Posted: 2022 | Pages: 100 | Format: MS Word | Chapters: 1-5 | Others: Questionnaires & References

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ABSTRACT

Indeed, it is an indisputable fact that housing is essential for human survival. Despite the importance of the housing sector to Nigerian citizenry and the nation’s economy, the effort of government as well as other stakeholders seems not to be enough to address the problem of housing sector. The wide gap between the supply and demand of housing units can attest to this fact. This work evaluates the role played by the Federal Mortgage Bank of Nigeria as the sole administrator of public real estate development finance to ensure adequate supply of housing unit in Enugu metropolis. Literatures that are related to the research topic were reviewed and data sourced basically through interview, observation and questionnaires. A total of  239  questionnaires were distributed to; staff of FMBN, PMI(s) in Enugu metropolis, members of REDAN, professionals in the building construction industry and contributors to National Housing Fund. 218 Out of the 239 questionnaires distributed, were collected and analyzed. Tables and charts were used to present data collected in the course of this work while percentage and weighting/point ranking were used for data analysis. Chi square (X²) analytical tool was used to test the research Hypotheses. From the study, it was discovered that there are huge housing need in Enugu metropolis and that FMBN has more to do in order to correct this anomaly. The researcher recommends that; public awareness, diversification of development finance sources, review of FMBN policies and functions, as well as the review of real estate related fiscal policies will go a long way to boost the effort of Federal Mortgage Bank of Nigeria in ensuring housing for all in Enugu metropolis and Nigeria at large.

CHAPTER ONE

1.0   INTRODUCTION

1.1   BACKGROUND OF THE STUDY

Shelter is ranked the third basic need of man after food and clothing. Thus housing provision from time immemorial has been a major concern to individuals, communities, as well as Government. The provision of this basic need of man requires huge capital outlay. Hence individual effort to build or own a house has been subject to a number of constraints such as; high cost of land especially within the urban areas, constant increase in building material prices and high labour cost. All these constraints’ and more make it extremely difficult, if not impossible for an average income earner to provide the minimum capital requirement needed for the development of his house. Ugwuanyi (2006) believes that the “high cost" associated with real estate development cannot be attributed to civilization/modernization, because even in the primitive era (thatch/mud house era), the housing need of individuals are partly met by communal labour and partly by individual effort.

This huge capital outlay involved in the development of housing unit has invariably led to among other things, the extreme shortage in supply of houses and abandonment of already initiated project. Government has long recognized this character (high cost) of real estate development by making policies and establishing various institutions. Prominent among the institutions is Nigerian building society (NBS) which was established in 1956 by the colonial administration and later metamorphosed into Federal Mortgage Bank Of Nigeria (FMBN) in 1977. Federal Mortgage Bank of Nigeria since its inception has endeavoured to support real estate development in Enugu state and in Nigeria at large. Hence the role of FMBN in the development of real estate forms the basis of this research project.