Effect Of Building Collapse On Investors Of Real Estate In Nigeria
1.1 Background of the Study
The position and importance of buildings to man’s life and survival as he lives and carries out his activities inside them is not quantifiable and very important (Opoko,2003). Buildings are also key factors to any nation’s sustainable development. The building industry of every country is significant for its socioeconomic growth and plays a key role in the quality of life of its population. However, the contribution of buildings to Nigeria’s development and socio-economic development of its citizens has not yielded the desired results due to building failures, abandonment, building collapse and the associated risks that have been frequently witnessed in different parts of the country. In the past 30 years, there have been multiple incidences which have resulted in avoidable loss of lives, destruction of property and other valuable resources. Building collapse is a phenomena defined by the compromise in the structural integrity of a building’s component parts, leading in its final destruction. Structural failure refers to the loss of load bearing capability of a structural component or structure itself that is failure of the structural component to operate as planned (Bala, 2017). This failure in many circumstances makes the structure unsuitable for occupancy or continuation of construction operations and might ultimately lead to collapse, damage to property and loss of life Building collapse risk may be characterized as an occurrence or action that might create negative effects or repercussions on the building users, investors, stakeholders and the general public, and consequently damage the project goals. From this approach, building collapse hazards might be recognized as “threats to success”. In the pre-colonial era, building construction was carried out by our fore fathers using local building materials and the sort of structures widespread during the time are mud huts, with thatched roofs. Within this time, there were no sophisticated and complicated constructions like block of flats, maisonettes, high-rise skyscrapers etc. What was attainable was bungalows consequently, there were no reported occurrences of building collapse. In the post-colonial era notably amid the time of oil boom (1970s), the building construction sector experienced a surge and numerous building construction projects were carried out. During this time also, developments in the technical know-how, economic growth and industrialization contributed to the improvement in the building construction procedures and procedure. The sophisticated nature and complexity in current building designs brought many lines of hazards in building development process instead of minimizing or deleting them. These new designs and technologies coupled with diverse forms of dangers might lead to building breakdowns, abandonment and collapse. Hence, from the age of oil boom to the current day, Nigeria has experienced numerous occurrences of building collapse in various regions of the nation. The frequency of building collapse in Nigeria in the past has been a key problem and worry in her economic ratings. The spate and regularity of occurrence has become significant cause of worry not just to the government but to all wellmeaning Nigerians and players in the construction business.
Previous investigations demonstrate that there were spikes in the reported incidents of building collapse in Nigeria in the years 1985, 1995, 1999, and 2005, and also shows an increased trend in the number of occurrences of building collapse in the year 2010 (Windapo and Rotimi, 2012). The Council of Registered Builders of Nigeria (CORBON, 2016) found 104 cases of building collapse based on accessible information in Nigeria ranging from 1974 –2016. These findings are surprising and highly disturbing. In order to confront the incidents of building collapse and the related hazards, the Nigerian government at various eras created Laws to direct the construction development to minimize the scourge and risks involved with building collapse. In 1992, the government adopted the Nigerian Urban and Regional Planning Act No. 88 of 1992 to simplify the formation and execution of development plans and planning scheme with an aim of producing a better environment for living, working and enjoyment. Apart from the aforementioned broad purpose, the Act was also aimed to lend greater seriousness to development control among other particular aims. Also in 2018, the Federal Republic of Nigeria released a new National Building Code that would govern building with the purpose of improving on measures to preserve lives and property in the nation. This has not delivered the anticipated outcome since most states in the nation have not enacted the Urban and Regional Planning Law to make the new National Building Code operative in their respective states. Building code is a collection of legislative criteria of which the objective is to encourage good practice in design, construction and maintenance of buildings in the interest of the health, safety and welfare of those using the structures. The code lays forth the fundamental standards for the design and construction of building which constitutes a code of good building practice. In spite of the foregoing attempts to prevent the incidents of building collapse by the Federal government and specialists in the construction sector, not enough seems to be done, since this phenomena appears to be on the increase (Bala, 2017). In recent years, the catastrophic 2014 Synagogue Guest House, Jos School Building (2014), 3- Storey building in Maryland Enugu (2015), 5-Storey Lekki Building under construction (2016), Reigners Bible Church in Uyo ( December, 2016) and the recent collapse of 4-Storey Building at No.3 Massey Street, lagos Island (July, 2017), a storey building in Apo Mechanic Village Abuja (July, 2017), 3-Storey building in Umuguma, Owerri (July, 2017), One storey building at Olomore area of Abeokuta ( July,2017), 3-Storey building in Richard Abimbola Street, Ilasa lagos (May, 2017), 4 – storey building at Owelle Aja Layout, Obosi (July 17, 2018) and 4 – storey building at Jabi, Abuja (August 16, 2018) point to evidence. The foregoing circumstance impairs the capacity of the construction sector to execute its duty as one of the primary providers of the nation’s Gross Domestic Product (GDP) (GDP). The building collapses which commonly occur in the construction business generally cast worries on would be investors so discouraging and damaging their investment morale.
1.2 Statement of the Problem
lately, building collapse in Nigeria has been a topic of worry to so many individuals notably those working with the construction industry(Bala,2017). This is so because there are so many examples of building collapse all over the globe and notably in Nigeria. Most of these events have led into massive economic losses in terms of life and property. The cases of building collapse are some of the foremost issues, which have created serious concern to all the professionals in the building industry such as the Architects, Engineers, Builders, Quantity Surveyors, Estate Surveyors and Valuers, Town Planners and Land Surveyors and even current investors and would be investors. The investors however, are anxious as to how these collapse impacts their financial condition and also worry about the returns that would have been achieved if the investment on the building had gone through. The would be investors also would wonder whether building industry is the correct location to engage in because of the re recurrence of building collapse and would be hesitant to participate in any construction proposal(Bala,2017). hence the need to carry out a research on effect of building collapse on investors of real estate in Nigeria.
1.3 Objective of the Study
The primary objective of the study is as follows
- To examine the causes of building collapse in Nigeria.
- To evaluate the effect of building collapse on investors in the real estate industry.
- To find out factors which contribute to an investors willingness to invest in real estate.
- To proffer recommendations as to how building collapse can be stopped or reduced in other for more investment in the real estate industry.
1.4 Research Questions
The following questions have been prepared for the study
- What are the causes of building collapse ?
- What are the effect of building collapse on investors in the real estate industry?
- What are the factors which contribute to an investors willingness to invest in real estate?
- What do you recommend as to how building collapse can be stopped or reduced in other for more investment in the real estate industry?
1.5 Significance of the Study
This study will examine the effect of building collapse on investors of real estate in Nigeria.
This study will be of benefit to the real estate industry as it will expose the need for the utmost supervision of their contractors in other to avoid the fall of a building
The study will be of benefit to the Lagos state government as it will make the law makers formulate a policy to guide the construction of buildings.
This study will be of benefit to the academic community as it will contribute to the existing literature and serve as a guide to students who might want to further in research on this particular topic.
1.6 Scope of the Study
This study focuses on the effect of building collapse on investors of real estate in Nigeria. The study will examine the causes of building collapse in Nigeria. More so the study will evaluate the effect of building collapse on investors in the real estate industry. Furthermore the study will find out factors which contribute to an investors willingness to invest in real estate. Lastly the study will proffer recommendations as to how building collapse can be stopped or reduced in other for more investment in the real estate industry. Hence this study will be delimited to chinmark real estate company.
1.7 Limitation of the Study
This study was constrained by a number of factors which are as follows:
Just like any other research, ranging from unavailability of needed accurate materials on the topic under study, inability to get data
Financial constraint , was faced by the researcher ,in getting relevant materials and in printing and collation of questionnaires
Time factor: time factor pose another constraint since having to shuttle between writing of the research and also engaging in other academic work making it uneasy for the researcher
1.8 Definition of Terms
Any physical activity on the site involved in the erection of a structure, cladding, external finish, formwork, fixture, fitting of service installation and the unloading of plant, machinery, materials or the like.
A person that contributes to a project in other to get gain fro it.
The land along with any permanent improvements attached to the land, whether natural or man-made
Effect Of Building Collapse On Investors Of Real Estate In Nigeria
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Effect Of Building Collapse On Investors Of Real Estate In Nigeria
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Frequently Asked Questions
What’s happening to property owners in Nigeria?
Many lives and properties have been lost in the collapse of buildings mostly in Port Harcourt, Abuja and Lagos respectively. Many property owners have developed high blood pressure and some have been sent to an early grave.
How many cases of building failure/collapse in Nigeria?
Chinwokwu (2000) enumerated forty-two (42) cases of building collapse as occurring between 1980and 1999 in Nigeria while Makinde ( 2007) listed fifty-four (54) cases occurring between January 2000 and June2007 alone. Some cases of building failure/ collapse are shown in figures 1 to 8.
Is structural failure still a news breaker in Lagos?
The horrifying scene of structural failure is no longer news breaker this time around. Really, incidents of collapsed buildings, collapsed bridges or collapsed structures of various types are not peculiar to rampant and embarrassing, most especially as it relates to Lagos State.
How much naira has been wasted in Nigeria?
Millions of Naira has been wasted in Nigeria most especially in Lagos due to building collapse. People invest for the purpose of making profit and/or personal uses and when it collapses, it discourage investors for further investment in property.