Browsing by Author "Bello, Nurudeen Akinsola"
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Item Adapting to climate change flooding impacts- A guide for achieving sustainable Built Environment in Nigeria(School of Environmental Technology International Conference (SETIC, 2016), 2016-05-11) Bello, Nurudeen Akinsola; Adepoju, Adetoye Sulaiman; Adeogun, Adekunle SundayFlooding, a situation where land is covered with water (due to overflowing river caused by heavy rain) is one of the climate change natural disasters generated by human activities which constitute a threat to human life, property and the built environment. Although risks cannot be fully eliminated, however, adaptation to climate change can reduce the exposure and vulnerability to extreme climate and sustain the built environment. This work surveyed literature on climate change flooding and its effects on Nigerian built environment to find out that most developed nations with longer water bodies and greater exposure to flooding disaster have been able to curtail the negative effects of climate change induced flooding over the years than Nigeria were able to minimise the negative effects of climate change flooding on their built environment whereas, Nigeria with comparable minimum and manageable length of water bodies continuously have higher negative impacts from flooding. The study found that the application of adaptation theory will mitigate against the effect of climate change flooding and lead to the achievement of a sustainable built environment in Nigeria. The work eventually recommended concerted efforts of all stakeholders in the built environment to cooperate among themselves for the actualisation of gains of adaptation approach to climate change flooding in Nigeria towards achieving sustainable built environment.Item Assessment of Adaptation Strategies to Flooding Impacts in Nigeria - A Review(www.itspoa.com/journal/ud, 2018-01-03) Bello, Nurudeen Akinsola; Durosinmi, Wasiu Ayobami; Risikatu, Isyaku AbdulkarimFlooding is one of the climate change natural disasters generated by human activities which constitute a threat to human life, property and the built environment. Although risks from such cannot be fully eliminated, however, adaptation to climate change can reduce the exposure and vulnerability to extreme climate and sustain the built environment. This work surveyed literature on climate change flooding and its effects on Nigerian built environment to find out that most developed nations with longer water bodies and greater exposure to flooding disaster have been able to curtail the negative effects of climate change induced flooding over the years than Nigeria were able to minimize the negative effects of climate change flooding on their built environment whereas, Nigeria with comparable minimum and manageable length of water bodies continuously have higher negative impacts from flooding. The application of adaptation theory will mitigate against the effect of climate change flooding and lead to the achievement of a sustainable built environment in Nigeria. The work eventually recommended concerted efforts of all stakeholders in the built environment to cooperate among themselves for the actualization of gains of adaptation approach to climate change flooding in Nigeria towards achieving sustainable built environment.Item An Evaluation of the Appropriateness of Methods of Valuing Residential Properties in Sub-Urban Areas of Ondo State, Nigeria(Covenant University, Ota, Ogun State, Nigeria, 2019-11) Alimi, Rasheed Kolawole; Ayedun, Caleb Abiodun; Bello, Nurudeen Akinsola; Agava, Yusuf HalimThe study examined the approaches often adopted for the valuation of rural residential properties of Nigeria using Ugbe and Arigidi Akoko areas of Ondo State, Nigeria as the case study. The study was set out to determine which of the method(s) of valuation is the most appropriate for valuing residential properties in rural areas in the developing economy such as Nigeria. To achieve the aim of the study, the physical inspections of two residential properties were carried out, one in Arigidi Akoko and Ugbe Akoko in Ondo State. The data collected via the inspections were used in calculating the values using different methods. The study reveals that of all the methods of valuation, investment method is the most appropriate because the value derived is a function of the rent. Comparative method is inappropriate because property rarely changes hand in the rural areas while the cost method jack up property values to a level that the market cannot support. The figure of years purchase which is a multiplier is difficult to calculate because the yield which determines the years purchase is a function of analysis of sales transaction which is rare. There is little difference in construction cost in rural and urban areas whereas values between the two show wide disparity. The study recommends even distribution of projects by governments, organisations, religious bodies etc. Development projects act as catalyst which speeds up the rate of development which brings about influx of people thereby resulting in upward movement of rent and property values. Keywords: Valuation, Residential properties, Arigidi Akoko, Ugbe Akoko, Ondo StateItem Factors Influencing Rental and Capital Values of Residential Investment Property in Abuja, Nigeria(Penerbit UTM Press., 2020-06-28) Bello, Nurudeen Akinsola; Adetoye, Sulaiman Adepoju; Durosinmi, Wasiu AyobamiThere are various purposes the rental or capital values of residential investment property could be sought. However, most previous studies on factors influencing value of residential investment property are expressed in a general term; not specifically indicating whether rental or capital value. This may mislead investors in making the wrong investment decision. Using aggregation and disaggregation approach, this study examined the general and specific factors determining the rental and capital values of residential investment property in Abuja, Nigeria with a view to providing information that could guide the investment decisions. With the use of a structured questionnaire, cross sectional survey was adopted to obtain the perceptual opinion from 136 estate surveying and valuation firms in the study area. Data was analyzed with descriptive statistics of Relative Important Index (RII). The findings reveal a variation in the outcome of general factors and specific factors and that in specific term, factors influencing the capital value are significantly more in quantity and rating than the ones influencing the rental value. Out of the 23 (13 for rental and 10 for capital value) general determining factors, 11(3 for rental and 8 for capital value) are actually significant. Average number of rooms; change in maintenance cost/taxes and the neighbourhood characteristics mainly influence the rental value of residential property while cost of construction; type of structure/quality of facilities; potential of rental growth; title and size of the land; neighbourhood attributes; inflation impact; size and structural characteristics and state of supply in property market are the main factors influencing the capital value. This noted variation is an indication for property investment stakeholders to be cautious and specific in the selection of the most appropriate determining factors for their investment objective to avoid investment decision errors.Item INVESTMENT PROPERTY TYPOLOGY ANALYSIS; EVIDENCE FROM NIGERIAN URBAN PROPERTY RETURNS AND MACROECONOMIC VARIABLES(African Journal of Built Environment Research (AJOBER), 2021-04) Bello, Nurudeen Akinsola; Agava, Yusuf Halim; Olanrele, Olusegun OlaopinThe study examined the return characteristics of investment-properties on typology basis in Abuja, Nigeria and quantified the impact of macroeconomic-variables on the return. Quantitative primary and secondary data were gathered for the study. Structured questionnaire was administered on 420 investment-properties available in the portfolios of practicing Estate Surveying Firms (ESFs) in the study area. Both descriptive and inferential statistics were adopted for data analyses with mean, growth rate, standard deviation, correlation and regression coefficients. The result showed a constant yield range for the study area, but variations in the return, risk and return/risk among the property-types and a mixture of negative and positive relationships between/among the property-types. The result further showed that returns on most property-types do not correspond with their risks and detached house with boy’s quarter exhibits an out-performance over all other property-types. However, in relation to the economy, property-return exhibits a strong negative relationship with the currency exchange rate and a weak negative relationship with interest rate, but none of the macroeconomic variables statistically explain or drive return on the property. This study contributed to the literature on Nigeria property-investment analysis by providing guiding information for a better knowledge of the Abuja property market dynamics that can enhance decision making of investors towards an improved market rewards analysis. Despite the observed variations in the return characteristics in the study area, an appropriate mix of property-types can still bring about improved performance benefit to the investors. The study is beneficial to investors through reduction in the wide gap between investment expectation and actualization through appropriate and specific investment prescriptions. The notable variation between the yield and return on property suggests that investors cannot rely solely on the yield of an investment analysis as their investment guide, rather they should extend to the reward characteristics. This is one of the few studies on Abuja direct property market reward analysis on propertytype approach that explored the sensitivity of property return to the Nigeria economy.Item RURAL TRANSFORMATION AS A KEY TO SUSTAINABLE DEVELOPMENT IN NIGERIA(Faculty of Environmental Sciences, University of Ilorin, Nigeria, 2015) Bello, Nurudeen Akinsola; Bako, Abdullateef Iyanda; Akinbola, Kazeem Bolayemi1.0 Introduction The development of rural areas as the bedrock of rural transformation has long been neglected in Nigeria with the ascendancy of crude oil as the mainstay of the nation’s economy. The rural dwellers produced the chunk of Nigeria’s staple foodstuffs, using crude implement and technology. The task of transforming rural-Nigeria has remained the focus of successive governments in recent years. Urban bias in Nigerian development policy is reflected in prices, institutional opportunities, availability and access to markets, health, infrastructure, communication and transport linkage and many other structural characteristics of national economies. Policy analysts, policy advocates, and other stakeholders in the socioeconomic and political development in developing rural societies have over the years placed more emphasis on rural transformation as the best policy option to develop the rural areas and promote the economy of Nigeria. Consequently, they have implemented numerous rural development programmes such as operation feed the nation (1976), green revolution (1979), a directorate of foods, roads and rural infrastructure (1986), the national directorate of employment (1986), better life programme (1989), family support programme, national poverty eradication programme etc. that have largely failed to achieve their set goals and objectives. Rural Development has been a front-burner issue in Nigeria simply because the majority of Nigerian people is rural dwellers. Indeed, increase in rural productivity must encompass mass participation of the rural population by mobilizing and allocating resources in such a manner that a balance is achieved between economic and social services. According to Eves, (2014) in most countries, rural property makes up the greatest percentage of the total area of the country but is not always the most valuable property type in that country. The rural environment plays a significant role in the national economy through the rural economy. This would eventually result in a better standard of living for the rural population (Eli, 1986). The above assertion pointed out that this would necessarily involve a redistribution of personal income of rural dwellers through the provision of job opportunities other than land bound activities for a sizeable proportion of the rural inhabitants (Ani, 1997). However, quite germane to agricultural production is the provision of basic and functional infrastructure that is embedded in effective rural transformation. Rural transformation either in physical or social forms can be used to bridge rural-urban gap, can aid the rural dwellers in their production activities and enhance the quality of rural life’. Rural transformation in Nigeria has become imperative in view of the fact that rural-Nigeria constitutes the largest percentage of Nigerian society, the most depressed segments and the potential reservoir of national foodstuffs, wealth and energy. According to Olayide et al (1979), greater percentage (about 70 percent) of the Nigerian total population lives in rural areas, and to a large extent depend on agriculture for food and income. However the United Nations (2009) reviewed and estimated that 48.3% of Nigeria’s population live in the urban areas while the majority of the people (51.7%) live in the rural areas and they are largely engaged in agricultural production. In fact, they have remained traditional in their culture and despite their rural character they have been increasingly affected by decisions and activities which occur in small but growing urban areas in the country. According to Olayide et al (1981), most Nigerian rural areas have the following peculiar characteristics; Low income, Low savings, Low investment, Low capital formation, Poor infrastructural facilities, e.g. health, road, electricity, etc., either absent or in a poor state, High population density, Gross illiteracy, Low social interaction, Local politics, Disguise or under employment, Informal groups, High rural-urban migration, Low technological base – There is low rate of transformation and abundant untapped resources resulting from the lack of skilled manpower. Despite all these, the majority of urban residents rely directly or indirectly on government employment, which has been the major stimulus for urban growth. Studies have revealed that government employees are purely overhead expenses and that they are non-productive; and that the rural production in Nigeria is what sustains the country. Despite this pivotal role of rural production, the productivity of the rural masses is low because of lack of transformation of rural areas which, if done will obviously stimulate rural development, encourage rural industrialization and check rural-urban migration and promote the national economy. However, in recent times, the productivity of the rural masses has continued to decline. Rural transformation is therefore of fundamental importance for the achievement of sustainable development and broad-based economic growth, directly linked to food security and poverty reduction in Nigeria. This is because Nigeria is one of the nations where rural poverty has been increasing and per capita food production has been declining in recent time. The next section of this paper is on rural development concept, follow by third section on