Trends, Realities and Prospect of Housing

Delivery through Mortgage Financing in Nigeria
Trends, Realities and Prospect of Housing

Trends, Realities and Prospect of Housing

Housing is one of the basic human needs. This accounts for the value and the attention given to it in all countries of the world. In Nigeria, it is noted as an integral part of every Nigerian‟s dream, thus, high premium is placed on it as a measure of success and economic freedom. Housing is perceived and actually seen as a long term investment that gives a hedge against high inflation. But the nonavailability of public land for housing in order to meet the demand of ever increasing population of the country is building up tremendous pressure on the built environment. High cost of materials; inflation induced decreased purchasing power and lack of public and corporate finance in the sector can be considered as the most significant reasons among others. Finance, however, is the major hindrance to effective production or acquisition of affordable housing especially among the low and medium income earners in Nigeria. This paper reviews the trends of housing delivery in Nigeria through the intermediation of mortgage financing system. It discusses the challenges, proffers probable solutions as well as proposes recommendations for strategic repositioning of mortgage institutions for effective housing delivery in Nigeria.