ROLE OF PRIVATE PARTNERSHIP IN HOUSING FINANCE, DELIVERY AND MAINTENANCE IN NIGERIA
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ROLE OF PRIVATE PARTNERSHIP IN HOUSING FINANCE, DELIVERY AND MAINTENANCE IN NIGERIA
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
The housing sector is more important to a country’s wellbeing than is commonly recognised, as it has a direct impact on not just the citizens, but also the performance of other sectors of the economy. Since the early 1970s, adequate housing provision has drawn the attention of most countries, particularly developing countries, for a variety of reasons.
For starters, it is one of humanity’s three most fundamental necessities, along with food and clothing. Second, housing is a critical durable consumer item that has a beneficial impact on productivity because it improves worker health and well-being, and hence growth. Third, it is one of the indices used to assess people’s standard of life across societies (Sanusi, 2003).
In 2002, the Federal Government issued a National Policy on Housing and Urban Development in response to the patriotic desire to address Nigeria’s critical housing situation.
Since then, the strategy has spurred landmark reforms in the country’s housing industry aimed at repositioning it for efficient and effective home delivery and upkeep.
One of the methods used to implement the strategy is the public-private partnership concept. The policy’s overarching goal is to raise Nigerian home ownership rates to a respectable level by encouraging the housing industry to deliver mass,
decent, and affordable housing with the active participation of the private sector-driven mortgage-based housing delivery and maintenance system (Oduwaye, 2004). According to the proposal, this will specifically address the housing problem of the majority of Nigerian citizens.
The notion of private partnership in housing funding, delivery, and maintenance is based on the pooling of resources from diverse stakeholders, with each party contributing to minimise waste and maximise results.
Ikekpeazu (2004) emphasised the importance of expanded adoption of public-private partnerships for housing financing and delivery in the current socioeconomic circumstances of housing scarcity in Nigeria.
With the growing population’s demand on the national economy and the government’s proclivity for expanding multi-sectorial allocations in terms of finance, it is becoming clear that the government alone cannot provide adequate housing for all categories of her citizens, particularly low-income earners.
Members of the Nigerian Real Estate Developers Association and several commercial banks with real estate units make up the organised private sector. Because of their low incomes, average residents, including low-income earners, have limited access to housing finance.
Nigeria has a highly unequal income distribution, which limits the ability of the great majority to obtain high-quality housing. The purpose of this study is to investigate the role of public-private partnerships in housing finance, delivery, and upkeep in Nigeria.
Under Nigeria’s present housing policy, the public-private partnership for housing delivery puts specific definable tasks on both the public and private sectors (Abdulsalam, 2008).
The private sector’s roles in housing financing, delivery, and maintenance, with particular reference to private partnerships, include responsibility for the production of physical houses,
primary mortgage lending, mortgage securities investment, and responsibility for the production and supply of building materials, particularly local content.
1.2 STATEMENT OF THE PROBLEM
Housing financing is a fundamental pillar of the housing delivery and maintenance system. Indeed, the goal of a housing construction and maintenance programme will be mainly impossible without a well-organized and effective housing finance framework. Housing financing has been identified as an important, if not essential, component of the housing supply and maintenance system.
This is because only a small percentage of people in any country can afford to pay cash for a property or a big refurbishment. Most other people must pay their home construction and maintenance through loans, personal savings, help from relatives or friends, and gifts.
The use of public-private partnerships in housing supply and maintenance is intended to boost housing sector productivity, raise housing affordability, and improve access to essential infrastructure and social services.
According to Ikekpeazu (2004), in order to achieve the intended outcome for private partnership, the perception of the housing industry as a large arena of social problems and an economic drain must shift. Housing must be viewed as an essential economic sector with critical ties to a country’s overall economy.
The housing sector is an important part of the economy. In most economies, it is the single largest source of fixed capital investment. Based on these data, the researcher intends to investigate the function of private collaboration in Nigerian housing funding, delivery, and maintenance.
1.3 OBJECTIVES OF THE STUDY
The following are the study’s objectives:
1. To investigate the role of private partnerships in Nigerian housing finance, delivery, and upkeep.
2. Determine the degree of investment in Nigerian housing delivery and maintenance.
3. To identify housing finance, delivery, and upkeep issues in Nigeria.
1.4 RESEARCH QUESTIONS
1. What is the role of private partnerships in Nigerian housing finance, delivery, and maintenance?
2. What is Nigeria’s level of investment in housing delivery and maintenance?
3. What are Nigeria’s housing funding, delivery, and maintenance issues?
1.5 HYPOTHESIS
HO: Private-public partnerships have not aided in the financing, delivery, and maintenance of housing in Nigeria.
HA: Private-public partnerships have aided in the financing, delivery, and maintenance of housing in Nigeria.
1.6 SIGNIFICANCE OF THE STUDY
The following are the study’s implications:
1. The study’s findings will educate the general public on the function of public-private partnerships and how they can be used as a development tool in housing finance, delivery, and upkeep.
2. The findings will raise awareness among stakeholders in building construction and real estate management about the importance of effective collaboration with the private sector in ensuring timely financing and delivery of housing units throughout the country,
noting that private partnerships have facilitated development in housing delivery and maintenance in other advanced countries around the world.
3. This research will also serve as a resource base for other academics and researchers interested in conducting additional research in this sector in the future, and if implemented, will go so far as to provide new explanations for the topic.
1.7 SCOPE AND LIMITATIONS OF THE STUDY
This study on the role of private partnerships in housing finance, delivery, and maintenance in Nigeria will look at how the private sector is involved in the provision and maintenance of housing units in Nigeria, with an emphasis on the existing housing structure and management.
STUDY LIMITATIONS
1. Financial constraint- Inadequate funds tend to hamper the researcher’s efficiency in locating relevant materials, literature, or information, as well as in the data collection procedure (internet, questionnaire, and interview).
2. Time constraint- The researcher will conduct this investigation alongside other academic activities. As a result, the amount of time spent on research will be reduced.
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