Housing Finance in Nigeria

Abstract

The purpose of this paper is to find out the reason why housing finance system remained inactive and irrelevant in the drive towards housing delivery. The paper examines evaluation of the existing structure and secondary data were obtained from existing literature on books, journals and housing finance market. The National Housing Policy provided a solid background needed for understanding the operation of the market. The historical survey approach revealed the reasons for failure of existing practice. The objective of this paper therefore is to give you an insight into the financing option for the construction of housing in Nigeria given the existing financial structures and the framework specified in the New National Housing Policy. Construction materials and housing design play a crucial role in this overall financial play. The conclusion is that we cannot copy models from other nations but rather evolve workable models based on our socio-cultural background. Recommendations are made in this regard.

Keywords: Housing; Housing Policy, Financial Institutions, Housing Finance