ROLE OF THE FINANCIAL INVESTORS IN HOUSING PROVISIONING IN NIGERIA
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ROLE OF THE FINANCIAL INVESTORS IN HOUSING PROVISIONING IN NIGERIA
ABSTRACT
Housing is critical to every country’s socioeconomic growth, yet global housing production has been insufficient to match demand. Inadequate housing is one of the most pressing issues facing both industrialised and developing countries today, with finance playing a critical role.
Financial Investors is the country’s main housing supply sector, but it has been unable to fulfil rising demand, in part due to insufficient and weak financial structures for financing homes.
As a result, the study looked into the key financing mechanisms used by financial investors, as well as the reasons that prevent them from obtaining formal credit. It also suggested improving access to financing facilities for financial investors in order to boost housing delivery.
The study was conducted using a cross-sectional research strategy. The ten towns were selected using simple random selection, and the homeowners were selected using the convenience sampling approach.
To improve the accuracy of the study, the research was conducted at a 95% confidence level with a 5% margin of error. A total of 310 interviews were done, with a total sample size of 392.
The study discovered several important findings, including the predominant usage of financial sources of funding, the existence of an underdeveloped mortgage market, and difficulty obtaining formal credit facilities from financial institutions due to the kind and character of occupations.
It was discovered that this had an impact on housing deliveries because homeowners had to build in stages, which took a long time until the house was completed.
The report advised that banking institutions provide microfinance for housing, site development, and services, as well as a non-mortgage financing facility for financial investors. Furthermore, how to maintain formal credit facilities for financial investors is viewed as an issue for future research.
Chapter one
BACKGROUND FOR THE STUDY
1.1 Introduction.
Housing is an essential social need for every country’s socioeconomic growth (Giddings, 2007). Housing Investors is widely regarded as one of the most important predictors of people’s economic and social well-being.
It is important in people’s lives since shelter is one of the most basic human needs (Moss, 2010). The necessity of providing appropriate housing cannot be overstated or understated (IMF, 2011).
According to Derban et al. (2002), the provision of appropriate and suitable housing improves everyone’s quality of life and productivity. It is critical to people’s health, happiness, and civilised way of life.
Housing not only meets man’s physical and biological needs, but it also enhances his dignity and quality of life (NCH, 2008). Housing provision is so closely tied to national economic development that the pace of house construction is directly proportional to a country’s economic success (BoG, 2007).
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