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PROJECT TOPIC- A SURVEY OF THE EFFECT OF MORTGAGE INSTITUTIONS IN THE PROVISION OF AFFORDABLE AND SUSTAINABLE HOUSING IN NIGERIA

PROJECT TOPIC- A SURVEY OF THE EFFECT OF MORTGAGE INSTITUTIONS IN THE PROVISION OF AFFORDABLE AND SUSTAINABLE HOUSING IN NIGERIA

ABSTRACT

Housing in most countries of the world is an important economic sector and the manner in which resource are mobilized for has a major effect on the economy. Despite the knowledge of the importance of housing, ownership or accessibility to decent houses and mobilization of resources remain a problem in Nigeria. This project examines the effect of mortgage institution in the provision of affordable and sustainable houses in Nigeria. The survey covers mortgage institutions, federal and state ministries and parastatals, stakeholders in the building industries and educational sector. To be able to evaluate the effect, questionnaires were administered with personal interview. A total of fifty (50) questionnaires were distributed randomly to those staffs. The percentage method and chi-square test were used in analyzed the data gathered. The results revealed that the effect f mortgage institutions in Nigeria is inadequate. This ineffectiveness can be traced to high rate of interest charged on properties, insufficient fund, low level of participation in the Natural Housing Fund and down payment. It is recommended that the rate charged on properties should be reduced, worker should be encouraged to register in the National Housing fund and he Government in collaboration with lending houses should develop a formular to remove various bottle neck connected with loans, especially the issue of collaterals.

CHAPTER ONE

1.0     INTRODUCTION

1.1     BACKGROUND OF THE STUDY:

Housing provides more than shelter for man because it encompasses all social services and utilities that are needed for a livable environment in order for any community to be worth living in housing accepted in man’s hierarchy of need to be next to food.

Odetundun (1995) affirmed that housing in most countries of he world was an important economic sector and the manner in which resources were mobilized for housing had a major effect on the economy. Fundamental to the provision of adequate housing in qualitative terms is the availability of housing finance. According to Olutuah (2001) housing quality in Nigeria is indeed poor; this can be glanced form he high rate of urbanization in the country which he described as social economically handicapped urbanization. The high rate of urbanization resulting form rural urban migration and high rate of population increase is without corresponding commensuration in the rate of economic development, social change and technological advancement. Urban poverty is thus concomitant of such development which finds ready expression in a high incidence of housing poverty.

As Muoghalu (1987) observed, housing poverty is determined by the mobility to afford standard housing thus, the provision of adequate housing is hinged on the accessibility of housing finance. In Nigeria, the problems of housing are enormous and complex but the private sector had contributed immensely to its provision in the country. Onibokun (1990) opined that the private sector provides a preponderate proportion of residential building in the country. The rapid rate of urbanization, high rate of inflation and instable economy have given to increase in cost of housing which is often beyond the capacity of the medium / low income groups.

As parts of the efforts in addressing housing problems in Nigeria, government has institute mortgage institutions to provide low cost housing loans that are accessible even to low income earners.

PROJECT TOPIC- A SURVEY OF THE EFFECT OF MORTGAGE INSTITUTIONS IN THE PROVISION OF AFFORDABLE AND SUSTAINABLE HOUSING IN NIGERIA

1.2     STATEMNT OF THE PROBLEM

The basic problem of mortgage institutions could be viewed from the following

  • Increase in capital requirement
  • High interest rate
  • Management adequacies.

1.3     AIM AND OBJECTIVES OF HE STUDY

The aim of the study is to access the effect of mortgage institutions in the provision of affordable and sustainable houses in Nigeria.

The objectives of this study are:

  • 1) To identify the various functional / operational mortgage institution in Nigeria.
  • 2) To identify and evaluate the effect of mortgage institutions in the provision of affordable and sustainable housing in Nigeria.
  • 3) To identify the hindrances facing mortgage institutions in Nigeria

1.4     RESEARCH QUESTIONS

  1. i)       Does mortgage institutions helps in provision of affordable and sustainable houses in Nigeria?
  2. ii)      Does mortgage institutions contribute in financing construction industry?

iii)     Does mortgage institutions helps in carrying out housing estate in Nigeria. ?

1.5     SIGNIFICANCE OF THE STUDY

This study was carried out with participant in the housing sector especially developers in mind that they will find this work useful to reduce difficulties involves in obtaining finance for housing development. Researchers would also find this work relevant as a reference literature in carrying out their research work.

Finally, that Nigerians will also be of immersed benefit in the sense that they will be able to know how finance can be sourced for housing development.

1.6     SCOPE OF THE STUDY

          This study covers the major effect of mortgage institutions in the provision of affordable and sustainable houses in Nigeria. And also it plays the role to provide low cost housing loans that are accessible even to the low income earners.

However, during the progress of this work, some other relevant mortgage institutions were mentioned.

1.7     LIMITATION OF THE STUDY

 

PROJECT TOPIC- A SURVEY OF THE EFFECT OF MORTGAGE INSTITUTIONS IN THE PROVISION OF AFFORDABLE AND SUSTAINABLE HOUSING IN NIGERIA

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