THE IMPACT OF MORTGAGE INSTITUTIONS ON THE NATIONAL HOUSING POLICY AND DEVELOPMENT IN NIGERIA.

ABSTRACT

The subject matter of this research work examined the impact of Mortgage institutions on the National housing policy and Development in Nigeria. This study also examined the effect of mortgage finance and National Housing Fund on Nigerian Citizens towards acquiring their own houses. The work outlined and appraised critically the contributions of Federal Mortgage Bank of Nigeria and Primary Mortgage Institutions to Housing Development in Nigeria. The data for the research work were collected by the use of primary and secondary sources Primary sources of data collection embrace questionnaire, secondary sources on the other hand include data from review of related literatures, journals, and seminar papers. Relevant hypotheses were formulated and tested. The findings showed that Federal Mortgage Bank of Nigeria is a mortgage finance institution and has been assisting a considerable number of Nigerians with cheap housing loans for the past 46 years. The Federal Government promulgated the National Housing Fund Decree No 3 of 1992, primarily to address the constraint to the mobilization of long term funds for housing development and to ensure that Nigerians have access to housing loans at affordable rates of interest. Conclusively, if the system can press forward along these lines, and Banks and the NHF operating constraints are removed, the general picture of the mortgage industry and housing delivery will be fundamentally different, in few years to come.

TABLE OF CONTENTS

TITLE PAGE                                                                PAGE

Certification                                                                     i

Dedication                                                                       ii

Acknowledgement                                                            iii

Abstract                                                                           v

Table of contents                                                             vi

CHAPTER ONE: INTRODUCTION

1.0      Introduction                                                             1

1.1      Background to the study                                         1

1.2      Statement of the problem                                        5

1.3      Aims and objective of the study                                       8

1.4      Scope of the study                                                   9

1.5      Statement of Hypothesis                                          9

1.6      Definition of terms                                                   10

CHAPTER TWO: LITERATURE REVIEW

2.0      Literature review                                                      13

2.1      Theoretical and conceptual framework                    13

2.2      Evolution and development of Nigerian housing      19

policies and programmes

2.3      The Nigerian National housing policy (NHP)            30

2.4      National housing funds (NHF)                                 34

2.4.1                Problems of Mortgage financing in Nigeria                       38

2.4.2                Strategies for effective resource mobilization           41

2.5      Development of Mortgage finance system in Nigeria 43

2.5.1                Sources of fund to Mortgage finance institutions     48

2.5.2                Types of Mortgage loans                                           48

2.6      Federal Mortgage Bank of Nigeria (FMBN)                        49

2.7      Primary Mortgage institutions (PMIs)                               51

2.8      Housing corporation                                                        53

2.9      Empirical review                             

CHAPTER THREE: RESEARCH METHODOLOGY

3.0      Introduction                                                             59

3.1      Sources of data collection                                                59

3.2      Research design                                                       60

3.3      Population, sample design and procedure                       60

3.4      Method of data analysis                                           61

CHAPTER FOUR: PRESENTATION, ANALYSIS AND RESULTS

4.1   Introduction                                                             62

4.2   Data presentation and analysis                                       63

4.3   Analysis of questionnaire served and received                 63

        during the study

4.4   Test of Hypotheses                                                   72

4.5   Implication of findings                                             77           

CHAPTER FIVE: SUMMARY, CONCLUSION AND RECOMMENDATIONS

5.1   Summary                                                                 78

5.2   Conclusion                                                              80

5.3   Recommendations                                                   82

        References                                                               85

        Appendix                                                                 88