Developing a Contextual Framework for Land Value Capture in Lagos, Nigeria

Authors

DOI:

https://doi.org/10.15641/jarer.v7i1.1152

Keywords:

infrastructure, Lagos, land value capture, sustainable urban development, framework, land value, land, sustainable, urban development, development

Abstract

This study aims at developing a framework to guide the use of Land Value Capture (LVC) as a financing mechanism for infrastructure development in Lagos State, Nigeria. This is geared towards facilitating sustainable economic development in the region. Being a desk research, the methodology adopted was a literature survey. This was in order to identify baseline conditions necessary for the efficient application of LVC. The conditions identified, were then analyzed in terms of their workability within the context of the study area. Data was drawn from research articles, case studies, policy papers, and publications from relevant intergovernmental organizations. In addition to developing a framework, which guides the use of LVC in the study area, the study found that there is potential for the application of LVC in Lagos. Areas requiring minimal intervention include the existence of a vibrant property market and lead implementing institution. The state’s current inability to fully capitalize on LVC, are in the areas of having a strategic national vision, a clear policy framework, sound structure for institutional development finance, and an effective land title documentation system. This is the first study that develops a framework for the use of LVC specifically for Lagos. Further, the paper contextualizes the baseline conditions for LVC in Lagos, Nigeria, presenting an alternate finance mechanism for infrastructure development revenue in the region.

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Author Biography

Funlola Famuyiwa, University of Lagos

Funlola Famuyiwa is a lecturer at the Department of Estate Management, University of Lagos, Nigeria. Her research interests are in the areas of Land & Property Taxation, Property Value Determinants and Environmental Valuation. She teaches courses in Land Economics, Land Use & Resources, Real Estate Feasibility & Viability studies and Statistics.
She has served on various academic committees, and presented research papers at local and international conferences - and has authored and reviewed several publications in top learned academic journals in the built environment.
She holds memebership of several professional bodies including the Nigerian Institution of Estate Surveyors and Valuers, International Association of Assessing Officers (USA), and Estate Surveyors and Valuers Registration Board of Nigeria.

 

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Published

2022-07-28

How to Cite

Famuyiwa, F. (2022). Developing a Contextual Framework for Land Value Capture in Lagos, Nigeria. Journal of African Real Estate Research, 7(1), 94–113. https://doi.org/10.15641/jarer.v7i1.1152