Challenges in Integrating Global Mineral Market Data into Local Valuation Exercises: A Mixed Method Inquiry from Oyo State, Nigeria

Abstract

In resource-rich economies like Nigeria, enhancing valuation accuracy and credibility requires incorporating global mineral market data into local valuation procedures. Nigerian estate surveyors and valuers continue to mostly rely on traditional valuation techniques with little integration of international mineral price indications, despite growing exposure to global commodity price volatility. The difficulties in incorporating data from the global mineral market into assessment procedures in Oyo State, Nigeria, are examined in this paper. In-depth interviews with chosen principal partners and senior valuers were combined with a structured questionnaire survey of 33 Estate Surveying and Valuation firms registered with the Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON) in Oyo State as part of a mixed-method research design. Descriptive statistics were used to analyze quantitative data, while theme analysis was used to evaluate qualitative data. The results show that the main obstacles include inadequate training in global data analytics (78.8%), lack of common integration models (72.7%), regulatory ambiguity (66.7%), high cost of valuation software (60.6%), and poor access to real-time mineral pricing data (87.9%). According to the study's findings, Nigerian valuation practices' compliance with international norms is severely hampered by institutional, technological, and structural limitations. To increase global-local integration in valuation practice, it suggests focused professional training, regulatory reform, better data infrastructure, and more robust institutional cooperation.