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Housing Finance In Nigeria: Issues And Solutions
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1.2 STATEMENT OF THE PROBLEM
The problem of housing has become an
every day discussion in all quarters of the public and private services
of the developing countries of Africa especially in Nigeria which is
being focused upon in this study. It has become increasingly glaring
that most of the urban population in Nigeria live in dehumanizing
housing environment while those that have access to average housing do
so at abnormal cost. According to Onibokun (1986), Nubi (1991), rent in
major cities of Nigeria is about 60% of an average workers disposable
income.
Ekweme (1979), Iyagba et al (1998) explained that the rate of
demand for new houses was in part predicated on the rate of formation
of new houses and in part on the rate of replacement of old housing
stock. With this challenges of high cost of house financing in the
building sector, the researcher will provide an overview of housing
finance in relation to the issues and challenges therein in this study.
1.3 OBJECTIVES OF THE STUDY
The following are the objectives of this study:
1. To examine the issues related to housing finance in Nigeria.
2. To identify the solution to the issues of housing finance in Nigeria.
3. To ascertain the level of housing finance by the Nigerian government.
1.4 RESEARCH QUESTIONS
1. What are the issues related to housing finance in Nigeria?
2. What is the solution to the issues of housing finance in Nigeria?
3. What is the level of Nigerian government involvement in housing finance?
1.6 SIGNIFICANCE OF THE STUDY
The following are the significance of this study:
1.
This outcome of this study will enlighten the general public on the
issues of housing finance as it is widely known that the capital
involved in housing development is very huge, this study will educate on
strategies that can be adopted in executing housing project with
minimal financial problems.
2. The outcome of this study will also
sensitize the policy makers on the need to make good housing policies
and the government of the day on the need to implement the policies by
investing massively in housing development especially in the urban area
to meet the accommodation needs of the citizens.
3. This research
will also serve as a resource base to other scholars and researchers
interested in carrying out further research in this field subsequently,
if applied will go to an extent to provide new explanation to the topic.
1.7 SCOPE/LIMITATIONS OF THE STUDY
This
study on issues and solutions to housing finance in Nigeria will cover
the level of housing development in Nigeria with clear identification of
housing problems. It will also cover the level of government investment
in housing through the mortgage institutions.
LIMITATION OF STUDY
Financial
constraint- Insufficient fund tends to impede the efficiency of the
researcher in sourcing for the relevant materials, literature or
information and in the process of data collection (internet,
questionnaire and interview).
Time constraint- The researcher will
simultaneously engage in this study with other academic work. This
consequently will cut down on the time devoted for the research work.
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