Thesis Abstract

Abstract
The Nigerian real estate sector plays a crucial role in the country's economic development, with infrastructural development being a key driver of growth. This research project focuses on the interplay between infrastructural development, real estate agency rebranding, and the review of the national housing policy as a roadmap for rapid economic development in Nigeria. The study aims to examine how strategic infrastructural investments can stimulate economic growth, attract foreign direct investment, and improve the overall quality of life for Nigerians. The rebranding of real estate agencies is also a critical component of this project, as it seeks to explore how repositioning these agencies can enhance professionalism, customer trust, and service delivery within the sector. By rebranding real estate agencies, the aim is to create a more competitive market environment that fosters innovation and efficiency, ultimately benefiting both buyers and sellers in the real estate market. Furthermore, the research project delves into the review of the national housing policy to identify gaps, challenges, and opportunities for improvement. By assessing the current policy framework, the study aims to provide recommendations for policy reforms that can address issues such as housing affordability, access to finance, and sustainable urban development. A well-designed housing policy is essential for ensuring adequate housing for all Nigerians, reducing homelessness, and promoting inclusive economic growth. Through a comprehensive analysis of these three key elements – infrastructural development, real estate agency rebranding, and the national housing policy – this research project aims to provide a roadmap for rapid economic development in Nigeria. By addressing the critical issues facing the real estate sector and housing market, the study seeks to unlock the potential for sustainable growth, job creation, and poverty reduction in the country. In conclusion, the findings of this research project are expected to inform policymakers, real estate stakeholders, and other relevant actors on the necessary steps to take in order to leverage infrastructural development, real estate agency rebranding, and housing policy review for the rapid economic development of Nigeria. By implementing the recommendations provided in this study, Nigeria can create a conducive environment for investment, innovation, and socio-economic progress in the real estate sector and beyond.

Thesis Overview

INTRODUCTION

1.1   BACKGROUND TO THE STUDY With a population of about 173 million people, Nigeria is the largest country in Africa and accounts for 47% of West Africa’s population. Given these large reserves of human and natural resources, the country has significant potential to build a prosperous economy characterized by rapid economic growth through real estate rebranding leading to infrastructural development that can significantly reduce poverty, inequality and improve standards of living of the population through better access to and quality of health care, education and infrastructure services (Falade, 2007).

One of the organization that has been promoting real estate agency rebranding in Nigeria is The Real Estate Developer’s Association of Nigeria (REDAN) which is the principal agency of the organized private sector recognized by government and approved by the Federal Mortgage Bank of Nigeria (FMBN) the apex mortgage lender in Nigeria to facilitate the delivery of affordable mass housing in Nigerians (REDAN, 2015).

Housing policy in Nigeria is as old as the history of the country. Thus, we can broadly categorize its historical development under the five distinct phases of the colonial period (before 1960), the post- independence period (1960-1979), the second civilian administration (1979-1983), the military era (1984-1999), and the post military era (1999 to date). The major characteristic of the colonial period was the provision of staff quarters for expatriates and other indigenous staff of parastatals and organizations. This era witnessed the creation of Urban Councils in 1946, the establishment of Lagos Executive Board (LEBD) in 1954, the formation of Nigerian Building Society in 1955, as well as the enactment of Regional Housing Corporation in 1959. Also, the post-independence period experienced some improvements in housing provision during the First National Development Plan period (1962-1968) and the second National Development Plan 1970-1974). Specifically, the formulation of the National Council on Housing in 1971 led to further improvement in housing delivery. The third National Development Plan (1975-1980) made further improvements on housing programmes, policies and The transformation of the Nigerian Building Society into Federal Mortgage Bank of Nigeria with the promulgation of Decree No 7 of 1977 also brought some improvements into housing delivery in Nigeria. The Land Use Decree (LUD) of 1978 was promulgated in order to guarantee access to land by all Nigerians. Before the promulgation of the LUD, dual land tenure structure was paramount in the country. The LUD came to stabilize the ownership and acquisition of land. Also, during the era, the constitution of the Federal Republic of Nigeria (1979) laid emphasis on the importance of local building materials and the relevance of labour and construction industry. In this same year, the Employees Housing Scheme Decree No 54 of 1979 was promulgated.

This decree made provision for staff housing and housing estates. The housing policy in the 1980s and 1990s was the means by which divided society was being created. The rural areas were neglected and the housing stocks in the urban areas were improved upon. This was as a result of high rate of urbanization and the subsequent housing shortage in urban centres. The military era witnessed further improvements in housing policies and delivery. This was facilitated by the promulgation of the Mortgage Institutions Decree No 53 of 1989. The decree promoted the realization of the major and specific objectives of the National Housing Policy. Furthermore, the Economic Liberalization Policy of Babangida’s administration supported the participation of the private organization in housing delivery. This was closely followed by the promulgation of the Urban and Regional Planning Decree 88 of 1992 as well as the National Housing Fund (NHF) Decree No 3 of 1992. The NHF was saddled with the responsibility of ensuring continuous flow of fund for housing construction and delivery. Prior to the millennium, the policy of ‘housing for all in year 2000’ was formulated. This policy was rigorously pursued, but it was besieged by administrative bottlenecks which made the policy difficult to be realized by the year 2000. Nevertheless, in year 2002, the Housing and Urban Development Policy was formulated. This policy was meant majorly to correct the inconsistencies of the Land Use Act as well as to allow land banking and ownership to operate in a free market economy. The post military era has been able to witness tremendous improvement in the Nigerian housing situation (Akeju, 2007). However, the federal government policy on monetization and privatization are negating the objectives of housing policies and progammes. Other constraints to housing development and delivery in Nigeria are poverty, high cost of building materials, inadequate financial instruments for mobilization of funds, short maturity preference of lending institution, high rate of rural-urban migration, as well as high rate of poverty (Kabir, 2004). Infrastructural development through mass housing delivery in Nigeria will significantly boost the economy of the nation. 1.2   STATEMENT OF THE PROBLEM Agbola (1998) noted that the effort of the government in terms of the formulation and implementation of the National Housing Policy is quite commendable. On the other hand, he opined that the efforts have not shown remarkable improvement in the status quosince many Nigerians are still homeless while up till this time, many are living in dingy and ramshackle structures. Another major criticism of the policy lies in the area of monitoring, evaluation and review. An housing policy is derived from laws, regulations and administrative practices that can aid the production and delivery of housing. However, the researcher is of the opinion that infrastructural development e.g. good housing can only be achieved through crops of professional real estate agents.

1.3   OBJECTIVES OF THE STUDY The following are the objectives of this study:

1. To examine the level of infrastructural development in Nigeria.
2. To determine if real estate agency rebranding can contribute to economic growth.
3. To identify the effects of national housing policy on infrastructural development in Nigeria.

1.4   RESEARCH QUESTIONS

1. What is the level of infrastructural development in Nigeria?
2. Can real estate agency rebranding contribute to economic growth?
3. What are the effects of national housing policy on infrastructural development in Nigeria?

1.6   SIGNIFICANCE OF THE STUDY The following are the significance of this study:

1. The outcome of this study will educate the professionals in building industry on how the rebranding of real estate agency and the national policy can enhance infrastructural development thereby contributing to the economic growth.
2. This research will also serve as a resource base to other scholars and researchers interested in carrying out further research in this field subsequently, if applied will go to an extent to provide new explanation to the topic

1.7   SCOPE/LIMITATIONS OF THE STUDY This study on infrastructural development, real estate agency rebranding and review of nation housing policy as a road map to economic development will cover the level of housing and other infrastructural development in Nigeria. It will also cover how real estate agency rebranding can be used as a tool for economic growth.

LIMITATION OF STUDY Financial constraint– Insufficient fund tends to impede the efficiency of the researcher in sourcing for the relevant materials, literature or information and in the process of data collection (internet, questionnaire and interview). Time constraint– The researcher will simultaneously engage in this study with other academic work. This consequently will cut down on the time devoted for the research work.

REFERENCES Agbola, T. (1998). The Housing of Nigerians: A Review of Policy Development and Implementation, Research Report No 14, Ibadan, Development Policy Centre. Akeju, A. A. (2007) Challenges to Providing Affordable Housing in Nigeria. Paper Presented at 2nd Emerging Urban Africa International Conference on Housing Finance in Nigeria. Held at SheuYa-adua Centre, Abuja, Nigeria. October 17th – 19th 2007. Falade, J. O. (2007) Planned City as Foundation for Sustainable City. Being the Text of a Paper Presented at the Conference on Sustainable Cities Orgnaised by the New Economic Partnership on African Development (NEPAD), held at Transcop Hilton Hotel, Abuja. May 27-30, 2007. Kabir, O. K. (2004) Low-cost Technology and Mass Housing System in Nigerian Housing. Journal of Applied Sciences. 4 (4): 565-567.