ABSTRACT
The subject matter of this research work examined the impact of Mortgage institutions on the National housing policy and Development in Nigeria. This study also examined the effect of mortgage finance and National Housing Fund on Nigerian Citizens towards acquiring their own houses. The work outlined and appraised critically the contributions of Federal Mortgage Bank of Nigeria and Primary Mortgage Institutions to Housing Development in Nigeria. The data for the research work were collected by the use of primary and secondary sources Primary sources of data collection embrace questionnaire, secondary sources on the other hand include data from review of related literatures, journals, and seminar papers. Relevant hypotheses were formulated and tested. The findings showed that Federal Mortgage Bank of Nigeria is a mortgage finance institution and has been assisting a considerable number of Nigerians with cheap housing loans for the past 46 years. The Federal Government promulgated the National Housing Fund Decree No 3 of 1992, primarily to address the constraint to the mobilization of long term funds for housing development and to ensure that Nigerians have access to housing loans at affordable rates of interest. Conclusively, if the system can press forward along these lines, and Banks and the NHF operating constraints are removed, the general picture of the mortgage industry and housing delivery will be fundamentally different, in few years to come.
TABLE OF CONTENTS
TITLE PAGE PAGE
Certification i
Dedication ii
Acknowledgement iii
Abstract v
Table of contents vi
CHAPTER ONE: INTRODUCTION
1.0 Introduction 1
1.1 Background to the study 1
1.2 Statement of the problem 5
1.3 Aims and objective of the study 8
1.4 Scope of the study 9
1.5 Statement of Hypothesis 9
1.6 Definition of terms 10
CHAPTER TWO: LITERATURE REVIEW
2.0 Literature review 13
2.1 Theoretical and conceptual framework 13
2.2 Evolution and development of Nigerian housing 19
policies and programmes
2.3 The Nigerian National housing policy (NHP) 30
2.4 National housing funds (NHF) 34
2.4.1 Problems of Mortgage financing in Nigeria 38
2.4.2 Strategies for effective resource mobilization 41
2.5 Development of Mortgage finance system in Nigeria 43
2.5.1 Sources of fund to Mortgage finance institutions 48
2.5.2 Types of Mortgage loans 48
2.6 Federal Mortgage Bank of Nigeria (FMBN) 49
2.7 Primary Mortgage institutions (PMIs) 51
2.8 Housing corporation 53
2.9 Empirical review
CHAPTER THREE: RESEARCH METHODOLOGY
3.0 Introduction 59
3.1 Sources of data collection 59
3.2 Research design 60
3.3 Population, sample design and procedure 60
3.4 Method of data analysis 61
CHAPTER FOUR: PRESENTATION, ANALYSIS AND RESULTS
4.1 Introduction 62
4.2 Data presentation and analysis 63
4.3 Analysis of questionnaire served and received 63
during the study
4.4 Test of Hypotheses 72
4.5 Implication of findings 77
CHAPTER FIVE: SUMMARY, CONCLUSION AND RECOMMENDATIONS
5.1 Summary 78
5.2 Conclusion 80
5.3 Recommendations 82
References 85
Appendix 88
