Posted: 2023 | Pages: 79 | Format: MS Word | Chapters: 1-5 | Others: Questionnaires & References

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ABSTRACT

The provision of housing as a 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. The research objectives are hereby to determine housing need in Enugu state, to determine the contribution of FMBN towards housing delivery in Enugu state and to evaluate the impact of FMBN in addressing the housing need of Enugu state. The study adopted a survey research approach. Estate surveyors and valuers, staff of AG Mortgage Bank, Real Estate Developers Association of Nigeria, staff of Federal Mortgage Bank of Nigeria and Contributors of National Housing Fund formed the population of the study. A sample size of 597 was chosen using Taro Yamani model while stratified random sampling technique was adopted. Data retrieved from 370 respondents or 62.1% of the sample was subsequently presented in frequency tables and percentages were used to analyze and answer the research questions. Findings of the study revealed there is need for more housing accommodation in Enugu, FMBN have made active contribution to housing delivery in the state through development financing, they have also performed excellently in administration of finance. The main factor affecting housing delivery in Enugu are the housing financial system, cost of construction and availability of land and the major challenge facing the FMBN in financing development are low interest rate charged on loan and inadequate loanable fund. The study therefore concluded that FMBN has contributed significantly to housing delivery in Enugu. the recommendations brought forward include construction of more affordable housing in the state, leveraging on the use of technology to enable people apply for loan, make queries and repay loan collected at the comfort of their homes and to improve the environment for mortgage lending and provision of affordable housing.

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 (2016) 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 labor and partly by individual effort (Lawan, 2017). The 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 (Anyawu, 2017). Federal Mortgage Bank of Nigeria since its inception has endeavored to support real estate development in Enugu state and in Nigeria at large. Hence the Role of Federal Mortgage Bank of Nigeria in Housing Delivery in Enugu State forms the basis of this study.