Assessing the Methods of Valuing Contaminated Land in Rivers State, Nigeria
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RICHTMAN PUBLISHING
Abstract
Description
The practice of environmental valuation for compensation has raised serious concerns among estate
surveyors and valuers (ESVs) practicing in Nigeria due to the challenges posed by the enabling laws and
other factors. This study examined the methods adopted by ESVs in carrying out the valuation of land
contaminated by oil spill in Rivers State. The study focused on ESVs practicing with registered firms in Rivers
State. Primary data was obtained by administration of questionnaires on 120 ESVs out of which 80
questionnaires were retrieved and used for the analysis. Also, semi-structured interviews were conducted
with estate surveyors and valuers identified to be experienced in the subject of study in order to obtain data
on their practice and experience. The primary data was analysed using, percentages, relative importance
index (RII) and principal component analysis as well as coding and narrating for the interviews. The findings
indicated that the methods adopted for valuation are the income capitalization, predetermined
compensation rate, sales comparison, market prices and depreciated replacement cost approach. The study
therefore recommends that professional bodies should continuously train and develop ESVs in this aspect of
valuation.
Keywords
TD Environmental technology. Sanitary engineering