ANALYSIS OF THE SOCIO-ECONOMIC IMPACT OF LAND USE ACT ON RESIDENTIAL PROPERTY DEVELOPMENT IN ADANKOLO AREA, LOKOJA, KOGI STATE

ABSTRACT This study analyze the socio-economic impact of Land Use Act on property development in Lokoja, Kogi State. The aim of this study is to analyze the socio-economic impact of the Land Use Act on residential property development in Adankolo area, Lokoja, Kogi State. The study in its entirety would be helpful to the construction sector as the study would enable them to know the socio-economic challenges of Land Use Act on property development. The research design for this study is basically a survey research and case study research. The data collected for the study were presented in frequency tables while the analysis was done adopting percentage method. 54 questionnaire were administered in which 50 of the questionnaire were retrieved and used for analysis. The study shows that the centralized control of land under the Land Use Act, especially the role of the Governor as the trustee of all lands, has slowed the land allocation process. There are also delays in procuring the certificate of Occupancy. A situation where one has to wait for one or more years to get this vital documents discourages investment in property as financial institutions cannot advance facility until one has secured the C of O. There is need to strengthen land administration systems as this will help to digitalize land records and implement GIS-based land management to streamline allocation and titling and also establish land tribunals to resolve disputes efficiently. There is need to promote affordable housing development as this will provide incentives (tax breaks, infrastructure support) for developers focusing on low- and middle-income housing and also partner with private developers under Public-Private Partnerships (PPPs) to deliver affordable housing.