IMPACT OF URBAN GROWTH ON COMMERCIAL PROPERTY INVESTMENT (A CASE STUDY OF OFFA METROPOLIS)
The morphology of any town or city in its past and present population determines the nature of social and economic activities in that town. Urban area in search of sites thereby concentrating more workers, buildings and commercial activities in to the area.
Increases in the number of people who live in urban area and the diffusion of urban life to every habitats world would be seen as one of the characteristics features of modern at life which make it necessary for the study of urban growth, so as to examine why it occurs, what happens when it occurs and what and what impact does it have on commercial property values.
Urban growth is in no doubt associated with some inherent problems which call for an effective control that will serve as a guide to up life the living standard of he citizen. These problems can as well as equated or compared to those prevailing in other places. It is therefore hoped that the findings of this project will help both the government investor and their likes appreciate the impact of urban growth and in particular enable the government to plan ahead.
TABLE OF CONTENTS
Table of content
1.1 Statement of the problem
1.2 Aim and objectives of the study
1.3 Significant of the study
1.4 Scope of the study
1.5 Limitation of the study
1.6 Geographical setting
1.7 Historical background
1.8 Definition of term
2.0 Literature review
2.1 Theories of Urban Growth
2.2 Current factors behind urban growth
2.3 Property as an investment
2.4 Urban growth an property investment
2.5 Factors that affects the determinied commercial
2.6 Property investment
3.0 Research methodology
3.1 Research design
3.2 Data type and Sources
3.3 Instrumentation for data collection
3.4 Sample frame sample size sample procedure CHAPTER FOUR
4.0 Data presentation and analysis
4.1 Growth and population changes in Offa Metropolis
4.2 Effect of urban growth on commercial properties
4.3 Constraint on commercial property development in Offa Metropolis
4.4 Planning restriction
4.5 High cost o construction and development
5.0 Summary, recommendation and conclusion
5.1 Summary findings
1.1 BACKGROUND OF THE STUDY AREA
Urban areas are very much human invention which main has evolved as a means of organizing his existence.
In course of time, settlement grew in size and complexity thus, it was observed by “learn and Goodall” (2002) that “the development or urban areas and the increasing proportion of man’s ability to fashion the physical, economic and social world in which he lives”.
However, distinction must be making between factors bringing about a general growth in urban population and urban areas throughout a nation and those which cause the growth of a particular urban area. Thus, these are those by economic and non-economic factors.
In essence the nature of existing economic activities in Offa metropolis i.e. shops, offices, filling station, small scale industries, poultry gardens, garages, shop building converted to nursery and primary school, market, filling station federal polytechnic, private college of education, school of navy etc have brought a guide the size and character of their respective income; and their population-number brings a guide to their consumption and land use pattern because the seeds for urban growth are very much contained in their urbanization itself. Also with an increase in real income.
Couple with the limits growth of urbanization in Offa Metropolis, in relation to their economic activities especially in Offa Metropolis has additional people from different place to settle down there. With this increase in population it has brought an additional supply of foodstuff in needed to support the percentage of their total population area.
[1.1]STATEMENT OF THE PROBLEM
National prosperity as explained by Jackson (2003) depends on considerable extent upon adequate functioning of the economic accomplishment and the social achievement of its urban area.
Thus, with the presence of quietness and some other noticeable activities as mentioned above have brought an unprecedented in dome other states. So this rapid growth on the Offa Township has brought about lots of pressure on the demand for landed property and commercial properties if compared with other sub-urban areas with the state.
In the light of this, that this study is designed to examine the effect of urban growth on commercial property investment in Offa Metropolis.
[1.2]AIM AND OBJECTIVES OF HE STUDY
The topic aim to examining the causes and the impacts of urban growth on the commercial property investment in Offa Metropolis, Ilorin. The following objectives are to be considered.
i. To examine what brought about urban growth in Offa Metropolis
ii. To examine the rate of urban growth in Offa Metropolis
iii. To examine to what extent has the urban growth favour commercial property investment in Offa Metropolis (Kwara State).
iv. To examine other influence and problems caused by the urban growth.
v. To suggest possible solutions to the problems identified.
[1.4]SCOPE AND LIMITATIONS OF THE STUDY
The scope is to highlight the impact of the urban growth on commercial property investment in Offa Metropolis. The difficulties encountered during this research were basically on data collection; thus, this has been described as the most tedious, pain and in some area cases frustration so to say. (2)Also inability to obtained the data at the material time contribute to the researcher’s problem which is the back borne for the success of this project. In addition, is the difficulty encountered in tracking down the corners in Offa Metropolis (Kwara State).
In fact, for any research of this nature as a relatively long period of sustained concentration is very vital.
In a nutshell, the researcher’s has rather suffered much interrupted due to above listed reason.
However, despite all odds, the various information collected have been critically synthesis and analyzed to make the research more meaningful and useful.
[1.8] DEFINITION OF TERMS
Investment: The money that people or organizations have put into a company, business or bank in order to get a profit or to make a business activity successful. Willing made a number of high risk investments in the property market during the late 80’s.
Urbanization: the development of town or city areas and the increasing proportion of man’s ability to fashion the physical, economic and social world in which he lives. Urban areas are thus very much a human invention which man has evolved as a mean of organizing his existence. There are many problem involved in defining the term urban area. Depending upon the point of view from which a study is being made the urban area may refer to the physical and geographical thinks of an urban area one has in a limited area and are separated form other such centers by a much greater area of thinly settled land. Also the residents of such places are normally, although not wholly, engaged in non-agricultural occupations. Thus urban areas have important functions connected with those manufacturing and services activities which are performed from centralized locations. This would cover the case of an urban area whose functions were primarily the provision of services for the surrounding agricultural area. Furthermore, through out this and the following part of the book other terms urban area, city and town are used to mean the same thing.
Property: The thing or things that someone owns a word meaning a building, a piece of lands, or both together used especially lawyers or Estate agent.
1.2 GEOGRAPHICAL SETTING
Offa local government Area was creating in 1991both the head quarter of Offa.
The local government has the 10 (ten) wards district Offa, Road distance from the state capital to Offa local government area is 56km.
Population 74, 924 (Male 36, 727 and Female 38, 197) 2006 census
ii. Major towns; Idi Ogun, Igbo Oran, Owode Oja Market
iii. Natural resources: Maize, Sweet potatoes
iv. Major Language: Yoruba
vii. Major festival: Egungun, Agere, Yan festival
viii. Tourist attraction: Onimokasshrine of Olofa Palace.
1.7 HISTORICAL BACKGROUND
Offa is a major town in South West of the Niger in Nigeria. It is location in the South Easter part of the Kwara State.
The town was founded by hunter Obalomi Olofagangun, sometimes in the 14th century the people of Offa are descendants of Oduduwa and speak Yoruba, one of the three major languages in Nigeria history has it that Olofagangun left Oyo and settle in several palace until be finally arrived at the present of Offa.
Olofagangun was hunter and has first settlement was near a river called “Maika” as a hunter town in the old Oyo empire, Offa features in an intra and wider tribal wars and defended itself against the Nupe and Fulani, Olofagangun died a Offa Esun in the recurs course of his migration. Offa as a town as eventually named, was hunting activities. The weapon is a bow and arrow called Olofa in Yoruba Language. Ibolo dialet speak comprises of people of the surrounding town and village within the state of Kwara State the neighboring Osun state.
The people of Offa celebrate a host of arrived festival including Orumoka, the most famous of these festival is celebrated by Offa gathered at the town square, to witness a blind folded man slices a yam tuber into two equal part, with miraculous provisions, in high point during festival is ceremonial wresting when the Offa and Essa-one of he chiefs another important aspect of the Onimoka a festival is the celebration of “Moremi” deity legend has it that Moremi was married to the dove of life from peace and prosperity. Perform rituals ad make offering to the spirit of Moremi Egungun (masquerades) festival is celebrated with youth in colorful mask and robes entertaining the people by making round at various locations in the town they are rewarded with cash gift, for the performance, the Egungun also offer prayer and blessing to their benefactors and the town in general..