The monetary value of recreational facilities in a developing economy: a case study of three centers in Nigeria

The travel-cost technique in its current perspective was used to value three recreational facilities in Nigeria—the Agodi Gardens, Ibadan, the University of Ibadan Zoological Garden, Ibadan, and the Luna Amusement Park, Lagos. Two measures of monetary value were employed—the total benefit value and the nondiscriminating monopolist or the maximum collectable gate taking value. Total benefits for the respective centers were ₦57,297ˈ; ₦479,906; and ₦1,146,643. The nondiscriminating monopolist values were ₦13,248; ₦177,212; and ₦382,458, respectively. These values are not considered insignificant to the economies of the two cities concerned. For comparisons with values of the land in alternative uses, the respective centers generated a gross market value per hectare of ₦380; ₦50,632; and ₦191,229.