Thesis Abstract

Abstract
The role of financial institutions in housing development in Nigeria is crucial for addressing the housing deficit in the country. This study aims to examine the various ways in which financial institutions contribute to the development of the housing sector in Nigeria. The research will explore the types of financial institutions involved in housing finance, such as commercial banks, mortgage banks, insurance companies, and government housing agencies. Furthermore, the study will investigate the specific financial products and services offered by these institutions to facilitate housing development, including mortgage loans, housing microfinance, housing insurance, and housing grants. The research will also analyze the impact of government policies and regulations on the operations of financial institutions in the housing sector. Additionally, the study will assess the challenges faced by financial institutions in providing housing finance in Nigeria, such as high interest rates, inadequate collateral requirements, and limited access to long-term funding sources. The research will also explore potential solutions to these challenges, including the need for innovative financial products, partnerships with international financial institutions, and improved regulatory frameworks. Moreover, the study will examine the role of financial institutions in promoting affordable housing and sustainable housing development in Nigeria. This will involve analyzing the strategies employed by financial institutions to increase access to housing finance for low and middle-income earners, as well as to support environmentally friendly housing projects. Overall, this research will provide valuable insights into the role of financial institutions in housing development in Nigeria and offer recommendations for enhancing their contributions to the sector. By understanding the challenges and opportunities faced by financial institutions in providing housing finance, policymakers, regulators, and industry stakeholders can work together to improve access to affordable housing and promote sustainable housing development in the country.

Thesis Overview

INTRODUCTION

1.1 BACKGROUND OF THE STUDY

Housing is one of the three basic needs of mankind and it is the most important for the physical survival of man after the provision of food.  Decent housing is one of the basic needs of every individual, the family and the community in general.  As a pre-requisite to the survival of man, it ranks secondly only the food.  It is also one of the best indicates of a persons standard of driving and his place in a society.  The housing and individual lives in a symbol of his status, a measure of this achievement and social acceptance, an expression, an expression of his personality and the barometer that seems to indicate in a large measure. The way the individual perceives himself and how the perceived by the large society. Is the measure of all good (or bad) things in life that will come to him and his family (Agbola, 1995).

The importance of housing in human development has been well documented by scholars.  The position of scholars varys depending on the aspect of housing each one delves into.  Omirin (1998), researched into land a accessibility and low income house building in metropolitan Lagos. Based on her analysis of house builders behavior of selected low income earners of Lagos she asserts that it is a wrong notion to continue to rank land accessibility as the greatest constraints of house builders.

She stated that lack of finance an escalating cost now takes precedence overland accessibility.  Williams (2002), opines that access to shelter produced by public agencies continue to conclude the urban poor who simply cannot muster the financial resources required to procure these housing units.  Jaiyeoba and Amole (2002) examined the appropriateness and socio economic implications of law income housing delivery as supportive rather than provider approach.  They stated that what a required is the determination of the extent to which the law income groups requuire support.  Olusola Aina and Ata (2002) identified lack of soft loan as one of the major obstacle against urban housing production Nigeria.

However, the fact remain that Enugu Metropolis has been the administration centre for the then Eastern region, Enugu metropolis is occupied mainly by government workers with low income. This position makes for their use.  They therefore resort to borrowing from both formal and informal sources in order to find money for housing development and also Enugu metropolis is made up Enugu.