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INVESTMENT IN AGRICULTURAL PROPERTY AS A CATALYST

INVESTMENT IN AGRICULTURAL PROPERTY AS A CATALYST IN ORUMBA NORTH L.G.A OR ANAMBRA STATE

 

 

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ABSTRACT

Investment in agriculture was purely on subsistence basis in the past until recent when it has been operated on large scale. It is a booming venture in developed countries of world. In Nigeria, it is mainly focused on cash crops. Live stocks, fishery. Wood lands pasture lane etc. Most of them are owned by government and their agents. The emphasis and campaign placed on agricultural property investment has made individuals to embark on such venture. Due to the fact that the benefit derived from agriculture and numerous, the government has started giving proper attention to investing in agricultural properties rather than hoping on oil for the economy. In this project research work, the main objectives are to discuss, on the investment in agricultural properties as a catalyst in Orumba North local Government Area, the types and their importance the impacts, problems affecting it etc. Going by the widely prevalent thirst are urge for investing in agricultural property however, my recommendations are conclusion are very lively to favour the positive effects.

 

TABLE OF CONTENTS

CHAPER ONE

  • Introduction

1.1     Background of study

1.2     Statement of problem

1.3     Research questions

1.4     Purpose of the study

1.5     Significant of the study

1.6     Limitation of the study

1.7     Definition of terms

CHAPTER TWO

2.0     Literature Review

2.1     History / overview

2.2     Source of investment (investment options)

2.3     Property as an investment

2.4     Investment in Agricultural property in Nigeria

CHAPTER THREE

3.0     Research methodology

3.1     Background and location of the study

3.2     Types of Agricultural property investment in Orumba North L.G.A

3.3     The benefits of Agricultural property investment

3.4     Research Methodology and data collection

3.5     Sources of data collection

3.6     Types of technique used

CHAPTER FOUR

4.0     Problems affecting agricultural property investment.

4.1     The impact of agricultural investment property

4.2     Problems affecting agricultural property

4.3     Possible solution to the problems

CHAPTER FIVE

5.0     Summary, Conclusion and Recommendations

5.1     Summary

5.2     Conclusion

5.3     Recommendation

References

 

 

CHAPTER ONE

  • INTRODUCTION:

1.1   BACKGROUND OF THE STUDY

Investment in agricultural property is not advanced as that of developed countries of the world. Agricultural property investment amounts to all investment operation in such property as cash crops, livestock, pasture land, cottage etc.

Nigeria generally is blessed with fertile and large area of land with abundant human and natural resources, which if harnessed effectively under the guide and supervisor of the experienced property manager  (Estate surveyors) will help a lot in solving the battered economy of Nigeria.

Inspite of the numerous benefit derived from agricultural properties, Nigeria still give it little attention they keep on hoping on crude oil for the economy instead of diversifying her investment in other resource like Agricultural property.

With the benefit ard returns realizable form the investment in agricultural properties, it will serve as an alternative. Sources of life and a catalyst for speeding development of rural areas.

1.2   STATEMENT OF PROBLEM

Investment in Agricultural properties in rural areas amounts to under utilization of both natural and human resources to boost the increase in production of food and cash crops etc in large quantity.

This work is made to know how agricultural investors would achieve their objectives. It will be shown that agricultural property investment is a worthwhile and beneficial venture forming the catalyst to rural development and economic revetry of Nigeria’s battered economy.

 

1.3   RESEARCH QUESTION

Due to some hindrance encountered in agricultural investment in some area: the following questions were emanated on its effect to the area of study.

  1. Will agricultural investment reduce the increase of unemployment in the country?
  2. Is there any formal training for investors?
  3. can the investors in agricultural properties receive any grant, from he government?
  4. What are the major problem facing the investment in agricultural properties?

1.4   PURPOSE OF THE STUDY

The main purpose of this research work of agricultural investment as a catalyst to Orumba North Local Government area centers of the following:

i       To assess agricultural property investment as a catalyst to rural, development.

ii      To assess different investment as an agricultural property.

iii     To examine investment in agricultural properties in order to assessing the benefits.

iv     To examine the problems facing the investors in Agricultural property.

v      The make recommendations on how the agricultural properties can be handled in order to make the best use of it.

 

1.5   SIGNIFICANCE OF THE STUDY

This project work is basically concerned on the returns from investment in agricultural property, therefore, every effort is eared to explore and expose some.

To that effect, the study limit itself within the bounds of investment operations in agricultural properties in Orumba North local government area. it does organized in such a way that the study is made on specific benesity from the government and individual or private investors point of view.

 

  • LIMITATIONS OF THE STUDY

Some unavoidable limitation encountered by the researcher when conducting the project have hindered a comprehensive research work. These includes:

  • Time Dimension: The time factor has a serious input in conducting this research work. Time lay between the short academic calendar makes the researcher to rush the work thereby boycotting some necessary findings.
  • Lack of finance: Since the research work being done within limited income while there is a drastic increase in the cost of terms like transportation fare, typing and binding. These are the major expenses involved in it which has to be limited to the available income.

1.7               DEFINITION OF TERMS

INVESTMENT: This is the giving up of a capital sum in return for an income or benefit to be derived periodically. At times, the return is a lump sun or in a non-monetary form (benefit).

AGRICULTURE: This means as the cultivation of the land for the purpose of producing food for man, feed for animals and raw materials for industries.

PROPERTY: This is the right an individual or group of individual exercise over a thing. It includes the exclusive right to use, possess and exclude others.

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AGRICULTURAL PROPERTY INVESTMENT: This is he operation on such properties as cash crops. Livestock, pasture lane, cottages and farm, houses, dairy and arable faming and fishing.

RURAL AREA: It refers to that portion of area which are situated outside urban and cities location. Rural areas are predominantly undeveloped lands occupied of green or natural environment viably grass, forestry etc.

DEVELOPMNET: This is a systematic enrolment of potentialities of a thing. For example land.

RURAL DEVELOPMENT: This term is used to improve the economic and social life or the people the rural area such as housing, electricity, water,

 

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THE PROBLEM AND PROSPECTS OF HOUSING IN THE NEW STATE CAPITAL, ASABA DELTA STATE

THE PROBLEM AND PROSPECTS OF HOUSING IN THE NEW STATE CAPITAL, ASABA DELTA STATE

 

 

COMPLETE PROJECT  MATERIAL COST #3000 NAIRA

 

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ACCOUNT NUMBER:  0115939447
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Account Name: Chi E-Concept Int’l
Account Name: 3059320631

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OR
PAY ONLINE USING YOUR ATM CARD. IT IS SECURED AND RELIABLE.

Enter Amount

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08074466939 Or 08063386834,   The Project Title  You  Selected On Our Website , Amount Paid, Depositor Name, Your Email Address, Payment Date. You Will Receive Your Material In Less Than 1 Hour Once We Confirm Your Payment.

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ABSTRACT

Housing has become one of the major problems in which individuals, private / public establishment are facing in the new state capital in Nigeria today.

Housing do not offer shelter only but also they are considered as a status social and a successful life. The research work will enable us to identity the problems, the impacts, the importance and the general effect of housing problem in the new state capital.

 

TABLE OF CONTENTS

CHAPTER ONE

1.0     Introduction

1.1     Housing problem in Asaba

1.2     Historical background of Asaba

1.3     Problem of land acquisition for housing

CHAPTER TWO

2.0     Situations of existing houses in Asaba

2.1     Lack of maintenance

2.2     Town planning regulations

CHAPTER THREE

3.0     Rehabilitation and conservation

3.1     Solution to the Housing problem

3.2     Effectiveness of property maintenance

CHAPTER FOUR

4.0     Population density

4.1     Use of local building materials

4.2     Solution ot land acquisition problem

CHAPTER FIVE

5.0     Summary, Recommendation and conclusion

5.1     Summary / Conclusion

5.2     Recommendation

5.3     References

 

 

CHAPTER ONE

1.0     INTRODUCTION

Housing is one of the three basic necessities of life. He dignity of man is usually enhanced by his ownership of house. The greater population of the world population is housed, the population that is well housed is in the minority while dilapidated houses are accommodating the greater population of the world.

The concentration and rapid increase of population in the new state capitals is based on the few and inadequate social services in the town. The main pointer in the new state capital is the problem of a housing, houses to match the over-growing demand so as to produce rent which are reasonable to meet the community and which are equitable in terms of returns to investors in housing in the urban area and developing areas like Asaba-statistics have it that in Asaba, some areas, the home is too small to allow for decent family life and offers no more than a tiny abode to its members. Statistics also have it that urban dwelling are in general over-crowded and surrounded by a deplorable urban landscape situation. This most unsatisfactory situation is still setting hard due to the impact of population growth and urbanization, there has been a remarkable increase in recent years.

In the recent rate of growth of population together with a steady force of population from the rural area to the urban centres. Theres has been a rapid increase in the number of experts, administrative and technical personels as a result of improvement, changes and growth in development standard improvement in the general level of prosperity; income, living condition of people has led to people demanding more and better houses.

On the other hand, supply for number of reasons has not kept pace with this demand in the urban areas because of industries situated there, it has made it possible for people to migrate to these areas despite the quality of a problem in finding a means to have accommodation which is relatively cheap with the means of the rural folk and yet of sufficient high quality ot satisfy certain basic requirements.

Though these days, expert now live in the rural areas because of developments, it still takes time to construct dwelling house, while the buildings are under construction, they will have to accept the available ones. The housing problem out of necessity to be considered against the background of the social philosophy of the community. there are certain peculiarities associated with the economic of housings, particularly the fact that there is considerable inconsistency on both the demand and supply side of housing.

There is the unadulterated ‘MARXIST’ view that government should be totally committed and has a responsibility ot provide accommodation at reasonable rents must be provided for every person and so on should be allowed, for instance to take advantage of his ownership of land or wealth to exploit the tenant group in society, having said all these, it will be proper to state the problem of housing in Asaba. It is very common to see that the acquisition of and is tough in the sense that land is expensive and counted in supply and in addition, it takes a rather long time to negotiate and come by good title to land even after land must have been acquired and building erected. It is not enough because it cannot accommodate the teeming population and this ten leads to over crowding which is not good for healthy living. Buildings are over crowded and human being also are too much due to large household size and shortage of housing.

One point should be understood and that is of good planning, if Asaba is well planned, then the problem of housing may not be much. But because of inadequate facility utilities and amenities not been provided for. It will then be worsen when the population is much or over crowded. Come to think of it rents are very high for the good enough buildings and this does not go down well for the low income earners and this makes for an unhealthy way of living but if the government could come and build low cost houses, then it will save these dwellers from their suffering.

Although dwellers who can afford decent houses ot live in, it makes for the high growth of tenement, because they now resort to live in place where there is not good ventilation and the house cluster. These houses are not permanent in the sense that if there is heavy wind or rain, the building collapses and life is lost, tough because they will have to provide another accommodation or they will have to rebuild.

Lack of planning is another problem because since these houses are built carelessly, it does make for good planning. They do not get the go ahead from the authorities concerned, these buildings have been developed and demolished when the planning authorities find out, so it is safer to get the go ahead from the authorities concerned even though it will take so much time ot acquire but it should be worthwhile in the long run.

Decent housing is one of the basic need of every individual, the family and community. in general a pre-requisite to the survival of man. The housing as a unit of the environment has profound influence on the health, efficiency, social behaviour satisfaction and general welfare of the community it reflects the cultural, social and economic value of a society as it is the best physical and historical evidence of civilization in a town and country. The importance of providing adequate housing in any town cannot be over stated. It is a stimulant of the national economy.

Decent housing on the other had can be regarded as a right of every individuals, a great population of the population in Asaba live in sub-standard and poor housing and a deplorable, unsanitary rapid urbanisation and economic growth have compounded the problem of acute population in Asaba.

 

1.1     HOUSING PROBLEM IN ASABA

There is therefore great shortage of housing especially for the low-income earners in Asaba. A household sample survey conducted one selected part of the town in October 1995 by the participants of this workshop revealed that about 84.46% of the housing units are flats while only 28.4% are tenement units. This has resulted in high room occupancy ration of more than five (5) persons per habitable room as recorded in parts of Umuaji, Umuezei, Egengbome in Asaba.

flat sharing or multiple occupation of apartment flats are measures used by those of low-income earner to redress. This often leads to the deterioration of the residential buildings and the environment. The causes of shortage of tenement house can be attributed to such factors as high cost of land by acquisition, lack of finance, high cost of building materials, and population trends, unwillingness of private developer to invest in tenement houses due largely to know returns from such development and the fact that planning schemes for some of the layout deliberately excluded tenement building eg Ezena Avenue.

Sitting of certain housing project (i.e portion of low cost housing) are some of the factors responsible for flooding in the city. Some draws in the Ezenei Avenue, low cost housing for example were constructed with utter disregard to the topography of the area so that water is expected to flow against the radiant. In general, the problem of housing in Asaba is more of shortage of appropriate  housing units in form of tenement or rooming houses whose rents are affordable by people in the low income level than shortage of flat apartment many of which vacant due to high rentage.

Also flood wreaks in Asaba, make people lose property and also the lost of five’s are encountered. These problems bring about rebuilding and displacement of occupants of the affected buildings.

  • HISTORICLA BACKGROUND OF ASABA

Asaba is located in the eastern part of delta state with sixteen (16) local government area. A rapid developing urban centre and the administrative headquarter of Delta state in Nigeria. Its historical roots is from both Kogi and Anambra state.

A woman named Diaba from Agbakuba village in Nteje, Anambra state, was said to have been impregnated by Onojobo, a prince and trader from Igala land, while she was residing in Eze Anyanwu’s court as one of the court girls. She was said to have hailed from the royal line of Ezechima, the legendary ancestor of numerous settlements east of the Niger, including Onitsha. This explains why Benin, Asaba and Onitsha seem to share a common culture and tradition as in the area of festival regalia like traditional coral beads and hand-woven big flowing white gowns and traditional titles scuh as the Onowu Iyasele of Onitsha and the Iyase Onowu of Asaba. Asaba is one of the emerging urban centres of present date Nigeria. Before the creation of Delta and Ado state, Asaba was the headquarter of Oshimili south local government which has a limited political significance. After the creation of Delta state and Asaba as the headquarter continue to attract many governmental functionaries such as ministries and all types of government parastatals thereby swelling up in population increase, in working class people.

Today, Asaba is experiencing greater housing problems than ever before and it is feared that impact may take some time to subside.

1.3     PROBLEMS OF LAND ACQUSITION FOR HOUSING

Before the land use Act of 1978, ownership of land was rested on individuals and community which result to cumbersome and obstacles to individuals willing to acquire an interest in land. The alnd use Act stopped private owners and individuals form owning land rather having possession on it in perpetuity. It rested all land in the power of the governor of each state. Before a private individual acquires and interest in land from the state governor, he has to undergo series of protocol before he can be issued with a right of title or certificate of occupancy to use and enjoy the relevant piece of land usually evidence in certificate of occupancy (C OF O).

The system and process of securing title to land is unsatisfactory and cumbersome. As a first step towards this, the private individual has to buy a form which contains some questions to be completed and submitted before specified time. The authority concerned with the processing and insurance of this certificate of occupancy often make situations difficult for the developer who would otherwise which to make immediate development. this is because the certificate of occupancy consume a lot of time before it can be issued to a developer. The next stage after the processing of the form is that, those that have been approved are rent to the governor for endorsement and whereby governor is busy, he can then assign this duty of endorsement to the commissioner of lands, works and transport, who endorses his signature with a red wax to show its validity.

The successful applicant is then given a certificate of occupancy to use and enjoy the land subject to the conditions and covenants contained in the said certificate.

The logic being the issue of condition and covenants is that only authorized occupier can develop, enjoy or lease the land but subject of course to the zoning and planning laws and other regulations affecting land use, in relevant urban area. it is now clear from the foregoing that housing is militated against by the problem of land acquisition in Asaba.

 

 

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THE ROLE OF ESTATE SURVEYORS AND VALUERS IN RURAL DEVELOPMENT

THE ROLE OF ESTATE SURVEYORS AND VALUERS IN RURAL DEVELOPMENT

IN EKWULOBIA, ANAMBRA STATE

 

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Abstract

This project on the role of estate surveyors  and valuers in the development of property a case study of Ekwulobia in Aguata Local Government Area Anambra state is bringing to focus the role this professionals can play in the course of the topic in question in our everyday endeavours for utilization and management of our resources base on these efficient and best use of these resources for self reliance and economic welfare. It is amazing to note that many people in different sectors of our economy mainly in rural development up till this twenty one (21st) century, do not know whom a valuer is nor his role in the course of rural development. It is quite clear to note also that may people who are aware of their existence regarded them (the estate surveyors and valuers) as mere ent collectors. This impression should be corrected and the role of men of the noble profession, must be sought for their expert knowledge utilized for the overhandling of our nations rural developments, plan and policies. Today it is quite unfortunate that Nigeria which was once one of the richest third world country as an earlier said has fallen from grace to grass after her glorious days of the ever said oil-boom of the seventies, it has now become a debtor nation, this non consultation of the various professional bodies in management and use of our natural and man made resources especially land and other related real estate in different fields of our rural development has posed a lot of estate management and social problems today. The aim of putting up my write up is to put into light what this discipline “Estate Management” is saying about and their role in both rural and urban development.

 

TABLE OF CONTENTS

 

CHAPTER ONE

  • Introduction

1.1     background of the study area (Ekwulobia)

CHAPTER TWO

  • Who is a valver / Estate developer

2.1     An estate developer

2.2     Functions of a surveyor and valuer

2.3     role of a valuer in the development of properties

CHAPTER THREE

  • Characteristics of a rural area and urban area

3.1     Nature of the development of properties

3.2     constraints to effective development

3.3     agents responsible for the development of properties

CHAPTER FOUR

  • Nature of the development of properties in Ekwulobia

4.1     Agents

4.2     Problems encountered in the development of properties in Ekwulobia

4.3     The present role of estate surveyors in Ekwulobia

CHAPTER FIVE

  • Recommendations and conclusion

5.1     Recommendations for effective development of properties in Ekwulobia and other areas

5.2     Conclusion

References

 

 

 

CHAPTER ONE

 1.0     INTRODUCTION

Estate management as a discipline and a noble profession especially in a developing country like Nigeria is progressively becoming significant. Governments, groups, corporate bodies and even private concerns action have taken a new dimension in the modern world as a result of rising economic trend especially in this period of global economic recession.

Now the services of the experts and professionals abounding our labour force are being sought for, and their advice being utilized. A critical look and study of the various hand use problems.

(LAND USE ACT) of 1978 in this country reveals that experts and professionals in the field of estate management and other related professions were not consulted for proper advice by the policy makers and implementations before making decisions. Today it is quite unfortunate that Nigeria which was once one of the richest third world country as an earlier said has fallen from grace to grass after her glorious days of the ever said oil-boom of the seventies. The nation has now become a debtor nation.

 

1.1     BACKGROUND OF THE STUDY AREA (EKWULOBIA)

This is an urban area made up of nine sub-urban villages, namely: Umuchiana, Agba, Ula, Okpo, Eziagulu, Nkono, Abogwune, Ihuokpala and Umunchi.

It is located 25.778km from Awka, 44km from Onitsha (East) and 15.3kilometer east from Aka-Okwa which shows that the town is located at the center surrounded by various sub-urban towns like Agulu-ezechukwu, Isuofia, Ikenga, from North side of Oko, Nnanka,. Then viewing from the South is Ezinifite and Mkpologwu. Ekwulobia, since its creation, it has been experiencing a laudable development all around as regards to infrastructural development such as construction and rehabilitation of new and dilapidated roads, Ekwulobia-Isuofia-Nnobi road, (Ekwulobia-Uga, Agulu-Awka road) etc, the provision of pipe born water and establishment of more. Ekwulobia the largest city in Aguata, is expanding rapidly to a population of aout five hundred thousand (5000,000) people exclusing non indigene. The land mark area covers about one hundred square meter above main sea level, the land slopes gently towards east into rally of Iyiagu, Okpalayanwu and Ofalu streams which runs down from great height causing great erosion. The people were mainly villagers and predominantly farmers.

Ekwulobia is the local government headquarters of Aguata local government area. The very few infrastructural facilities in existence, were the few primary and secondary schools, general hospital, situated with few private ones, the commercial centre area, old Eke market and New Eke market which functions every four days, Hotels, banks, like Access bank, first bank, Zenith bank FCMB etc all revolves round the park (round about).

Following the rapid population growth and Emigration rate exluded by advancement in Economic activities recently at Ekwulobia and its environs and neighbourhood, the town has being elevated into an urban status which now calls for government’s attention in infrastructural development. The advancement in economic activities such as re-structuring of parks and re-development of high risk lock-up shops, more banks, filling stations, adequacy of electric power facilities, installation of Nitell pole as been done in some other urban areas like Enugu, Nnewi, Onitsha etc. the ever increasing population growth of students of federal polytechnic Oko when results to increasing demand for more residential accommodations tends to increase the value of real properties at Ekwulobia.

 

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