Faculty of Built Environment Studies

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Adoption of Automated Valuation Models- A Panacea for Enhanced Valuation Practice in Nigeria
(Department of Estate Management, Obafemi Awolowo University, Ife, 2021) Awosode, Orayinka
The era of globalization coupled with the introduction of information communication technology has brought about changes in the real estate industry. It has widened the scope of valuation practice, while sophisticated clients also demand accurate price prediction and risk pricing. Extant studies have discussed the lack of data repository bank, digital divide, obsolete educational and practical knowledge as part of the challenges of valuation practice in Nigeria. However, the use of technology is continually changing valuers’ roles from property assessors based on localized market information to financial analysts. The adoption of advanced valuation methods such as Automated Valuation Models (AVM) could help in removing the problem of localized property market knowledge, data availability and access to data. This study reviewed valuation practice in Nigeria, challenges facing the practice in Nigeria and the use of technology as a possible future for valuation practice. The study concluded that although the use of AVM is not popular in Nigeria, it is pertinent to the growth and development of valuation practice. It then recommended that all stakeholders should encourage its adoption in data collection and analysis coupled with a physical inspection to ensure an accurate estimate of value.
Analysis of the Driving Factors of Property Investment in the Peri-Urban Property Market of Ogun State, Nigeria
(Department of Estate Management, Obafemi Awolowo University, Ile-Ife, Nigeria., 2020-03-24) Ajayi, Cyril Ayodele
This study examined the driving factors of property investment in the periurban property market with a major focus on Abeokuta suburbs. It was done with a view to providing information on the types of real estate property developed for investment purposes and the prominent market driving forces in the suburb. The study used primary data and the relevant information was collected through a structured questionnaire instrument. The study employed convenience sampling techniques. A total of 150 questionnaires were administered to members of Nigeria Institution of Estate Surveyors and Valuers (NIESV) and Real Estate Developers Association of Nigeria (REDAN). Eighty-two (82) and seventy-forty (74) questionnaire were retrieved from NIESV and the REDAN respectively. The study deployed descriptive statistics such as simple frequency distribution and meanstandard deviation model to analyse the data. The study found that in the suburb, the property types such as residential and commercial were identified to be the most often developed investment property types and major businesses occur in buying and selling of investment property among the trading activities in the market. The prominent driving forces were land availability and affordability, economic gain/market potential, proximity to urban centres, population growth and strategic locational features. This result signals the need for potential real estate investors to consider the driving forces as underlying factors for informed decision when thinking of investing in the peri-urban property market.
Analysis of the Driving Factors of Property Investment in the Peri-Urban Property Market of Ogun State, Nigeria
(Department of Estate Management, Obafemi Awolowo University, Ile-Ife, Nigeria., 2020-12-12) Fateye, Tosin Babatola
This study examined the driving factors of property investment in the periurban property market with a major focus on Abeokuta suburbs. It was done with a view to providing information on the types of real estate property developed for investment purposes and the prominent market driving forces in the suburb. The study used primary data and the relevant information was collected through a structured questionnaire instrument. The study employed convenience sampling techniques. A total of 150 questionnaires were administered to members of Nigeria Institution of Estate Surveyors and Valuers (NIESV) and Real Estate Developers Association of Nigeria (REDAN). Eighty-two (82) and seventy-forty (74) questionnaire were retrieved from NIESV and the REDAN respectively. The study deployed descriptive statistics such as simple frequency distribution and meanstandard deviation model to analyse the data. The study found that in the suburb, the property types such as residential and commercial were identified to be the most often developed investment property types and major businesses occur in buying and selling of investment property among the trading activities in the market. The prominent driving forces were land availability and affordability, economic gain/market potential, proximity to urban centres, population growth and strategic locational features. This result signals the need for potential real estate investors to consider the driving forces as underlying factors for informed decision when thinking of investing in the peri-urban property market.
Appraisal of Ferry Terminals Design Compliance to Guidelines for Universal Accessibility in Lagos State Nigeria
(International Journal of Recent Technology and Engineering (IJRTE), 2020-03) Izobo-Martins, Oladunni
Accessibility of public buildings has been an issue of global interest and importance in the society in recent times. It has been promoted by the need to ensure universal equality and end discrimination of persons either based on size, ability and mobility disorder. Given the important role of water transportation in aiding mobility, movement of goods and services in coastal cities such as Lagos, this study reviewed the compliance of design, construction and operation of Ferry Terminals towards accessibility of users. The research adopts the case study approach and interviews in appraising the three existing Ferry Terminals in Lagos State, Nigeria for accessibility compliance. The case study involved observation and evaluation of the facilities, and the interviews focused on 18 of the ‘facilities operators and passengers’ about their experiences of associated facilities. Findings from the study revealed poor compliance to accessibility in both the external and internal environments. As such, there is a high degree of limitation in use of the facilities for all facets of water travel; from building approach; waiting, boarding and disembarking areas. Existing facilities have inadequate accessibility and are below standards to ensure use by all and without discrimination or segregation of users. It is therefore imperative for Ferry terminal buildings and amenities to be accessible in effectively enabling all users achieve true mobility in barrier-free environments that foster user-comfort through the adoption and application of universal design principles.
Architects’ View on Design Consideration that Can Reduce Maintenance Cost
(Mediterranean Journal of Social Sciences, 2018-05) Izobo-Martins, Oladunni
Buildings are designed with the intent of lasting for a certain period of time. Building maintenance in different building typology is described as multi-faceted activities which involve planning, directing, controlling and organizing resources for the sustenance of the building’s physical, functional and operational performance. The research focused on ways cost of maintaining a building was done, effectively or efficiently with the influence of the design approach used. Literatures of works pertaining to building maintenance were reviewed to identify the various impacts, influences that a building design would have on the cost of maintaining any building type. Maintenance departments of educational institutions were surveyed and data analyzed. The study revealed that maintenance culture of buildings could either be positive or negative, based on the quality of design approach used. The study recommends a proper review of building codes and regulations by organizations intending to erect building structures with a view of designers to specified standards and prevent excess maintenance cost in the future
Architecture Students’ Perception of their Learning Environment and their Academic Performances
(Learning Environments Research, 2015-04) Aderonmu, Peter A.
Scholars have agreed that the way students perceive their learning environment influences their academic performances. Empirical studies that focus on architecture students are however very scarce. This is the gap that an attempt has been made to fill in this study. A questionnaire survey of 273 students in a school of architecture in Nigeria provided data for this pilot study. The perceptions of the students were best defined by the involvement of the students in their studies, their perceived support and conduciveness of the learning environment. The students’ perceptions of their learning environment varied with their years of study, ages, and gender. Their perceptions of inflexibility of schedule, positive assessment, and fairness influenced the overall grades of the students. The results suggest the aspects of learning environment that can be manipulated by architectural educators to improve performances of their students. The study of the learning environment of architecture students still appears to be relatively unexplored. The value of this study therefore lies in its exploration of the perceptions of the learning environment from the point of view of students.
Assessing Community Engagement in Tourism Planning and Development in Nigeria: A Case Study of Arinta Waterfall Tourist Resort, Ipole Iloro Ekiti State
(Transnational Journal of Science and Technology, 2012-05) Izobo-Martins, Oladunni
Tourism development and finance is seen as a very viable means of economic development for any country. Apart from generating wealth for the economy, tourist sites also enhance community cohesion and promote peace within the host community. Tourism needs a high level of planning and this has to involve the local community in order for them to have a sense of attachment to the site. This paper reviews the Arinta Waterfall in Iloro Ekiti, Nigeria. it presents the report of a research into how engaged the members of the community are regarding the resort. Interviews were held with key stakeholders in the community and in the state planning authority. Questionnaires were also distributed among staff of the resort as well as community members randomly. The result shows that the community members don’t feel attached to the tourist site hence; there is a strong tendency for them to blame the lack of development and public awareness of the resort of the government officials. This paper however recommends that Community engagement and impact of development must be given high cognisance as lack of community acceptance can have adverse effect on any development; and that there is a need for tourism promotion and awareness. It is indeed disheartening when majority of people living in a neighbourhood are oblivious of the vast natural endowment within their community. Community interest and social capital can be developed through coordinated attempts and effort by the developers and planners by designing sustainable means of engaging with local community groups
Assessing the Impact of Virtual Learning Environments on Architecture Students' Skill Development
(Archiculture, 2023-06) Aderonmu, Peter A.
This study explores the impact of virtual learning environments on architecture students' skill development during the Covid-19 lockdown. The study collected data from architecture students across three private universities in Southwest Nigeria through a questionnaire. The data were analyzed using multiple regression analysis and factor analysis to identify correlations and patterns in the perceived improvement levels. The results indicate that architecture students experienced significant improvements in various skill areas during the lockdown. Among the respondents, 78% reported enhanced proficiency in digital design and visualization, underscoring their adaptability to digital tools for architectural modeling and rendering. Additionally, 65% of students displayed improved independent learning skills, showcasing their ability to take initiative and explore architectural concepts beyond the traditional classroom setting. Furthermore, 72% of students demonstrated better virtual collaboration skills, emphasizing their capacity to collaborate effectively in online group projects and virtual design presentations. The lockdown also fostered improved time management skills in 61% of students, enabling them to meet project deadlines amidst personal challenges. Moreover, 57% of students developed stronger problem-solving abilities, demonstrating their resilience in finding innovative solutions to design and logistical challenges during the unprecedented circumstances. The research also identified a 63% increase in students refining their presentation skills, adapting to the virtual format for showcasing design ideas verbally and visually. Factor analysis further supported these findings, identifying clusters of skills that exhibited substantial improvements among architecture students during the lockdown. Educational institutions can use these insights to design effective learning approaches that integrate virtual tools and encourage independent learning and problem-solving skills. However, attention should be given to addressing potential disparities in access to resources and technological proficiency to ensure equitable learning experiences. Overall, this study offers valuable implications for architectural education and emphasizes the enduring impact of virtual learning environments on students' skill development. This work suggested further pedagogical investigation in the habitus of virtual learning environments.
Assessing Users’ Perceptions of the Current Maintenance Disorder of Public Secondary School in Ogun, Nigeria
(Journal of Building Construction and Planning Research, 2020-03) Izobo-Martins, Oladunni
The challenges facing public schools are multifaceted and include: teachers dissatisfaction, non-commitment of educators, chronic absenteeism by educators, low morale, poor work ethics by educators, late coming of both educators and learners, overcrowding in classes, lack of technical resources and many more. A cursory investigation of public secondary school build ings in Ado-Odo/Ota L.G.A shows its deplorable conditions of structural, aesthetical and decorative disrepair. Therefore the paper focused on ex amining users “perception of the present deplorable physical condition and neglect of public secondary school. The study engaged the use of quantita tive method of analysis, employing the use of questionnaire administered randomly and distributed face-to-face to targeted despondences”. The re sult of findings revealed performance/productivity of building users de pends largely on working and learning condition of building. The outcomes of the research would help policy makers, facilities maintenance experts and professionals alike to device a policy for regular maintenance of public building in other to enhance performance and increase productivity amongst users.
Assessment of Blockchain Smart Contracts Usage for Sustainable Construction Projects in Nigeria.
(Joint Safety, Health, and Well-being in Construction (W099) and People in Construction (W123), 2024-10) Aderonmu, Peter A.
Innovative technologies such as blockchain smart contracts have been developed to digitalize traditional paper contracts, handle delay in payments, disputes and lack of trust among parties to a contract. Hence, this study aims to evaluate the application of blockchain smart contracts in the Nigerian construction industry, with a view to recommending its adoption strategies for sustainable construction projects. The study adopted the quantitative research approach through a questionnaire survey. Data was collected from 182 stakeholders in the Nigerian construction industry through a snowballing sampling technique; these stakeholders were grouped as clients, contractors, and consultants. The analysis was done using descriptive statistics, while Cronbach’s Alpha was used to test for reliability. The analysis revealed that the three groups of stakeholders were not aware of the features of blockchain smart contracts since the outcome ranked below the average mean item score. The findings also revealed that 83.5% of the stakeholders have never used blockchain smart contracts in construction projects. Moreover, the analysis on the readiness to use blockchain smart contracts showed that the stakeholders were fairly ready to use the innovative technology in contracts since the findings ranked above the average mean item score. The study recommends the need for stakeholders’ training on the benefits and usability of blockchain smart contracts, and government policies that will facilitate its adoption in the Nigerian construction industry. This paper offers valuable insights into the readiness of stakeholders to use blockchain technology as a smart contractual arrangement in Nigeria
Assessment of Poor Housing in Informal Settlement, Ogun State, South Western, Nigeria
(International Journal of Applied Environmental Sciences, 2018) Izobo-Martins, Oladunni
This paper examines the influence of poverty on housing in informal settlement. Housing ownership has become a paramount thing in Nigeria, due to high cost of rent. This has resulted in informal settlement and sustaining those buildings has become hectic as a result of poverty. This research work was carried out in order to highlight and examine the influence of poor housing on the health and behaviour of the residents in the study area. Data for the study were generated from both primary and secondary school sources, and were equally analyzed through Descriptive statistics. The sampling population was 250 respondents who are representative of the house heads. Findings from the study revealed that the area chosen for the study exhibit slum condition that has denied impact on the socio-economic lifestyles and the health of the residents, as well as the general outlook of the environment. The study then concludes that people should design and build their houses based on their income rather than hoping for a better future. The study also recommends public campaign, to educate the dwellers on the need for good building condition as well to know the danger of abusing their environment
Assessment of Revolutionary Pedagogic Practices in the Architectural Design Studios of Selected Nigerian Universities
(International Journal of Civil Engineering and Technology, 2018-08) Aderonmu, Peter A.
Over the years, there has been a strong criticism against traditional pedagogic practices in architectural design studio education practices. Consequently, several pedagogic approaches have been engaged consciously and unconsciously by different design studio teachers. Along these Chronicles of investigations, little or no empirical record-data has been documented in these regards. Therefore, this study carried out a spectral investigation of Ten (10) revolutionary pedagogic models as didactically practiced in four(4) selected universities in Nigeria. The research methodology employed a survey research design strategy and the primary data were sourced using questionnaires, observations, focus group, and oral interviews. The secondary data was sourced from the literature, archives and other record types. Also, the sampling frame consisted of the design studios, students and teachers in the selected design studios; the unit of analysis was obtained for the teachers and students, design studios of year three (3), four (4) and MSc levels. A multi-stage stratified purposive sampling technique was adopted. Questionnaire responses were analysed using SPSS while content analysis was used for the interviews and observations. The results revealed across the four schools that: participatory pedagogic model had most dominant characteristics within the pedagogic spectrum of these schools. OAU had the most dominant characteristics in revolutionary pedagogic practices than other three schools. Further in-depth revelations showed another layer of dominant characteristics in analogical model by CU teachers and students; while LAUTECH had inherent characteristics in these models. In terms of the teachers and students, this study established that the pedagogic practices employed in these schools behaved differently in the significant indices across the four selected schools. The parametric indices of revolutionary pedagogy as recorded in these findings can be optimized as valid data and pedagogic applications in the Teachers’ instructional guides, Studio Culture policy and Implementation strategy manual, and other forms of Curriculum applications perquisites to the revolutionary architectural education and practice in the society
Assessment of the Impact of Circulation Design on Guests’ Satisfaction with Hotel facilities in Port Harcourt, Nigeria
(International Journal of Applied Engineering Research, 2016) Aderonmu, Peter A.
As is true for all service industries, achieving customer satisfaction is a critical component of the success of hotel business. Therefore, this study investigated the impact of guests’ satisfaction with circulation design overall satisfaction with hotel facilities in Port Harcourt, Nigeria. It was motivated by the dearth of published empirical literature on this subject from the Nigerian perspective. A questionnaire survey involving 103 guests drawn from three hotels was conducted between December 2015 and January 2016 in the study area. The data were analyzed using descriptive statistics, factor and categorical regression analyses. The result reveals that the guests were more satisfied with internal circulation than external circulation in the hotels. The main sources of dissatisfaction were poor usage of signage to direct pedestrian and vehicular traffic; the lack of pedestrian walkways; and poor access to outdoor recreational facilities within the premises of the hotels. The respondents understood the 35 variables used in assessing guests’ satisfaction with circulation in the hotels from five different dimensions of satisfaction with the location of circulation elements and ancillary facilities; satisfaction with access to ancillary facilities; satisfaction with access to circulation elements; satisfaction with the size and shape of circulation elements; and satisfaction with the use of signage and landscaping elements. However, satisfaction with the location of circulation elements and ancillary facilities, access to ancillary facilities and circulation elements; and the use of signage and landscaping elements emerged as the strongest predictors of satisfaction with hotel facilities. The study implies that to ensure improved customer satisfaction with hotel facilities, adequate attention should be given to the use of signage to direct human and vehicular traffic, provision of pedestrian walkways, and access to outdoor recreational facilities
An Assessment of Workers’ Satisfaction in Estate Surveying and Valuation Firms in Lagos State, Nigeria
(IAEME Publication, 2019-03-03) Fateye, Tosin Babatola
This study examined the levels of satisfaction of employees with the major focus on the staff of estate surveying firms (ESFs) practicing in Lagos State, Nigeria. This was with a view to identify the factors influencing their levels of job satisfaction and analyze the relationship among the influencing factors. Structured questionnaire were administered to 367 ESFs operating in Lagos State out of which 274 representing 74.66% questionnaire were properly filled, returned and analyzed. The study deployed descriptive statistics such as simple frequency distribution, mean weighted score (MWS), cross tabulation, correlation and one-sample test (t-test). The findings of the study showed that few estate surveyors (17.52%) expressed satisfaction in the job, 39.42% of the employees were completely dissatisfied while 43.07% of them were unsure about their job satisfaction level. The result of cross tabulation showed that, male estate surveyors expressed higher level of dissatisfaction (53.73%) compared to their female counterparts (33.65%) in ESFs. From the MWS result, the respondents rated communication (COM: 4.41), fairness and sufficiency of salary (SAL: 4.23), the quality of relationship with supervisor (RLS: 4.23), fairness of organizational policies (ORG: 4.17), reward for good job performance (RWD: 3.85) and quality of relationship with co-workers (RCW: 3.77) as the dominant influencing factors of job satisfaction. The study also discovered strong positive correlation coefficient between COM and COW (.824), SAL and RWD (.775), RLS and COM (.754). At 5% confidence level, the result of the t-test showed positive contributions of all the influencing factors to employees job satisfaction in estate firms (p<0.05). The study concluded that providing enabling work environment in ESFs should be encouraged for optimal unitization of human and non-human resources. Thus, issues relating to staff welfare should be treated with optimum priority in organizations that desires to achieve efficiency in their operations.
Basic Residential Neighborhood Infrastructure Financing in Nigeria Urban Cities: Community Development Associations (CDAS)-Based Approach
(EnPress, 2021-06-08) Fateye, Tosin Babatola
The study examined the community-based approach to finance basic public infrastructures in residential neighborhoods. The primary objectives of the study were to determine the condition of public infrastructures, the level of community engagement, the modalities of financing and the prominent influencing factors. The study adopted convenience sampling and questionnaire survey techniques. A total of 120 questionnaires were administered to residents of selected high-income communities (HICs) and low/medium-income communities (L/MICs), out of which 48 (80%) and 52 (86.67%) were retrieved, respectively, and analyzed. The study deployed descriptive statistics of mean and standard deviation models and mean weighted score to analyze the data. The study found that the residents were satisfied with the security of the neighborhoods but deplored the state of the public potable water infrastructure in both communities. However, the residents in the HICs enjoy a better condition of road infrastructure compared with L/MICs. The residents in both communities indicated a high level of involvement in the financing of public infrastructures, with major engagement in security and waste disposal/management infrastructures. However, the HICs engaged more in road grading/maintenance, while the provision of community potable water was given as a priority by the L/MICs. The major mode of financing basic communal infrastructures is through membership levy/contribution, and prominent influencing factors are cooperation among members, fundraising and income status. Therefore, while private-sector support funds, such as from the CDAs, help in cushioning the effects of basic infrastructure decay, governments at all levels should provide an enabling environment that will motivate mutual communal relationships through integrated infrastructure policies.
Benefits of Circular Design Adoption in the Nigerian Building Industry
(The Eurasia Proceedings of Science, Technology, Engineering & Mathematics (EPSTEM), 2023-07) Aderonmu, Peter A.
Circular economy (CE) is hinged upon resource optimisation as a more viable and sustainable approach against the extractivist linear economic model that has resulted in resource scarcity, affordability issues, and environmental degradation. Design plays a critical role as the foundation of the circular approach, however, limited studies have examined the inherent benefits of circular design (CD) adoption from the building design firms’ (BDFs) perspectives, more importantly, none exist in Nigeria to the best of the author’s knowledge. This study assesses the benefits of CD adoption in the Nigerian building industry (NBI). Primary data were collected from 216 architectural and engineering design firms domiciled in Lagos using a questionnaire survey. The findings indicated the top five benefits which include reduction in energy use by efficient utilization through design, development of new skill sets in circularity by design teams, reduction in pollution through reduced burning of fossil fuel, reduction of construction/demolition waste generation, improvement of public health by preserving local biodiversity. While increasing competitiveness amongst BDFs and resource security through optimisation and dematerialisation were ranked the least. The outcome can be ascribed to the fact that Nigeria currently faces an energy crisis with efforts being made in developing energy-efficient buildings and the need to minimize the environmental impact of construction practices. It was suggested that BDFs need to invest in CD expertise development through training and education, voluntary stewardship, and providing the requisite technologies to aid CD implementation. This study provided the basis for the needed debates on the relative benefits of CD adoption in the NBI
Besides Zaha or Adenowo: Investigating the Visibility Status of Female Architects as Role Models for Students of Architecture
(International Journal of Innovative Technology and Exploring Engineering, 2019-07) Aderonmu, Peter A.
Recent glimpses and revelations from the education and practice of architectural profession suggested that the visibility status of Female Architects as role models for students under tutelage is still hazy [1]. Highly worthy of note is that increasing numbers of female students are enrolled into architecture programs on a yearly basis but when juxtaposed with the high rate of attrition recorded at the point of exit from Nigerian universities, it significantly varies. As stated by the Sustainable Development Goals (SDG) of the United Nations, the fifth objective is to ensure the attainment of gender equality among people in the societies of the world [2]. This paper investigated and reported the findings of a study on the visibility status of female architects as role models for architecture students. Using a sample of 378 (101 females and 277 males) students drawn from 3 private universities in South-west Nigeria, a survey was carried out to find out how visible female architects were as role models to students of architecture. The data were analysed using univariate analysis like proportions and percentages and results were presented in tables. Findings indicated that only 2 female architects popularised by media were cited as role models by more than half of the respondents indicating poor or hazy visibility of other successful women in the field. This paper recommended that pragmatic steps should be taken by stakeholders of the architecture profession at different levels using the more effective visibility windows of media to showcase the high-stake achievements and personalities of successful female architects as role models to inspire both the female architects in practice and same categories under tutelage.
Building Leadership Capacity for Sustainable Governance in Nigeria: lessons from architectural design studio culture
(Sustainable Development and Environmental Protection, 2010) Aderonmu, Peter A.
The national policy on education in Nigeria has its cardinal objective to promote the acquisition of appropriate creative skills, abilities and competence both mental and physical as equipment for the individual to live in and contribute to the development of the society. In most recent times the Nigeria educational system and governance are both at cross-road by contrast to what are obtained in developed nations of the world. Predicated on this basis that, leadership potentials can be activated and built through a systematic-induction process inherent in architectural design studio culture model (learning-by-doing, LBDM), and capable of engendering sustainable development across all fields of human endeavour, including governance. It employed mainly a feedback-mechanism based on the design studio process instruction model. The study drew heavily on the ethical values of this model to justify its potentials in enhancing leadership capacity building in Nigeria. The results revealed the values of optimism, respect, sharing, engagement, and innovation while hinged on core factors of dynamism, teamwork, specification, creativity, intelligence and innovation that are at the heart of sustainable development.
Causal Effects of Macroeconomic Predictors on Real Estate Investment Trust’s (REIT’s) Performance in Nigeria
(Pacific Rim Property Research Journal, 2021) Ajayi, Cyril Ayodele
The paper examined the causal effects of macroeconomic predic tors on the dividend return performance of the Nigerian Real Estate Investment Trusts (N-REITs) the macroeconomic indicators consid ered was interest rate (INTR), an exchange rate (EXGR), inflation rate (INFR), market capitalisation (MKCP) and all share index (ASI). The study is quantitative based on secondary data collected from var ious government institutions and annual financial reports of the Nigeria REITs for the study period (2008–2017). Autoregressive distributed lag (ARDL) and Bound test were used to analyse the data. The result of the Bound test indicated that N-REIT, INTR and ASI with F-statistic values of 11.07, 5.71 and 4.18, respectively, co integrated with other macroeconomic predictors, especially for the variable vectors. ASI with t-stat and prob. value 2.9491 and 0.0065, respectively, implies statistically significant contribution of ASI to REIT performance in the long run (p < 0.05). Through ECM, the series was good at convergence and nonexplosive series ect (−1): −4.98 and p-value 0.0000, the macroeconomic predictors have significant explanatory power on N-REIT performance in the short run. The no capital gain nature of the N-REIT constitutes a limitation in this study, while the competitive dividend return is the driving force for the study.
Causal Effects of Macroeconomic Predictors on Real Estate Investment Trust’s (REIT’s) Performance in Nigeria
(Taylor and Francis Group, 2021-01-18) Fateye, Tosin Babatola
The paper examined the causal effects of macroeconomic predictors on the dividend return performance of the Nigerian Real Estate Investment Trusts (N-REITs) the macroeconomic indicators considered was interest rate (INTR), an exchange rate (EXGR), inflation rate (INFR), market capitalisation (MKCP) and all share index (ASI). The study is quantitative based on secondary data collected from various government institutions and annual financial reports of the Nigeria REITs for the study period (2008–2017). Autoregressivedistributed lag (ARDL) and Bound test were used to analyse the data. The result of the Bound test indicated that N-REIT, INTR and ASI with F-statistic values of 11.07, 5.71 and 4.18, respectively, cointegrated with other macroeconomic predictors, especially for the variable vectors. ASI with t-stat and prob. value 2.9491 and 0.0065, respectively, implies statistically significant contribution of ASI to REIT performance in the long run (p < 0.05). Through ECM, the series was good at convergence and nonexplosive series ect (−1): −4.98 and p-value 0.0000, the macroeconomic predictors have significant explanatory power on N-REIT performance in the short run. The no capital gain nature of the N-REIT constitutes a limitation in this study, while the competitive dividend return is the driving force for the study.

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