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Abstract Of The Impact of Mortgage Institutions on the National Housing Policy and Development in Nigeria
The subject matter of this research work examined the impact of Mortgage institutions on the National housing policy and Development in Nigeria. This study also examined the effect of mortgage finance and National Housing Fund on Nigerian Citizens towards acquiring their own houses. The work outlined and appraised critically the contributions of Federal Mortgage Bank of Nigeria and Primary Mortgage Institutions to Housing Development in Nigeria. The data for the research work were collected by the use of primary and secondary sources Primary sources of data collection embrace questionnaire, secondary sources on the other hand include data from review of related literatures, journals, and seminar papers. Relevant hypotheses were formulated and tested. The findings showed that Federal Mortgage Bank of Nigeria is a mortgage finance institution and has been assisting a considerable number of Nigerians with cheap housing loans for the past 46 years. The Federal Government promulgated the National Housing Fund Decree No 3 of 1992, primarily to address the constraint to the mobilization of long term funds for housing development and to ensure that Nigerians have access to housing loans at affordable rates of interest. Conclusively, if the system can press forward along these lines, and Banks and the NHF operating constraints are removed, the general picture of the mortgage industry and housing delivery will be fundamentally different, in few years to come.
TABLE OF CONTENTS
TITLE PAGEÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â PAGE
Certification                                                                    i
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Dedication                                                                      ii
Acknowledgement                                                          iii
Abstract                                                                         v
Table of contents                                                           vi
CHAPTER ONE: INTRODUCTION
1.0     Introduction                                                            1
1.1     Background to the study                                        1
1.2     Statement of the problem                                       5
1.3     Aims and objective of the study                                      8
1.4     Scope of the study                                                  9
1.5     Statement of Hypothesis                                         9
1.6     Definition of terms                                                  10
CHAPTER TWO: LITERATURE REVIEW
2.0     Literature review                                                     13
2.1     Theoretical and conceptual framework                   13
2.2     Evolution and development of Nigerian housing     19
policies and programmes
2.3Â Â Â Â Â The Nigerian National housing policy (NHP)Â Â Â Â Â Â Â Â Â Â Â 30
2.4Â Â Â Â Â National housing funds (NHF)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 34
2.4.1               Problems of Mortgage financing in Nigeria                      38
2.4.2               Strategies for effective resource mobilization          41
2.5Â Â Â Â Â Development of Mortgage finance system in Nigeria 43
2.5.1               Sources of fund to Mortgage finance institutions    48
2.5.2               Types of Mortgage loans                                          48
2.6Â Â Â Â Â Federal Mortgage Bank of Nigeria (FMBN)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 49
2.7Â Â Â Â Â Primary Mortgage institutions (PMIs)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 51
2.8     Housing corporation                                                       53
2.9Â Â Â Â Â Empirical review
CHAPTER THREE: RESEARCH METHODOLOGY
3.0     Introduction                                                            59
3.1     Sources of data collection                                               59
3.2     Research design                                                      60
3.3     Population, sample design and procedure                      60
3.4     Method of data analysis                                          61
CHAPTER FOUR: PRESENTATION, ANALYSIS AND RESULTS
4.1  Introduction                                                            62
4.2  Data presentation and analysis                                      63
4.3  Analysis of questionnaire served and received                63
during the study
4.4  Test of Hypotheses                                                  72
4.5  Implication of findings                                            77
CHAPTER FIVE: SUMMARY, CONCLUSION AND RECOMMENDATIONS
5.1  Summary                                                                78
5.2  Conclusion                                                             80
5.3  Recommendations                                                  82
References                                                              85
Appendix                                                                88
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