ASSESSMENT OF THE ECONOMIC VALUE OF PUBLIC PARK IN LAGOS, NIGERIA

Abstract

This study carried out an economic valuation of public parks in Lagos using Lekki Conservation Center as the case study, To achieve the aim of the study, the following objectives were considered among others; identification of the demand for public park services in Lagos, Nigeria; examining the factors that influence visitors’ Willingness To Pay for services of public parks in the study area; determining the methods used in valuing public parks in the study area; and estimating the recreational benefit based on economic value of visitation to the park in the study area. The data for the study was collected through structured questionnaire administered on one hundred and ninety-two (192) visitors to Lekki Conservation Centre for recreational purpose and 189 practicing Estate Surveying and Valuation Firms in the study area. Data collected were analyzed using descriptive statistics (Frequency Distribution and Weighted Mean Score) and inferential statistics (Travel Cost Method and Contingent Valuation Method). The demand curve derived from the analysis on travel behavior of visitors to Lekki Conservation Center shows a positive slope which implies that the number of annual visits is directly proportional to the travel costs incurred by visitors to the park. The values from the Contingent Valuation Method shows that educational level of visitors (53.925) and the maximum bid amount (1.006) that visitors are willing to pay were significant factors that influenced the respondent’s Willingness To Pay for services offered by Lekki Conservation Center. The results of the Weighted Mean Score also revealed that Travel Cost method and Contingent Valuation Method were sparingly used by Estate Surveyors and Valuers in valuing public park in Lagos, Nigeria. The Travel Cost Method used in deriving the value of the benefits that visitors gain by visiting Lekki Conservation Centre revealed that the total consumer surplus was estimated to be 212.12 million naira (US$ 0.59 million). The study therefore recommends that since there is a value that visitors derive from the benefits gained by visiting public park, stakeholders at all levels should diversified their resources into continual development and redevelopment of public park to maximize the untapped economic benefits that abound in this environmental resource. It also recommends that the Nigerian Institution of Estate Surveyors and Valuers should train their members on various environmental techniques applicable for different environmental goods to arrive at a more reliable opinion of value for environmental goods such as public park.