The impact of the Nigerian 2009 bank crisis on adequate housing provision in Nigeria

Osuno, Chito (2010) The impact of the Nigerian 2009 bank crisis on adequate housing provision in Nigeria. MSc dissertation, University of Portsmouth.

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    Abstract

    The issue of adequate finance for the provision of housing has become a consistent problem in present day Nigeria. The aim of this study was to establish the effect of the recent Nigerian banking crisis on housing provision and affordability in Nigeria. This was done through use of questionnaires and unstructured interviews, which was set in accordance to achieve the laid out objectives which are to identify the major source of housing finance for property development companies and individuals, to identify the roles of property development companies in housing provision, to establish the impact of the bank crisis on the lending activities of PMIs and on housing provision.

    Questionnaires were administered to PMIs, private developers and individuals classed into Landlords and tenants. The data received was then presented and analyzed using descriptions, pie charts, bar chart, data coding, relative importance index and percentage tables.

    Following from this it was discovered that the major source of finance for property development companies and individuals are commercial banks and PMIs, also that the property development companies are not fulfilling their role in housing provision in terms of providing affordable housing for low income earners, and that the bank crisis has caused the mortgage institutions to increase their basic requirements to acquiring loans, thereby making the process more difficult and worsening the problem of availability of housing finance.

    It was therefore recommended that an effective secondary mortgage market needs to be in existence, to help channel in more funds into the housing sector and assist PMIs to create more mortgages. Also that there is the need to encourage the private sector housing developers to fulfill their corporate responsibility to the poor citizens through gross subsidy of Housing for the very poor from the profit realized from housing sales to the very reach.

    Item Type: Dissertation
    Departments/Research Groups: ?? EDAM ??
    Depositing User: Jane Polwin
    Date Deposited: 01 Feb 2011 12:45
    Last Modified: 28 Jan 2015 11:17
    URI: http://eprints.port.ac.uk/id/eprint/1121

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