J. A. Onyike M.Sc, M.Phil, ANIVS, RSV.
Acting Head, Department of Estate Management,
Imo State University,
Owerri.
INTRODUCTION/BACKGROUND.
The 20th
Century saw a number of failed attempts by the Governments of Nigeria to
provide adequate housing to majority of Nigerians. Consequently, the 21st Century Nigeria inherited
a serious problem of inadequate housing, resulting from many years of neglect,
undeveloped housing finance system, limited supply of long term funds, low
household income levels, high unemployment, high inflation rate, high interest
rate on mortgages, high cost of land and building materials, poor planning and
poor implementation of housing policies and programmes, existence of administrative
bottlenecks that make the processing and securing of approvals for building
plans, certificates of occupancy and other necessary government permits very
difficult, and the unmitigated corruption in the allocation of government land
within the framework of the Land Use Act, cap.202 LFN 1990 (Ogwu, 2006;
Akomolede, 2007; Onyike, 2007). The
situation is compounded by the high incidence of corruption in all other relevant
sectors of the Nigerian economy and the lack of adequate political will by the
government to deal with the housing problem. There is also a conflict of
objectives among the major actors in the housing industry namely, the funding
institutions and the developers on one side and the consumers of housing on the
other side. The profit maximization objective of the developers and funding
institutions tends to conflict with the affordability of housing to the housing
consumers, especially the low-income earners.(Draft National Housing Policy,2004),
with the Government standing by as a disinterested umpire.
The current population of Nigeria
is over 140 million (Nigerian National Population Census, 2006 ) and still rising
at an annual growth rate estimated at 3.2% (allAfrica.com, 2 October, 2008).
As a result of the above, Nigeria has a
large and ever-increasing housing
deficit which stood at approximately 8 million housing units in 1991 and 12-14
million housing units in 2007 (Acceler8now.com, 2007; Akeju, 2007;
Aikhorin,2008). A more recent estimate puts the figure even higher at 16-17
million housing units (Olusegun Adeniji of FMBN quoted by Sombo, 2007; Financial
System Strategy 2020, 2008; Uroko & Akintola, 2008). At an average cost of
N2.5million per housing unit, Nigeria
would require N35trillion to fund a housing deficit of 14million housing
units.
Nigeria’s urban housing problems manifest in overcrowding, slum
housing and the development of shanties in virtually every major Nigerian city.
The housing problems vary from inadequate quantity and quality of housing to
the attendant impact on the psychological, social, environmental and cultural
aspects of housing. Housing is capital-intensive. The cost of adequate housing
is currently beyond the reach of most Nigerians. This, thus, brings in the
financial dimension - the question of the affordability of housing. The
challenge becomes not only to provide the houses but to make the houses
affordable to the average Nigerian worker.
SHELTER, HOUSING, ADEQUATE
HOUSING AND AFFORDABLE HOUSING.
Before
going further, there is need to get the premise right. Shelter, as we know it,
is a structure, permanent or makeshift, designed basically to protect the
occupant against the elements and intruders. We want more for our fellow
Nigerians than just shelter. Housing is much more than mere shelter. There are
quality, comfort, social and community amenity aspects which go with housing.
Housing embraces all the social services and utilities that go to make a
community or neighborhood a livable environment (National Housing Policy,
1991). Housing is bound up with concepts
such as shelter itself, privacy, location, environmental amenity and investment
(Aribigbola, 2000). Housing which
satisfies these concepts can be considered adequate. In consonance with the above, the Draft
National Housing Policy 2004 has defined housing as “the process of providing a
large number of residential buildings on a permanent basis with adequate
physical infrastructure and social services in planned, decent, safe and
sanitary neighbourhoods to meet the basic and special needs of the population”.
Housing affects the health, productivity and well-being of a person. It has
effect on the labour force of a country and consequently, the performance of
the national economy. This important commodity, housing, must not only be
available but also affordable.
Affordable
housing is that housing which can be acquired from household income without
sacrificing any of the other essential needs of the household. According to
Struyk (2005) “housing affordability is the ability to purchase a dwelling of
the appropriate size and minimum physical and sanitary standards and still have
sufficient income to enjoy at least the minimum consumption of other essential
goods and services”. In Australia,
Canada, New Zealand and the United States of America, a
commonly accepted guideline for housing affordability is a housing cost that
does not exceed 30% of a household’s gross income ( Struyk, 2005; WIKIPEDIA,
2007). A recent study based on the salary structure of public servants in
Nigeria showed that no public servant in Nigeria below salary grade level 13 in
the Federal Civil Service and salary grade level 16 in the Imo State civil
service can afford a property costing N4.75million on a 25 year mortgage at 6%,
if he devotes 50% of his salary per
annum to housing (Onyike, 2007). At 18% mortgage rate, only a Federal Permanent
Secretary or his equivalent on grade level 17 can afford the same house. This
shows that in the absence of some assistance, adequate housing is unaffordable
to most law-abiding Nigerians.
Factors
which influence or contribute to housing affordability include current and
lifetime household income, house prices and rents, nominal and real interest
rates, labour market conditions which determine security of employment and income,
mortgage and rent payments, and the housing supply constraints which may affect
the ability of the market to respond to excess demand for housing (Onyike,
2007; The Treasury New Zealand, 2008).
Having
considered the above, we can now look at the efforts made by Government in the
past to house Nigerians.
HOUSING EFFORTS IN THE 20TH
CENTURY.
An attempt at proffering solutions may
not be well informed, if we do not first look at the efforts made in the past
at tackling the problems, not minding that they failed to achieve the desired
result. We run the risk of recycling the mistakes of the past if we ignore
them. Therefore, we will quickly go through the major ones.
Government intervention in housing began
in Lagos in the
1920s in response to the outbreak of bubonic plague. This resulted in the
construction of a few segregated housing estates for expatriates and few
selected essential indigenous staff. The other notable developments during the
Colonial era were the establishment of the Nigeria Building Society (NBS) in
1956 and the creation of some Housing Corporations. The NBS did not achieve
much owing to poor funding while the housing corporations were unable to extend
their services to the low-income earners (National Housing Policy, 1991).
In the Post-Independence era (1960-1979)
a major land reform aimed at improving land availability for development took
place, namely the Land Use Decree of 1978. The Land Use Decree (now Act)
unfortunately has failed to achieve this important objective. The Federal Housing
Authority (FHA) was established under Decree No. 40 of 1973 to, among other
functions, implement housing programmes approved by the Federal Government. It
should be noted that the FHA could only complete 30,000 housing units in 35
years! (FMBN’s Acting Managing Director Felix Koyenikan as quoted by Afrique en
ligne, 2008). In 1976, the NBS was transformed to the Federal Mortgage Bank of Nigeria, which subsequently
became the apex institution of the Nigerian mortgage financial system.
During the Second Republic
(1979-1983), the Federal Government made a number of bold attempts to address
the housing problem. In 1979, the World Bank-assisted urban development
programme was launched in Imo and Bauchi
States resulting in the
development of a few sites and services schemes in those states. Other states
preferred infrastructural development and went for the Infrastructure
Development Fund. The National Low-Cost Housing Programme was launched during
this period but ended up a big failure. Some of the reasons advanced for the
failure included the adoption of a single house design for the entire country,
irrespective of the differences in culture and climate; the distribution and
choice of sites bore little relationship to the effective demand for housing;
and the houses were allocated not according to need but to satisfy political party
patronage (NHP,1991).
The Post-Second
Republic era (1984-1999)
saw the launching of the National Housing Policy 1991 and the establishment of
the National Housing Fund (NHF) vide Decree No. 3 of 1992. The main strategy of
the Policy was the establishment of the NHF scheme to mobilize loanable funds
from workers, which would be disbursed via the primary mortgage institutions (PMIs),
with the FMBN as the apex/supervisory body (Draft NHP, 2004). The 1991 Policy created a two-tier
institutional financial structure, with PMIs as primary lenders and the FMBN as
the apex institution with a supervisory role over the PMIs (Aribigbola,2008). The
supervisory role was taken over by the Central Bank of Nigeria in
1997. Various roles were created for the three tiers of government and other
government institutions and agencies such as FMBN, FHA, State Housing
Corporations, Ministries and Departments towards achieving the goal of “housing
for all by the year 2000”. The NHF scheme and hence the 1991 Policy failed to
achieve its objective. Ogwo(2006) gave
the reasons for the failure as follows:
i. Banks and insurance companies refused to
contribute/invest in the NHF for what they
described as “unattractive terms” while
the regulators of the scheme in the financial
industry, namely the Central Bank of Nigeria
and the NAICOM, did nothing. The
commercial and merchant banks were
reluctant to apply their funds, sourced short-
term,
to housing on long term.
ii. The Federal Government which should have been
the prime mover had not yet
contributed to the Fund.
iii.
There is lack of support from Government agencies and stakeholders many of whom
have refused to deduct and remit staff
contributions to the Fund. Many State
Governments have stopped deducting or
remitting their staff contributions to the
Fund.
iv.
Difficulty in land acquisition and the corresponding high cost of land
transfers in
Nigeria,
and
v. The
FMBN is not empowered to prosecute any defaulters of the NHF Act.
In all,
the various efforts of Government to provide affordable housing for majority of
Nigerians in the 20th Century failed. The causes of this failure
have already been summarized in the opening paragraph of this paper.
ADDRESSING THE URBAN HOUSING
PROBLEMS IN THE 21ST CENTURY.
The 21st Century opened with
the realization of Government that the earlier efforts have failed to provide
adequate and affordable housing for the vast majority of Nigerians. In 2002,
the Government published the White Paper on the Report of the Presidential
Committee on Urban Development and Housing which came up with far-reaching
recommendations. A Ministry of Housing and Urban Development was created to
facilitate the realization of the objective of housing for all Nigerians. In
2004, a draft new National Housing Policy was produced. This draft is still
making the rounds and has not yet been signed into law. Given that home ownership
in Nigeria is currently put at 10% compared to 72% USA, 78% UK, 60% China, 54%
Korea and 92% Singapore and outstanding mortgage loans at just 0.5% (2005) of
GDP compared to 77% USA, 80% UK, 50% Hong Kong, 33% Malaysia and 61% Singapore
(Financial System Strategy 2020, 2008), a lot of work needs to be done for
Nigeria to approach the standards achieved in the developed world. The
Yar’adua Government appears serious about leading Nigeria to the promised land. A
number of committees and think tanks are working to fashion out the best ways
and strategies for achieving the objective. Recently, the National Assembly
inaugurated a committee to review the Nigerian Constitution. There is no better
time than now to address issues of far-reaching importance as housing. It is my
belief that the following suggestions/recommendations will help significantly
in solving the urban housing problems of Nigeria in the 21st
century.
1. Land Reform/Review of the
Land Use Act.
It is generally believed that the
Government has abused the trust of the people as far as the Land Use Act cap
202 LFN 1990 was concerned. The Act has become an obstacle rather than an
enablement to development and therefore needs to be reviewed to improve the
availability of land for housing development. Nationalization of land should be reversed. The Land Use Act or any future land reform legislation
should not form part of the Nigerian constitution; this will make any necessary
amendment of the law easier to achieve thereby making the law responsive to the
needs of the times. Apart from the problem of corruption and abuse of trust
which has bedeviled the application of the Act, there is the ownership issue
which rendered the use of bare land as security for loans very unattractive and
risky to the financial institutions. The Act provides for compensation for
unexhausted improvements. Revocation of
the right of occupancy over undeveloped land, technically, does not attract any
compensation except for the ground rent paid in the year of the revocation; the
Government which graciously permitted you to occupy her land will not pay
compensation when she takes back what was hers in the first place. This, therefore,
rendered bare land an unsafe and unacceptable security for a mortgage loan,
thereby reducing the potential for raising funds for additional housing
development. The requirement of governor’s consent should be expunged from the
Land Use Act to facilitate easy transfer, assignment and foreclosure of
mortgages which are essential for the efficiency of the mortgage market. A new
land reform which guarantees private ownership of property without compromising
government’s right of eminent domain is hereby proposed, to increase land
availability and improve accessibility of funds for housing development.
2. Review of fiscal and monetary
policies to reduce inflation and interest rate.
High inflation and high interest rates constitute
a disincentive to property development and investment. With inflation rate at
14% and maximum lending rate at 17.92% in July 2008 (allAfrica.com, 2008) new
housing would be unaffordable to most Nigerians. Inflation and interest rates
must be reduced to single digits. The Government should work hard to achieve
low inflation and low interest rates in the 21st century.
3. Creation of a viable
secondary mortgage market.
It is impossible to provide adequate and
affordable housing for the overwhelming majority of Nigerians, namely the low
and middle income earners, without viable long-term lending arrangements, which
can only be achievable if there is a viable secondary mortgage market. The
secondary mortgage market is therefore a sine qua non for mass improvement in
the availability of housing. True and sustainable secondary market development
cannot proceed unless and until the primary market is able to produce a
sufficient volume of high quality mortgages to meet the servicing and
performance requirements of investors (Lea, 2000). There should be a large
scale securitization of mortgage portfolios to create mortgage-backed
securities for the secondary market. The recent floatation of a ^100 billion
mortgage bond for the purchase of Federal Government houses is a step in the
right direction. The Federal Mortgage Bank of Nigeria should become a major
operator in the capital and secondary mortgage markets to ensure access to
adequate funding and create investor confidence in the Nigerian mortgage
industry. This is the case in the United States
where Freddie Mac and Fannie Mae are the primary/controlling banks which
provide the necessary backing to mortgage-backed securities in the USA secondary mortgage
market system. There is need however to firstly amend all laws critical to housing
investment to facilitate the issuance of housing-related instruments such as
mortgage-backed securities(MBS) and real estate investment trusts(REIT) which
will be traded on the secondary mortgage market. The laws include the Land Use
Act (Decree 6, 1978), the National Housing Fund Act 1992, the Federal Mortgage
Bank Act (Decree 82, 1993), the Mortgage Institutions Act (Decree 53, 1989),
the Trustees Investment Act 1962, the Nigeria Social Insurance Trust Act 1993,
The Insurance Act 2002, The Investment and Securities Act 1999, the Federal
Housing Authority Act 1990, Land Instrument Registration Act, and Conveyancing
(Capital Market Databank SEC Nigeria,2005; Mabogunje, 2006; Soludo, 2007).
A new FMBN law should give legal backing
to the bank to operate as a secondary mortgage institution with right to issue
mortgage securities. Pension and insurance companies should be mandated to
release much of their long term funds to the mortgage market.
To further improve liquidity, the National
Housing Fund (NHF) contributions should be raised to 5% of monthly income and deducted at source: a new FMBN law should give
the bank the authority to prosecute any defaulters, for non-payment,
non-remittance, under-payment or under-remittance of NHF contributions. As
observed by Sanusi (2003), the NHF contributions can be integrated into the
personal income taxation system such that “a defined proportion of taxes paid
are allocated to the housing fund pool, as is done in Singapore”. This,
I believe, will significantly reduce the degree of default.
The minimum asset base of any operating
PMI should be raised to ^500 million; the figure for an average PMI should
indeed stand at ^1 billion. This will build confidence in the investing public and will indeed attract
larger deposits and patronage to the mortgage finance industry.
The absence of a clear-cut foreclosure
law scares some investors and funding institutions from the housing sector. The
very long delays in the disposal of cases in our law courts make property
investment a nightmare to many investors. The adoption of non-judicial
foreclosure process in cases of mortgage contracts, as practised in some
countries, is essential for proper functioning of a secondary mortgage market in
Nigeria(Akeju,
2007). The use of lands tribunals for such matters is hereby recommended.
It is necessary to sound a note of
warning! One of the causes of the subprime mortgage crisis in the USA was that
due to securitization, mortgage loans with high risk of default could be
originated, packaged and the risk readily transferred to investors in
securities (Wikipedia, 2008). The secondary mortgage market in Nigeria must be
strictly regulated to avoid catastrophic consequences.
4. Creating a National Credit
Database.
A nationwide credit database that can
provide credit information of all individuals that enjoy financial services in Nigeria
is not available (Akeju, 2007). As a result, the financial institutions in
trying to establish the financial background and credit worthiness of the loan
applicants, take several days or weeks to process most loan applications. A
development of a nationwide credit database which will make credit scoring of
prospective loan applicants possible has the potential to reduce the loan
processing period to a matter of hours. It will also encourage the financial
institutions to extend their loan facilities beyond the few well-known rich
people. Going by the USA
experience, however, the success of this system depends very much on the
integrity of the credit scoring agencies. Two major credit scoring agencies in
the USA
are the Equifax and the Trans Union. The most widely-used credit scoring system
in the United States is the FICO system which attach scores to various aspects
of the loan applicant’s credit profile, namely: previous credit performance,
current level of indebtedness, time credit has been in use and types of credit
available to the applicant in the past, and pursuit of new credit (number of
enquiries) by the loan applicant.
The building up of the required databank
and the associated networking in Nigeria will take some time. In the
interim and until the national credit database is in place, the government
should provide guarantees in form of mortgage insurance to lenders to encourage
lending to the lower income people. The USA government, an avowed advocate
of the free market, is precisely providing similar guarantees today in response
to the “financial meltdown”.
5. Improving Land Registration.
Land registration is still a very
frustrating experience in most States of Nigeria. It is expensive, inefficient
and time-consuming. The process is very prone to corruption. The introduction
of the Geographic Information System (GIS) in land registration will solve most
of the afore-mentioned problems. The initial cost of establishing the system is
quite high but the enormous benefits make the system very cost-effective. The
experiences in both Abuja and Lagos where the GIS has been implemented are
very encouraging. Other States should quickly follow their example.
6. Compassionate Urban Renewal.
Slum areas are the breeding grounds for
diseases, crimes and other socially-deviant behaviour. Slum clearance is
necessary to improve the quality of life in such areas. Slum clearance,
however, must have a human face. Driving away the slum dwellers without
providing an alternative and better accommodation for them elsewhere is a sin
against the people’s fundamental human rights.. The ugly experience of Maroko
is still fresh in the minds of many Nigerians. Urban Planning in the 21st
Century must provide for the poor and weak in our society.
7. Cost-saving house designs.
A cost-to-design approach is necessary
for low-cost housing to be achieved. Affordability must guide the designing of
houses in the 21st century. According to Alao (2008) the starting
point for the design of affordable housing unit is to establish the affordable
rent for the area in which the project is to be located. Affordability through
design also entails the determination of the best property development methods
available to achieve cost reduction without compromising quality. The design
must also be sympathetic to both the physical and cultural environment. A good
design should aim at achieving affordability, marketability and durability of
the finished product.
8. Cooperative Housing.
An idea akin to housing development
efforts in the African traditional setting is the pooling of resources to
develop houses by members of a given social group for the benefit of their
members. Members contribute into a common pool for a pre-arranged order of housing
development for members; this form of development strategy is most applicable
among low-income earners for cheap, albeit adequate
low-cost housing.
9. Social Housing.
Social housing refers to rental housing
which may be owned and managed either by the State or non-profit organizations,
or a combination of the two, with the aim of providing affordable housing
(Wikipedia, 2007). For majority of the low income earners rented accommodation,
subsidized or non-profit, will provide the adequate and affordable accommodation.
The Government should through direct funding provisions or negotiated tax
waivers assist the housing corporations and certain private developers to
provide social housing to alleviate the housing problems of majority of the
urban low income earners.
10. Government-funded
infrastructural development.
The Government should encourage increased
housing development by providing access roads, power, water and drainage
facilities to proposed housing development areas. The developers will then
channel available funds to provide the houses proper and thus quickly realize the
houses.
11. Sites and services schemes.
The provision of basic infrastructure
such as access roads, power, water and drainage facilities will significantly
reduce the cost of housing development. Sites and services schemes involves the
allocation of serviced or partly
developed plots to people. The plot allocation is usually accompanied with
mortgage loans provided with terms and conditions tailored to suit the income flow
of the average allotee, to facilitate the development of the plots. This is
especially helpful in low income housing and thereby recommended as a useful
option for the upper category of low
income earners.
12. Strict development control.
The inability of the Government to
enforce development control is one of the major reasons for the deterioration
of housing and housing infrastructure in most urban areas in Nigeria. Development control should
be implemented devoid of adverse vested interest, to ensure that good housing
quality is maintained.
13. Taxation.
The hoarding of available residential
land by monopolist land owners increases the cost of land and hence the cost of
housing. Residential land banks should be taxed to make it unattractive to
delay land development unnecessarily.
Essential building materials should enjoy
tax subsidies to achieve reductions in their market prices thereby reducing the
cost of housing development.
The Presidential Committee on Affordable
Housing has suggested that developers who construct more than 150 housing units
a year should enjoy tax holidays while companies who invest in housing should
enjoy 50% tax relief (Onwuemenyi, 2008). This is a welcome idea at this early
stage, to attract more investment into housing.
14. Research on local building
materials.
Readily available local building
materials should be studied and improved to render them suitable for producing
cost-effective and durable houses. Such improved local materials will
significantly reduce the cost of housing.
15. Responsive industrial policy:
There should be a policy to locate certain
categories of industries in the rural areas to discourage rural-urban migration
which creates pressure on available urban housing stock. To enhance the appeal
of this policy, Government should improve the access roads to such rural areas
and provide necessary support to ensure adequate availability of land for such
projects, subject, of course, to fair compensation.
16. Economic empowerment.
An economically empowered population is
essential for a viable housing industry. To enable payment for housing the present
and prospective homeowners should have good and sustainable means of income. The
economy should be strong enough to provide jobs to guarantee the payment of
rents and mortgage premiums.
17. Anti-corruption measures and
a responsive judiciary.
Corruption militates against the success
of, even, the best of policies. The Nigerian nation has suffered greatly from
corruption; best thought-out policies and projects have collapsed .as a result
of this national malaise. Contract costs are fraudulently inflated, incompetent
contractors are favoured over and above
experienced and capable hands, projects are sabotaged for narrow
personal gains, etc. Bribery in whatever name is not good for the system.
Badly-executed projects are certified satisfactory by corrupt Government and
company officials. What ever we are proposing for housing in the 21st
century can only succeed as planned if corruption is kept under control. The
judiciary should be up and doing. Justice delayed is justice denied. Delays in
the courts have turned profit-making projects to loss-making ones. The long
arms of the law must be made to reach both the rich and poor alike. Justice in
the housing industry must be quick and right because of the enormous cost
implications of unnecessary delays and injustice.
CONCLUSION
It is my candid opinion that the above
recommendations, if implemented, will help in solving the urban housing
problems of Nigeria
in the 21st Century.
Thank you.
REFERENCES.
Acceler8now.com (2007, December 3). Housing shortage in Nigeria
escalates.
Retrieved January 1, 2008, from
escalates.html
Afrique en ligne (2008, September 5). Iran to build 30,000 houses in Nigeria.
Retrieved September 20, 2008, from
2008090511980.html
Aikhorin A. (2008, January 10).Mortgage facilities: Panacea
for mass housing
development.
In Nigerian Tribune: Property and Money. Retrieved Jan. 10, 2008
Akeju A. A. (2007). Challenges to providing affordable
housing in Nigeria.
Paper
presented at the 2nd Emerging Urban Africa International Conference
on
Housing
Finance in Nigeria,
held at Shehu Yar’adua Centre Abuja, October 17-
19,
2007.
Akomolede, K. (2007, January 29). Low income earners and
the burden of home
ownership in Nigeria. Lagos, The
Guardian, p.29.
Alao T. (2008, August 11). LCCI, staheholders explore
options for fixing housing
shortage.
Retrieved September 22, 2008 from
pdate=110808&ptile+LCCI,...
allAfrica.com (2008, September 18). Growth in money supply
slows down as interest rate
spread
widens. Lagos
Vanguard. Retrieved November 14, 2008, from
http://allafrica.com/stories/200809180200.html
allAfrica.com (2008, October 2). Nigeria: Towards achieving
affordable homes.
Lagos: This Day.
Retrieved October 11, 2008, from
Aribigbola A. (2000). Conceptual issues in housing and
housing provision in Nigeria.
In
Effective Housing in the 21st
Century (pp. 1-8). A publication of the
Environmental
Forum, School of Environmental Technology, FUTA, Nigeria.
(2008). Housing policy formulation in developing countries: Evidence of
Programme implementation from Akure, Ondo State, Nigeria.
J. Hum. Ecol.,
23(2),
pp. 125-134.
Capital Market Databank SEC Nigeria (2005). Mortgage –backed
securities: investments
opportunities
in housing development. Retrieved September 18, 2007, from
Draft National
Housing Policy 2004
Financial System Strategy 2020 (2008). Mortgage. FSS 2020 International Conference.
Retrieved November 24, 2008
from http://www.cenbank.org/fss/tue/BSP/Mortgage%20&%20Credit/FSS%202020%20-%20Mortgage%20Presentation.pdf
Lea M. L. (2000). The role of the primary mortgage market
in the development of a
successful secondary mortgage market. IFM Publications,
Inter-American
Development Bank, Washington DC.
Retrieved November 16, 2008 from
Mabogunje A. L. (2006). Overview of housing finance sector
in Nigeria.
The
Sun News Online November 10, 2008. Retrieved November 10, 2008 from http://www.sunnewsonline.com/webpages/feaatures/exquisiteproperty/2006/jan/09/exquisite-09-0...
National Housing
Policy 1991.
Nigerian National
Population Census 2006.
Ogwu D. (2006, November 22). Solving the mortgage loans
affordability question in the
mortgage market- a case study of the National
Housing Fund (NHF). Paper
presented
at Workshop on sustainable mortgage market for effective home
ownership.
Abuja, Nigeria.
Onwuemenyi O. (2008, October 6). Housing: Tapping the
potential of private capital.
Punch on the Web. Retrieved October 18, 2008,
from
http://www.punchng.com/Articl.aspx?theartic=Art2008100611282225
Onyike J. A. (2007): An assessment of the affordability of
housing by public servants in
Owerri, Nigeria.
In J. of Land Use and Development Studies,
3(1), Dept of
Estate
Management, Fed. University
of Technology, Akure.
Sanusi J. O. (2003, January 29). Mortgage financing in Nigeria: issues
and challenges.
Paper
presented at the 9th John Wood Ekpenyong Memorial Lecture, NIESV.
Retrieved
February 7, 2007 from
www.cenbank.org/OUT/SPEECHES/2003/GOVSP-29JAN.pdf
Soludo C. C. (2007, January 2). Role of Government in the
development of an effective
mortgage
market. StockNewsLine.com
Sombo P. (2007, October 19). Nigeria: Mortgage system-FMBN needs
N150b.
Retrieved
September 22, 2008, from
http://allafrica.com/stories/200710190422.html
Struyk R. J. (2005). Home purchase affordability and
mortgage finance. In Housing
finance: new and old models
in Central Europe, Russia
and Kazakhstan.
Jozsef
Hegedus & Raymond J. Struyk, Editors. Budapest:
Open Society
Institute,
pp. 65-77.
The Treasury, New Zealand (2008). Introduction- Affordability
of housing: Concepts,
measurement and evidence. Retrieved May 18,2008, from
www.treasury.govt.nz/publications/research-policy/wp/2006/06-03/00.htm
Uroko C. & K. Akintola (2008, August 4). AMCHUD II:
Addressing Africa’s housing
and urbanization problems. Retrieved September 30, 2008, from
http://www.businessdayonline.com/housing_in_nigeria/14031.html
WIKIPEDIA (2007). Public housing. Retrieved December 5,
2007, from
WIKIPEDIA (2008). Subprime mortgage crisis. Retrieved
August 10, 2008 from
en.wikipedia.org/wiki/Subprime_mortgage_crisis
