ROLE OF FINANCIAL INSTITUTIONS IN HOUSING DEVELOPMENT IN NIGERIA
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ROLE OF FINANCIAL INSTITUTIONS IN HOUSING DEVELOPMENT IN NIGERIA
INTRODUCTION
1.1 Background of the Study
Housing is one of humanity’s three basic requirements, second only to food in terms of physical existence. Decent housing is a basic need for every individual, family, and community. It ranks second only to food as a necessary component of human survival. It is also one of the most reliable indicators of a person’s driving ability and social standing.
The home in which an individual lives is a representation of his position, a measure of his achievement and social acceptance, an expression of his personality, and a barometer that appears to suggest in considerable measure.
The individual’s perception of himself, as well as how the larger society perceives him. Is the sum of all positive (and terrible) things that will happen to him and his family (Agbola, 1995).
Scholars have extensively explored the role of housing in human development. Scholars’ positions differ based on which part of housing they specialise in. Omirin (1998) conducted study on land accessibility and low-income house building in Metropolitan Lagos.
Based on her examination of the behaviour of selected low-income earners in Lagos, she concludes that it is incorrect to continue to rank land accessibility as the most significant limitation on home builders.
She remarked that lack of financing and rising costs currently take precedence over overland accessibility. According to Williams (2002), access to shelter provided by governmental agencies continues to disproportionately affect the urban poor, who lack the financial capacity to obtain these housing units.
Jaiyeoba and Amole (2002) investigated the appropriateness and socioeconomic implications of law-based housing delivery as a supportive rather than provider method.
They argued that what is required is a judgement of the extent to which the law’s income groups needs assistance. Olusola Aina and Ata (2002) cited a lack of soft loans as one of the primary barriers to urban home creation in Nigeria.
However, the truth remains that Enugu Metropolis was the administration headquarters for the then-Eastern zone, and it is primarily occupied by government personnel with poor incomes.
This position provides for their use. As a result, they resort to borrowing from both formal and informal sources to fund housing development, and the Enugu metropolitan is made up of Enugu.
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