Project Abstract

Abstract
The housing sector in Nigeria has been a major challenge due to the growing population and urbanization. Financial institutions play a crucial role in housing development by providing funding, mortgage facilities, and other financial services. This research project aims to explore the specific roles of financial institutions in housing development in Nigeria. The study will investigate how financial institutions such as banks, mortgage banks, and microfinance institutions contribute to the housing sector through lending, investment, and other financial mechanisms. The research will utilize a mixed-method approach, including interviews with key stakeholders in the housing and financial sectors, as well as analysis of existing data and reports. The study will focus on understanding the challenges and opportunities faced by financial institutions in providing housing finance, the impact of government policies and regulations on housing development, and the effectiveness of financial products and services in meeting the needs of different segments of the population. By examining the role of financial institutions in housing development, this research project aims to provide valuable insights for policymakers, financial institutions, developers, and other stakeholders in the housing sector. The findings of the study are expected to contribute to the development of strategies and policies that can help improve access to housing finance, promote affordable housing development, and support sustainable urbanization in Nigeria. Overall, this research project seeks to enhance the understanding of the dynamics between financial institutions and housing development in Nigeria, with the ultimate goal of promoting inclusive and sustainable housing solutions for the growing population. By shedding light on the challenges and opportunities in the housing finance sector, the study aims to inform evidence-based decision-making and policy formulation to address the housing needs of Nigerians across different income levels and demographics.

Project Overview

INTRODUCTION

1.1 BACKGROUND OF THE STUDY

Housing is one of the three basic needs of mankind and it is the most important for the physical survival of man after the provision of food.  Decent housing is one of the basic needs of every individual, the family and the community in general.  As a pre-requisite to the survival of man, it ranks secondly only the food.  It is also one of the best indicates of a persons standard of driving and his place in a society.  The housing and individual lives in a symbol of his status, a measure of this achievement and social acceptance, an expression, an expression of his personality and the barometer that seems to indicate in a large measure. The way the individual perceives himself and how the perceived by the large society. Is the measure of all good (or bad) things in life that will come to him and his family (Agbola, 1995).

The importance of housing in human development has been well documented by scholars.  The position of scholars varys depending on the aspect of housing each one delves into.  Omirin (1998), researched into land a accessibility and low income house building in metropolitan Lagos. Based on her analysis of house builders behavior of selected low income earners of Lagos she asserts that it is a wrong notion to continue to rank land accessibility as the greatest constraints of house builders.

She stated that lack of finance an escalating cost now takes precedence overland accessibility.  Williams (2002), opines that access to shelter produced by public agencies continue to conclude the urban poor who simply cannot muster the financial resources required to procure these housing units.  Jaiyeoba and Amole (2002) examined the appropriateness and socio economic implications of law income housing delivery as supportive rather than provider approach.  They stated that what a required is the determination of the extent to which the law income groups requuire support.  Olusola Aina and Ata (2002) identified lack of soft loan as one of the major obstacle against urban housing production Nigeria.

However, the fact remain that Enugu Metropolis has been the administration centre for the then Eastern region, Enugu metropolis is occupied mainly by government workers with low income. This position makes for their use.  They therefore resort to borrowing from both formal and informal sources in order to find money for housing development and also Enugu metropolis is made up Enugu.