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Property Rights and Land Market Dynamics: An Economic Interpretation of the Indigenous Land Tenure Transformation Process in Nigeria

  • L. Jide Iwarere
Chapter
Part of the Research Issues in Real Estate book series (RIRE, volume 10)

Abstract

This study examines the nature and causes of the evolution of property rights, with particular emphasis on the role of market forces in shaping its outcome. Using the Nigerian Land Use Act as the platform, it constructs an evolutionary theory of property rights assignment that recognizes the role of cultural and political forces, while giving primacy to economic considerations. It concludes that the behavior of Nigerian landowners to the regulatory shock is consistent with rational economic considerations but inconsistent with the expectations of the confiscatory legislation. The study employs data on landowners’ applications for the formalization of existing property rights to the new ‘Right of Occupancy’ over the first 15 years of implementation. The test of the landowner response to this requirement concludes that landowners are holding back on statutory formalization of their property rights as a rational response to the legislation.

Keywords

Land Tenure Land Market Private Landowner Vacant Land Formal Market 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

Notes

Acknowledgement

The author will like to thank two anonymous referees and Dr. Robert A. Simons for their very helpful suggestions. The same goes for the following individuals for their assistance during the author’s field work: Mrs Ngozi Okonkwo and her senior staff at the Lands Division; and Dr Femi Obatomi, Director of Planning and Statistics, all of the former Nigerian Federal Ministry of Works and Housing; Mr. J. A. Adediran of Lagos State New Towns Development Authority, and Dr. Henry Taiwo Iwarere of Ekiti State University, Ado Ekiti. Grants support by Howard University Faculty Research Program in Social Sciences, Humanities, and Education is gratefully acknowledged. The views expressed do not necessarily represent those of these individuals and institutions.

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Copyright information

© Springer Science+Business Media, LLC 2008

Authors and Affiliations

  1. 1.Department of Finance, Int. Business, Insurance, Real Estate, School of BusinessHoward UniversityUSA

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