Saudi Journal of Economics and Finance (SJEF)
Volume-3 | Issue-07 | 294-297
Original Research Article
Globalization and Real Estate Development in Nigeria- An Empirical Perspective
Akindele Dolapo B, Jogunola Abiodun, Aderemi Timothy
Published : July 30, 2019
Abstract
The aim of this study is to examine the impact of globalization on real estate development in Nigeria. The motivation for
this study lies in the compelling need to empirically investigate the spillovers of globalization on the development of real
estate in Nigeria in which past studies have not sufficiently explored. Data were collected from the UNCTAD, WDI and
Central Bank of Nigeria Statistical Bulletin from 1990 to 2016. Consequently, the long-run effect indicates that FDI and
real estate development have a significant positive relationship in Nigeria. In addition, there is one way feedback
relationship which runs from FDI to real estate development in the country. This implies that globalization has been
beneficial to the development of real estate sub sector in Nigeria. Moreover, this paper makes the following
recommendations for the policy makers, investors and future researchers in the country. The spillovers of globalization
on real estate sectors development in Nigeria should not be undermined. Therefore, the policy makers in the country
should embark on policy measures that will ensure a conducive climate for foreign investors to thrive in this sector of the
economy. Also, the federal government of Nigeria should not hesitate to address all the institutional hurdles that could
frustrate the maximum spillover benefits of globalization in real estate development in the nearest future in this country