteristics of land market in Ibeju Lekki Lagos, Nigeria with a view to enhancing the operation of the land market. Data were collected through the administration of questionnaire on residents of Ibeju Lekki, key developers in the area and Land Bureau officials. Pilot survey revealed that there were 81 communities in the study area. Ten (10%) percent of the 81 communities were purposively selected representing 9 communities with 3155 housing units. Systematic sampling technique with a random start was used to select one of every sixteenth landholder giving 203 housing units. Total enumeration of all the identified 9 indigenous landowners was interviewed and 7 officials of Bureau of Lands in Lagos State were sampled for questionnaire administration. Data collected were analysed using residents’ perception index, mean deviation, factor analysis and regression analyses respectively. The results showed that the prominent characteristics of the land market in the area with their corresponding mean values were: easy transaction in the market (2.69), improved environmental management (2.49), easy accessibility to market (2.41), good lending conditions (2.35), efficient land use management (2.34), Certainty of land ownership (2.3), land regulation (2.14) and access to experts (2.04). Using factor analysis, the study established that equity, accessibility and finance explained 12.77%, 12.64% and 9.09% of the total variance. The study thus established the land market characteristics which could have positive significant effects on the operation of the land market; in the study area.