📖 ABSTRACT/OVERVIEW
This dissertation develops and tests a political economy theory of real estate development activity in Nigerian state capital cities, examining how the interaction of formal planning institutions, informal political economy dynamics, and land allocation systems determines the volume, character, and spatial distribution of formal real estate development across Nigeria's 36 states. Real estate development is profoundly shaped by institutional environments, yet the political economy forces that determine institutional quality and evolution in Nigerian states have not been theoretically integrated with estate development analysis. The dissertation makes three original contributions: a political economy theory of how electoral cycles, gubernatorial priorities, and federal transfer revenue flows interact to determine land administration quality and development approval efficiency in state capitals; an original institutional quality measurement framework for Nigerian state real estate environments, operationalised through surveys of developers, investors, and estate professionals in all 36 state capitals; and an empirical analysis linking institutional quality scores to formal development activity across states using panel data. The political economy theory draws on new institutional economics, African political economy literature, and urban land economics. The institutional quality framework encompasses land documentation efficiency, planning approval transparency, infrastructure provision reliability, and dispute resolution effectiveness. Panel regression with instrumental variables addresses endogeneity between development activity and institutional quality. Results identify land documentation efficiency and planning approval transparency as the strongest institutional predictors of formal development activity, with electoral cycle effects dampening development in election years as land allocation processes become politically contested. Recommendations for institutional reform are derived from the analysis. Keywords: political economy, institutional determinants, real estate development, state capitals, Nigeria.
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