Property Title, Formal Credit Access and Business Expansion
Keywords:
Land Title Document, Credit Access, Business Growth, Nasarawa State, Nigeria
Abstract
The cardinal objective of this study is to examine the impact of Land Title Document on credit access and business growth. A case study was applied on Nasarawa state, Nigeria to better understand the phenomenon been researched. Information was gathered from the field through face-to-face interviews and through the administering of questionnaire among business operators in some selected towns. The research revealed that a large proportion of respondents do not have Land Title Document to their business premises and that they have never made a request for it from government agency before. 60.00% of respondents’ responded that the duration of the processing of the document takes months/years. 44.52% of respondents reported that never have banks made request for the document before granting loan facilities while 30.24% of respondents’ indicated ‘yes, often’. From the responses, 40.47% of respondents were of the view that possession of ‘C of O’ document will not enhance their capital based and business expansion. The views of the respondents suggest that delay is a major problem in the processing of Land Title Document. Among the reasons cited for the delays are problems with documentation and legal issues. A reasonable percentage of respondents (31.43%) were of the view that the cost of obtaining ‘C of C’ is high and difficult in the State. A suggested solution is that the government agency handling this document should be reorganize and the steps required to obtain this document should be reduced and made uniform within the State.
References
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Wikipedia (2016) Location of Nasarawa State in Nigeria https://en.wikipedia.org/wiki/Nasarawa_State#/media/File:Nigeria_-_Nasarawa.svg
Wikipedia (2017). Nigeria. https://en.wikipedia.org/wiki/Nigeria
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Adogi, M. (2013). Fulani-farmers Conflicts in Nasarawa State: The Ecology, Population and Politics. Abuja: Murry Greens consult.http://dailypost.ng/2013/02/09/murtala-adogi-mohammed-the-fulani- farmers-conflicts-in-nasarawa-state-the-ecology-population-and-politics/
Akrani, G. (2011). What is Busines? Meaning Definition, Features of Business. http://kalyan-city.blogspot.com.ng/2011/03/what-is-business-meaning-definitions.html
Aku, P.S. (1986). Lending to Farmers through the Commercial Banks in a Developing Country: The Nigerian Experience. Agricultural Systems, 22(1), 23-32.
Ahiuma-Young, V. (2016). Poverty: 112m Nigerians Live Below Poverty Line. http://www.vanguardngr.com/2016/10/poverty-112m-nigerians-live-poverty-line/
Babajide, A. (2011).Microfinance and Micro and Small Enterprises (MSES) Survival in Nigeria -A Survival Analysis Approach. Global Journal of Management And Bussiness Research, 11(11), 79-87.
Berger, A.N., and Udell, G.F. (1990). Collateral, Loan Quality and Bank Risk. Journal of Monetary Economics 1(25), 21-42.
Besley, T. (1995). Property Rights and Investment Incentives: Theory and Evidence from Ghana. Journal of Political Economy, 103(5), 903-937.
Binswanger, H. P. ,and Deninger, K. (1999). The Evolution of the World Bank’s land policy: Principles, experience, and future challenges. World Bank Research Observer, 14(2), 247-76.
ERES (2009).Does Land Registration Guarantee Access to Formal Capital for Investment? European Real Estate Society Digital Library –volume: Conference 2009. https://eres.architexturez.net/doc/oai-eres-id-eres2009-292
Deininger, K. (2003). Land Policies for Growth and Poverty Reduction, Washington DC, World Bank.
Dorner, P., and Saliba, B. (1981). Interventions in Land Markets to benefit the Rural Poor. Discussion Paper, University of Wisconsin, Land Tenure Center, Madison, W.I.
Feder, Gershon. (1985). The Relation between Farm Size and Farm Productivity: The Role of Family Labor, Supervision, and Credit Constraints. Journal of Development Economics, 18(1),297-313.
Feder, G., and Nishio, A. (1999). The Benefits of Land Registration and Titling: Economic and Social Perspective. Land Use Polic, 15(1), 25-43.
Field, E., and Torero, M. (2004). Do Property Titles Increase Credit Access among the Urban Poor? Evidence from a Nationwide Titling Program. rwj.harvard.edu/.../Field%20Do%20Property%20Titles%20Increase%20Credit....pdf
Fleisig, H., and De la Pena, N. (1996).Peru: How Problems in the Framework for Secured Transactions Limit Access to Credit. Working paper, Center for the Economic Analysis of Law.
Fmdqotc (2013). Pricing Supplement (Supplementary Shelf Prospectus) to the Shelf Prospectus dated 31st December 2013. http://www.fmdqotc.com/wp-content/uploads/2015/03/Nasarawa-State-bond-Final-Pricing.pdf
Fola, A. (2013). Getting a Certificate of Occupancy (C of O) in Lagos.https://www.privateproperty.com.ng/news/getting-a-certificate-of-occupancy-c-of-o-in-lagos
Henssen, J. L. G. (1990). Cadastre, Indispensable for Development : Inaugural Address : Visiting Professor of Legal Cadastre and Land Registration at the International Institute for Aerospace Survey and Earth Sciences ITC on 6 April 1990, Enschede. Enschede, ITC.
Holden, P. (1997). Collateral without Consequence: Some Causes and Effects of Financial Underdevelopment in Latin America. The Financier, 4(1),12-21.
Inter-American Development Bank (IDB) (1986). Jamaica Land Titling Project: Feasibility Report, Washington, DC.
Map of World (2017). Political Map of Nigeria. https://www.mapsofworld.com/nigeria/nigeria-political-map.html
McKechnie, L. (2005). Property Rights Reform in Peru: Why Titles do not Increase Access to Micro-credit. Journal of Development and Social Transformation, 2(1),51–60.
Migot-Adholla, S., Hazell, P., et al. (1991). Indigenous Land Rights Systems in Sub-Saharan Africa: A Constraint on Productivity? World Bank. 5: 155-175.
Mosher, A. T. (1966). Getting Agriculture Moving: Essentials for Development and Modernization. Praeger Publishers, Agricultural Development Council, New York.
NSN (2015) List of Solid Minerals in Nasarawa State.http://www.nasarawastate.gov.ng/solidminerals.php
Olofinji, L. (2015) A Brief of Land Ownership in Nigeria. http://nigeriarealestatehub.com/a-brief-of-land-ownership-in- nigeria.html/
Omon-Julius, O. (2016).Delta Slashes Certificate of Occupancy Fee .https://www.thisdaylive.com/index.php/2016/04/02/delta-slashes-certificate-of-occupancy-fee/
O'Sullivan, A.,and Sheffrin, S. M. (2003). Economics: Principles in Action. Upper Saddle River, New Jersey 07458: Pearson Prentice Hall. p. 29. ISBN 0-13-063085-3.
Panandikar, S.G. (1956). Banking in India. Orient Longmans, Madras.
Pender, J. L., and Kerr, J. M. (1994). The Effect of Transferable Land Rights on Credit, Land Investment and Use : Evidence from South India. Brigham Young University, Department of Economics, Provo, UT.
Sacay, O.J. (1973). Credit and Small Farmer Development in the Phillippines. Spring Review of Small Farmer Credit: Small Farmer Credit in the Phillippines, 13, pp. 1-32. US Agency for International Development, Washington, D.C.
Salas, O., Knight, F., and Saenz, C. (1970). Land Titling in Costa Rica: A Legal and Economic Survey, USAID Contract 515 -178-T. USAID and University of Costa Rica Law School, San Jose.
Satope, B. F.; Akanbi, B. (2014). Effect of Business on Economic Development in Nigeria. Journal of Business Management and Economics, 5(4),091-096.
Services.gov.ng (2016) Nasawara State. services.gov.ng/nasarawa
Stiglitz, Joseph and Andrew Weiss (1981). Credit Rationing in Markets with Imperfect Information. American Economic Review 3(71): 393-410.
Viewmynaijanaira (2015) Top 20 Lucrative Businesses in Nigeria that Make Millions of Naira. http://mynaijanaira.com/top-20-lucrative-businesses-in-nigeria-that- make-millions-of-naira/
Villamizar, M. F. (1984). IDB Financing in Land Administration Programs. Paper presented at the International Workshop on Land Tenure Administration, August 20-24, Salvador, Brazil.
Wai, U. T. (1957). Interest Rates Outside the Organized Money Markets of Under-developed Countries. IMF Staff Papers 6 (Suppl. 1), 80-142.
Wikipedia (2015) Nasarawa.https://en.wikipedia.org/wiki/Nasarawa.
Wikipedia (2016) Location of Nasarawa State in Nigeria https://en.wikipedia.org/wiki/Nasarawa_State#/media/File:Nigeria_-_Nasarawa.svg
Wikipedia (2017). Nigeria. https://en.wikipedia.org/wiki/Nigeria
World Atlas (2016). Where is Nigeria. http://www.worldatlas.com/af/ng/where-is-nigeria.html
World Bank (2016).Registering Property in Nasarawa (Lafia) – Nigeria. www.doingbusiness.org.
Published
2018-01-12
How to Cite
Okon, E. O. (2018). Property Title, Formal Credit Access and Business Expansion. International Journal of Marketing Research Innovation, 2(1), 1-15. https://doi.org/10.46281/ijmri.v2i1.102
Section
Original Articles/Short Communications
Copyright (c) 2018 Emmanuel O. Okon
This work is licensed under a Creative Commons Attribution 4.0 International License.
