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The Role Of The Financial Investors In Housing Provisioning In Nigeria
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Moreover, financial
institutions are cautious about lending to the individuals thereby
making access to credit facilities very difficult (Hoek-Smit, 1998).
They provide very little support to low and moderate households in the
form of mortgages. Some only provide mortgage loans for a small
proportion of newly constructed houses and home purchases (Hoek-Smit,
1998).But even these financial institutions have made very little
progress in this regard. Financial institutions mostly do not want to
consider long-term lending for housing a priority because of the
associated risks involved in the jobs of the financial Investors. These
risks include insecure and undocumented incomes and the lack of
collateral on the part of the private individuals (Hoek-Smit,
1998).The
limited access to finance has partly led to the development of slums
and squatter settlement and poor housing conditions.
The study
focused on housing finance by the financial Investors. The financing
options available to them and how they accessed funds for their housing
projects and what can be done to improve their efforts in housing
delivery in Nigeria Metropolis.
1.3 Research Questions
What are the housing finance arrangements used by the financial Investors in
Nigeria?
What are the housing finance mechanisms that provide access to housing credit facilities to the financial Investors?
What factors hinder access to housing credit to the financial Investors?
What financial system can be put in place to improve access to housing finance by the financial Investors?
1.4 Research Objectives
The
main objective is to have a comprehensive understanding of the housing
finance practises by the financial Investors in Nigeria. The specific
objectives are:
To know the different types and characteristics
of housing finance mechanisms available to the financial Investors in
Nigeria.
To determine the major housing finance mechanism used by the financial Investors and how it affects housing delivery.
To identify the factors that hinder the financial Investors from access to formal housing credit facilities.
To make suggestions for the improvement of access to formal housing finance by the financial Investors.
1.5 Scope
Geographically
the study is focused on Nigeria, the second largest city in Ghana after
the national capital, Accra in terms of population, social life and
economic activities. Nigeria is the capital of the Ashanti region. It
covers an area of approximately 254 sq. km. (GSS, 2005) with a
population of 2,035,064 (GSS, 2012). The Nigeria Metropolis is
made of ten sub metropolitan areas with each having its own unique
housing characteristics. Nigeria as at 2009 has an estimated
housing stock of
83,693(KMA, 2010) growing at 2.4 percent per annum.
Contextually,
the study was on housing finance by the financial Investors in Nigeria.
It looked at the housing finance mechanisms used by the financial
Investors and the factors that hindered their access to formal credit
facilities. The focus was on residential housing units with emphasis on
private individual ownership.
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ABSRACT - [ Total Page(s): 1 ]Housing plays a key role in the socio-economic development of every country but unfortunately, housing supply worldwide has not been able to meet demand. The inadequate housing is one of the biggest challenges facing both developed and developing countries today with finance being a crucial factor. The financial Investors is the largest housing supply system but has not been able to meet the increasing demand partly as a result of the inadequate and ineffective financial ... Continue reading---
