Homeownership in An Era of Economic Constraints: A Reappraisal of a Nigerian Dream

Abstract

This paper addresses the issues pertaining to homeownership which is one of the most important socio-economic needs of Nigerians, especially, within the context of a developing economy, characterized by financial constraints.

It commences with providing an insight into the various perceptions on shelter and highlighting the acquisition of a house as an ‘acknowledgement of manhood’ in the Nigerian socio-cultural environment.

It progresses to a brief review of the historical context of homeownership in Nigeria, within the framework of the colonial and post-independence eras and the relevant National Development Plan of these periods.

This paper then presents a classification of homeowners in Nigeria and proceeds to an overview of the role of housing finance problem in homeownership.

It then provides an elucidation of the strategies for the attainment of effective homeownership in Nigeria, through the institutional arrangements of the housing corporations, the public-private partnership approach and the co-operative housing; and the need for policy statements towards the reduction of the costs of building materials in Nigeria.

Furthermore, it goes on to outline the legislations that affect the processes of homeownership in Nigeria and within the international arena, like land and settlement development policy and housing reforms.

Policy recommendations are now made regarding the approaches and policies for homeownership, especially, that the public and private sectors should focus on functional designs, mortgage markets and housing affordability; and that the identification of housing requirements can only be deduced by analysis and feedback of statistical data through surveys and research.