Thesis Abstract

Abstract
Housing remains a critical need in Nigeria, with a significant housing deficit that continues to grow. The role of private partnerships in housing finance, delivery, and maintenance has become increasingly important in addressing this challenge. This research project aims to explore the impact and effectiveness of private partnerships in the Nigerian housing sector. The study will employ a mixed-methods approach, combining quantitative analysis of housing finance trends and qualitative interviews with key stakeholders in the housing industry. By analyzing data on private sector investments in housing projects, the research will assess the extent to which private partnerships have contributed to increasing access to affordable housing in Nigeria. Furthermore, the project will investigate the various models of private partnerships used in housing finance, delivery, and maintenance. This will involve examining the roles and responsibilities of different stakeholders, including private developers, financial institutions, government agencies, and non-profit organizations. By understanding the dynamics of these partnerships, the research aims to identify best practices and potential areas for improvement in leveraging private sector resources for housing development. In addition, the study will evaluate the challenges and barriers faced by private partnerships in the Nigerian housing sector. These may include regulatory hurdles, financial risks, land acquisition issues, and infrastructure constraints. By identifying these obstacles, the research seeks to provide recommendations for policymakers and industry stakeholders to address these challenges and create a more conducive environment for private sector participation in housing development. Overall, this research project will contribute to the existing literature on private partnerships in housing finance, delivery, and maintenance in Nigeria. By providing empirical evidence and insights from key industry players, the study aims to inform policy decisions and strategic interventions aimed at increasing the supply of affordable housing in the country. Ultimately, the findings from this research have the potential to drive positive change in the Nigerian housing sector and improve the living conditions of millions of people in need of adequate shelter.

Thesis Overview

INTRODUCTION1.1 BACKGROUND TO THE STUDYThe housing sector plays a more critical role in a nation’s welfare than is always recognized, as it directly affects not only the citizenry, but also the performance of other sectors of the economy. Adequate housing provision has since the early 1970s consequently engaged the attention of most countries, especially the developing nations for a number of reasons. First, it is one of the three most important basic needs of mankind- the others being food and clothing. Secondly, housing is a very important durable consumer item, which impacts positively on productivity, as decent housing significantly increases worker’s health and wellbeing, and consequently growth. Thirdly, it is one of the indices for measuring the standard of living of people across societies (Sanusi, 2003).Propelled by the patriotic quest of addressing Nigeria’s acute housing problem, the Federal Government came up with a National Policy on Housing and Urban Development in 2002. The policy has since then triggered milestone reforms in the nation’s housing industry aimed at repositioning it for efficient and effective housing delivery and maintenance. One of the means through which the policy is been achieved is on public-private partnership concept. The thrust of the policy is to raise the home ownership rate among Nigerians to a respectable level by moving the housing industry to sustainably deliver mass, decent and affordable housing with the active participation of the private sector-driven mortgage based housing delivery and maintenance system (Oduwaye, 2004). The policy believes that this will particularly address the housing problem of most Nigerian citizens.The concept of private partnership in housing financing, delivery and maintenance system is predicated on the pooling together of resources from the various stakeholders, each party making inputs, thereby minimizing wastage and maximizing results achieved. Ikekpeazu (2004) stressed that the expediency of the increased adoption of the public-private partnership for housing financing and delivery in the present socio-economic circumstances of shortage of housing in Nigeria is now even more glaring than ever. With the increasing demand of the population on the national economy and the government’s propensity for enlarging the multi-sectorial allocations in terms of finance, it is becoming obvious that government alone can no longer provide adequate housing for all categories of her citizens particularly the low income earners.The organized private sector comprise of members of the real estate developers association of Nigeria and some commercial banks that have real estate departments. Average citizens including the low-income earners do not easily have access to housing finance because of their low wages. Nigeria is a country with high unequal income distribution, a situation that restricts the reach of the vast majority in the acquisition of quality housing. This study examines the role of public-private partnership in housing finance, delivery and maintenance in Nigeria.The public-private partnership for housing delivery under Nigeria’s current housing policy (Abdulsalam, 2008) confers certain identifiable roles on both the public and the private sector. The roles of the private sector in housing financing, delivery and maintenance with particular reference to private partnership includes responsible for production of physical houses, responsible for primary mortgage lending, required to invest mortgage securities and responsible for the production and supply of building materials, particularly local content.1.2 STATEMENT OF THE PROBLEMHousing finance constitutes one of the major pillars of housing delivery and maintenance system. Indeed, without a well-organized and efficient housing finance mechanism, the goal of a housing development and maintenance policy will be largely unattainable. Housing finance has been recognised as an important, almost indispensable factor in the housing delivery and maintenance system. This is because only the very few in any nation can afford to pay cash for a house or pay cash for a major renovation of the house. Most other people must have to finance their house building and maintenance through loans, personal savings, assistance from relatives or friends and gifts. Introduction of public-private partnership in housing delivery and maintenance is to enhance the productivity of the housing sector, increase housing affordability and improve access to basic infrastructure and social services. Ikekpeazu (2004) stressed that in order to attain the desired outcome for private partnership, the perception of the housing sector as a vast arena of social problems and a drain on the economy must change. Housing must be seen as an important economic sector with crucial linkages to the overall economy of a nation. The housing sector is a key component of the economy. It is typically the largest single form of fixed capital investment, in most economics. Based on these facts, the researcher seeks to examine the role of private partnership in house finance, delivery and maintenance in Nigeria.1.3 OBJECTIVES OF THE STUDYThe following are the objectives of this study:1. To examine the role of private partnership in house finance, delivery and maintenance in Nigeria.2. To ascertain the level of investment in housing delivery and maintenance in Nigeria.3. To identify the problems of housing finance, delivery and maintenance in Nigeria.1.4 RESEARCH QUESTIONS1. What is the role of private partnership in house finance, delivery and maintenance in Nigeria?2. What is the level of investment in housing delivery and maintenance in Nigeria?3. What are the problems of housing finance, delivery and maintenance in Nigeria?1.5 HYPOTHESISHO: Private partnership has not contributed to housing finance, delivery and maintenance in Nigeria.HA: Private partnership has contributed to housing finance, delivery and maintenance in Nigeria.1.6 SIGNIFICANCE OF THE STUDYThe following are the significance of this study:1. The results of this study will educate the general public on the role of public private partnership and how it can be used as the instrument of development in housing finance, delivery and maintenance.2. The findings will sensitize the stakeholders in building construction and real estate management on the need for effective collaboration with the private sector to ensure speedy financing and delivery of housing units all over the country noting that private partnership has facilitated development in housing delivery and maintenance in other advanced countries of the world.3. This research will also serve as a resource base to other scholars and researchers interested in carrying out further research in this field subsequently, if applied will go to an extent to provide new explanation to the topic.1.7 SCOPE/LIMITATIONS OF THE STUDYThis study on the role of private partnership in housing finance, delivery and maintenance in Nigeria will cover the involvement of private sector in the provision and maintenance of housing units with focus on the existing housing structure and management in Nigeria.LIMITATION OF STUDY1. Financial constraint- Insufficient fund tends to impede the efficiency of the researcher in sourcing for the relevant materials, literature or information and in the process of data collection (internet, questionnaire and interview).2. Time constraint- The researcher will simultaneously engage in this study with other academic work. This consequently will cut down on the time devoted for the research work.REFERENCESAbdulsalam, A. (2008): Public-Private Partnership in Housing Finance at a seminar organised by the Nigerian Institute of Estate Surveyors and Valuers (Ondo State Branch), held on the 13th of November, 2008, at Owena-Nicon Luxury Hotels, Akure.Ikekpeazu, F. (2004): New Trends in Low-cost Housing delivery systems in Nigeria: An Overview of the public-private partnership approach. Housing Today, 1 (8), 30 - 36.Oduwaye, L. (2004): Problems and Prospects of Primary Mortgage Institutions (PMIs) in Nigeria: Case of selected PMIs in Lagos. Housing Today, 1 (8) 14-18.Sanusi, J. O. (2003): Mortgage Financing In Nigeria: Issues And Challenges, a paper presented at the 9th John Wood Ekpenyong Memorial Lecture, organised by the Nigerian Institute of Estate Surveyors and Valuers, January 29, 2003