A Research Conducted by Nwabuisi Dennis
BACKGROUND TO THE STUDY
Over the years, there have been questions raised
about the effects of security with regards to the real estate sector in respect
to property values and development as it relates to the general growth and
development of the real estate sector.
Notwithstanding the persistent rise in the
insecurity level in Nigeria today, the quest for shelter (real estate) can be
dated from Adam. Shelter as used in this context implies housing and the real
estate sector as it is one of the crucial needs of man in conjunction to food
and clothing. This is the more reason why the security of man’s habitat/neighborhood
is of great importance because as the saying goes “Life has no duplicate”, this
connotes the fact that the security of real estate sector has an important role
to play in the development if the real estate sector and in turn to the overall
growth and development of the economy in general.
Security of lives and property is one of the vital
duties of the government as well as the individuals in any given estate because
the security of these lives forms the basis of almost the day to day activities
of the people that are there because of the perception of a secured environment
has a positive and psychological effects on the lives of the citizens in a
Nigeria being one of the developing countries of
the world located in the West Africa has become investors den for carrying out
real estate and property investments as one may have it. Over the past few
decades, Nigeria have been faced with various insecurity issues and these
issues have increased sporadically since 2009 that it was on the increase in
the northern part of Nigeria. Real estate investors now see the high risk level
of insecurity in the country as one of the factors that possess threat to their
various investment options. In most cases, these investors when carrying out
investment analysis, appraisals and study might end up selecting and exploiting
other options which might not be real estate which has little or no insecurity
In Bello (2013), it was reported that Nigeria’s
population is on the increase and thus have given rise to various social vices
and crimes which in turn have increased the level of insecurity in the country.
Nevertheless, the research would be systematically
carried out to pin-point the effects that insecurity has on the real estate
sector, taking cognizance of the reviews and attempts made by other scholars on
this topic and other related topics to ensure that useful facts and
recommendations are provided to help in reducing the negative effects of the
insecurity saga in the real estate sector as we see today.
Furthermore, the research would be carried out to
highlight the other effects that insecurity have on other ancillary sectors to
the real estate sector as they all affects the overall growth and development
of the economy because studies have shown that an unsecured environment or
neighborhood is drastically affected by the menace of insecurity either
positively or negatively as this research would be answering these questions.
Also the effects insecurity have on the property values in the real estate
sector would be looked into in the course of the research.
Based on this, the research would attempt to bring
this problems facing the Nigerian economy to a minimal if not a complete
tranquility in the real estate sector and furthermore improve the growth and
development of the real estate sector and give more investment insights to the
real estate investors and property owners in the sector.
Nigeria is a large country densely populated with
all manner of people and as a result of this and many others factors, the
country is now faced with various insecurity issues such as militancy in the
South especially in the Niger Delta regions, insurgency in the North as we see
the case of the Boko Haram sects who are tagged to be terrorist groups
affiliated with the killing and assassination of both Muslims and Christians
with the goal of creating an ungovernable state and disrupt the peace and
coexistence of people in the country.
Other hand, there have been a rise in the rate at which real properties are
brought into the real estate market for sale especially in the area where
insecurity is seen to be high. There have also been high case of void
properties especially in these areas too. It is based on the forgoing that the
researcher seeks to carry out this research in order to determine and address
if there is a relationship between insecurity in Nigeria and the development of
the real estate sector.
AIM AND OBJECTIVES
The aim of this research is to explore the
insecurity in Nigeria and its effects on the development of the real estate
sector. Based on this aim, the researcher will pursue the following objectives;
1. To determine the various causes of insecurity in
2. To highlight the various forms of insecurity in
3. To determine the relationship between insecurity
and real estate development.
4. To determine the effects of insecurity in Nigeria.
5. To proffer means of curbing insecurity problems in
Nigeria with a view of promoting the development of the real estate sector.
The following research questions below will help
the researcher to systematically and logically carry out the research properly
and effectively to address the already listed objectives above. They are;
1. What are the causes of insecurity in the country?
2. What are the various forms and types of insecurity
3. What are the relationship between insecurity and
development in Nigeria?
4. What are the effects of insecurity on the real
5. What are the possible means of reducing and curbing
the insecurity problems in the country?
IMPORTANCE OF THE STUDY
Over the years, several attempts have been carried
out by different scholars and other researchers on this subject and other
subjects. This research will be of great importance in so many ways and to
other schools of thoughts who would be making reference to this literature. As
the research focusses more on the insecurity problems in Nigeria and its
effects on the real estate sector, the research would be of great significance
to the real estate developers and investors in the sense that it will be a
guide to them on the Nigerian real estate sector and also disclose the
insecurity effects on the real estate with an attempt to proffer solution to
curb these effects on the real sector as an investment to enable them take good
decisions regarding their investment to the advantage of the sector.
The study would emphasize on the various insecurity
issues in the country, their causes and possible solutions. This will be of
immense importance to the government and people of Nigeria in achieving a more
secure nation by recommending various government intervention programs against
insecurity in the country.
Lastly, the research will enrich the scanty
literature on insecurity in Nigeria as it relates to the real estate sector. In
other words, it would add value to the existing body of knowledge and be a
reference point to the upcoming scholars and researchers in the field of estate
management and other related fields like national security, civil defense etc.
LIMITATION OF THE STUDY
The entire body of the research is a vast one in
the sense that the jurisdiction under review is the entire country and the real
estate sector, therefore the research was randomly conducted and real estate
carefully selected to reduce the stress of moving around the entire country
with the time frame available for the successful completion of the research.
Secondly, as a result of the complexity of the
research, strategic locations, states, real estates were constructively
selected. This was done this way to give room for the accommodation of
travelling expenses incurred by the researcher as well as the risks of plying
the road all time in the course of conducting the research.
Thirdly, using the present insecurity situation in
the country, the North as the most suitable location for carrying out the
research and as such the researcher was faced with so many challenges like the
language problems which the researcher was able to overcome by having someone
to interpret some local languages that were alien to me. Also, the problems of
the acquisition of data was a bit hectic and so, questionnaires were sampled
and issued out to the resourceful persons and individuals who are willing to
give out useful information for this research. As a result of the state of
emergency in the states in the north, the researcher’s movement in the area was
limited and restricted in some remote area to ensure safety.
Lastly, the researcher was limited to sufficient
internet data on the computer modem in terms of finance in constantly
recharging it. Nevertheless, adequate use of the medium was applied in the
sense that good sites and search engines were used to save time and money in
surfing the internet all day. So it is based on the above limitations that this
research was conducted.
To be continued in Chapter 2.. Happy Reading