In assessing the worth of interest in any property, there are varieties of
approaches available to the Estate Surveyor and Valuer. Howbeit, the approach
chosen is usually a function of variety of factors such as the purpose of the valuation,
the type of property, the basis of valuation. This study therefore examined the basis
and methods adopted in the valuation of wetland resources in the Niger Delta.
Questionnaire as well as personal and telephone interviews were adopted for data
collection. Seventy-two (72) questionnaires were retrieved, collated, analysed and
presented in the study using frequency distributions and percentages and relative
importance index (RII). The study revealed that majority of Estate Surveyors and
Valuers, in the Niger Delta adopted open market (61.8%) and cost (32.7%) bases for
wetland valuation. Also, the study showed that in valuing wetland resources,
respondents in the study area adopted methods that rely more on market evidence with
market prices method ranked as having highest level of usage (RII = 3.15) followed
by replacement cost method (RII = 3.03), cost-benefit analysis (RII = 2.96), hedonic
pricing method (RII = 2.87) and production function (RII = 2.80). The study
recommends that Estate Surveyors and Valuers should adopt total economic value
basis for wetland valuation. Since contingent valuation method captures both the use
and nonuse values of wetland resources it is recommended that Estate Surveyors and
Valuers should adopt the method in valuing wetland resources for compensation. In
addition, the Nigeria Valuation Standards and Guidance Notes should be reviewed
with a view to including total economic value as a basis of wetland valuation and also
include the identified methods for environmental valuation.