Financing Housing Services Delivery and Its Challenges in Nigeria

Abstract

Financing of housing delivery by government is a pivot to sustaining development. Housing by nature has become an economic tool fostering Gross Domestic Product (GDP) of developed countries like Britain and United States of America. In Nigeria, housing finance suffered shortage of funds; corruption, low number of committed financial institutions, and the Federal Mortgage Bank of Nigeria (FMBN) has not made it easy for other institutions to access funds. This paper examined the role of government in financing housing and the challenges associated with it. It discovered that the finance system used by government has not been effective, and there is politicisation of governmental activities. The paper concluded by recommending ways of addressing the challenges encountered in the process such as creating enabling environment for investors, provision of necessary funds for housing and promoting housing business to mention a few.

Keywords: Housing Finance, Government, Finance, National Housing Policy, Housing Finance System