RE-ENGINEERING HOUSING FINANCE IN NIGERIA
The paper sets out to answer the question ‘why has housing finance system remained passive and irrelevant in the drive towards Housing delivery? Evaluation of the existing housing finance structure is carried out through the review of the evolution of Nigerian socio-economic development. Secondary data were obtained from existing literature on construction industry and housing finance market. The National Housing Policy provided a solid background needed for understanding the operation of the market. Realizing the imperative for a robust housing finance system, the Federal Government in 2002, approved the current policy on Housing and Urban Development for the country to kick-start wide ranging housing sector reforms in Nigeria. The operations of the NHF under a new management at the Federal Mortgage Bank of Nigeria improved remarkably over the past 5 – 6 years as a result of the recent restructuring exercise in the Bank and the general reforms in the housing sector implemented This historical survey approach revealed the reasons for failure of existing housing finance and delivery practice. Nigeria cannot copy models from other nations but rather evolve workable models based on our socio-cultural background. Keywords:.
|Keywords: Housing Finance, Existing Housing, Socio-Economic Development, National Housing Policy, Housing Delivery Practice|
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