The effectiveness of a mortgage facility system: a panacea for home ownership in Nigeria's Abuja

Lydia, Aigbokie (2011) The effectiveness of a mortgage facility system: a panacea for home ownership in Nigeria's Abuja. MSc dissertation, University of Portsmouth.

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    This research work sets out to answer the question ‘why has the mortgage facility system remained passive and irrelevant in the drive towards adequate Housing delivery in Nigeria?’ Specifically, the purpose of this research work was to study the current system of mortgage and determine how it may be made more accessible and affordable to Nigerians.

    A comprehensive review of existing literature on housing, housing finance, mortgage financing and secondary mortgage markets presented a platform of facts and ideas that exist in the works of others and relevant gaps were identified. Two sets of questionnaires were developed for the sake of this study; the first set was administered to members of the general public (mainly landlords and tenants within the study area. While the second set of questionnaires were administered to randomly selected PMIs. Data collected were analysed using simple percentage computations and the Relative Importance Index.

    The results of the data analysis revealed that the mortgage facility system in Nigeria is beset with several problems the most prominent being poor housing policies/schemes of Government, lack of a viable and well-functioning secondary mortgage market and the high cost of building materials.

    Based on these findings, recommendations were made bearing in mind that models of housing finance systems cannot be copied from other nations but rather evolved to workable models based on our socio-cultural and economic background.

    Item Type: Dissertation
    Departments/Research Groups: Faculty of Technology > School of Civil Engineering and Surveying
    Depositing User: Jane Polwin
    Date Deposited: 02 Feb 2012 14:54
    Last Modified: 28 Jan 2015 11:52

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