ASSESSMENT OF THE OPERATIONS OF NIGERIA NATIONAL HOUSING FUND
AbstractHousing constitutes a single largest expenditure item in an average household budget. While the provision of houses through the creation of mortgages is taken for granted in developed countries, it remains a major challenge in developing countries. Federal Governmentâ€™s observation that majority of Nigerians may not be able to utilize borrowed funds from the private sector necessitated the establishment of National Housing Fund (NHF). The goal of NHF is to provide a cheap source of long-term funds that would make it easy for all Nigerians to own houses. However, the development of housing through NHF has remained a challenging process. As at the end of 2013, the Federal Mortgage Bank of Nigeria (FMBN) had disbursed mortgage loans worth around N100.5bn ($633m) under the NHF programme. In 2015, out of the four million registered contributors to the NHF, only 60,000 (1.5%) have been able to access mortgage loans. which has resulted in the construction of about 40,653 houses in different part of the country. The overall housing demand (17.5 million) is so enormous that the impact of NHF is minimal. The major challenges facing the utilisation of NHF are the eligibility criteria of Primary Mortgage Institutions (PMIs), cost of perfecting title documents, absence of clear property rights, inefficient land management system and high cost of property transaction. To improve the environment for mortgage lending, there is need for the removal of all regulatory barriers that discourage Nigerians from seeking NHF and efforts should be made to extend opportunities for unconventional mortgages so that low-income households can own their own homes.
Adedokun, O. A., F.O. Akinradewo, J. O. Adegoke and J. O. Abiola-Falemu (2011). Evaluation of the Performance of
National Housing Fund Scheme Towards Housing Delivery in Nigeria. Journal of Emerging Trends in
Economics and Management Sciences (JETEMS), 2 (6): 467-471.
Adetiloye, K. A. (2013). The National Housing Fund, Mortgage Finance and Capital Formation in Nigeria.
International Journal of Business and Social Research (IJBSR), 3(7): 43 â€“ 53.
Ajakaiye, O. And B. Akinbinu (eds) (2000). Strategic Issues in Nigerian Development in a Globalising and
Liberalising World. Ibadan: Nigerian Institute of Social and Economic Research (NISER).
Ajanlekoko, J.S. (2001). Sustainable Housing Development: the Financial and Infrastructural Implications. Paper
Presented at the International Conference on Spatial Information for Sustainable Development, Nairobi. 2nd â€“ 5th
Akeju, A.A. (2007). Challenges to Providing Affordable Housing in Nigeria. Paper Presented at the International Conference on Housing Finance in Nigeria. Abuja. 17th â€“ 19th October, 2007.
Akinwunmi, A. A. (2009). â€˜An Investigation into Factors Affecting Housing Finance Supply in Emerging Economies: A Case Study of Nigeriaâ€™, An Unpublished Doctor of Philosophy Thesis, Submitted to the University of Wolverhampton.
Alufohai, A.J. (2013). The Lagos State 2010 Mortgage Law and the Supply of Housing. FIG Working Week 2013 â€“ Environment For Sustainability Abuja, Nigeria 6-10 May 2013.
Anderson, E., Cascioli, K., Chasnow, D. and G. Mueller (2009). Commercial Real EstateDebt Maturities: Shortfall & Implications, Journal of Real Estate Portfolio Management, 15 (2): 197-210.
Bardhan, A. and R.H. Edelstein (2008). Housing Finance in Emerging Economies: Applying a Benchmark from Developed Countries â€“ in Ben-Shahar, D., Yui Leung C.K. and S.E. Ong (eds), Mortgage Markets Worldwide. Chichester: John Wiley and Sons Ltd, pp. 231-252.
Bichi, K.M. (1998). Ensuring the Success of National Housing Funds. Business Times, April 13:14.
Eleh (2017).Vision 20:2020 and the Challenges of Housing, Construction and Development in Nigeria .Retrieved
from: https://ubosieleh.com/vision-202020-challenges-housing- construction-development-nigeria-emeka-d-eleh-msc-fnivs-mrics/
Federal Mortgage Bank of Nigeria (2009). The Mortgage News. Journal of the Federal Mortgage Bank of Nigeria, 1 (8): 37 -38.
Federal Republic of Nigeria (2002). Gocvernment White Paper on the Report of the Presidential Committee on Urban Development and Housing. Abuja: FRN.
Harloe, M., Ischaroof, R. and Minns, R. (1974). The Organization of Housing. London: Heinemann.
Kolawole, Y. (2014). How to Access the National Housing Fund. Vanguard, June 2, 2014.
Lagos State Ministry of Economic Planning & Budget (2004). State of Lagos Megacity and Other Nigerian Cities.
Lagos: Ministry of Economic Planning & Budget.
Mortgage Banking Association of Nigeria (MBAN) (n.d). Memorandum Submitted by the Mortgage Banking Association of Nigeria (MBAN) to the Senate Committee on Constitution Review Amendment of the Land Use Act.
Nubi, T.O. (2005). Housing Finance in Nigeria- Need for Re-Engineering (Unpublished Reports) www.housingfinance.org/pdfstorage/AfricaEFFECTIVE%20MOBILIZATION%20HOUSING%20nigeria.pdf (accessed May 2013).
Ogunwusi, B. (2014). World Bank puts Nigeriaâ€™s Housing Deficit at N60tr. Daily Independent, Tuesday, November 18, 2014.
Ojo, A.T. (1983). Real Estate Financing in Nigeria, Savings and Development, 4: 339-358.
Olufemi, O. A. (1993). Institutional Housing Finance in Nigeria: A Case Study of the Property Development Corporation of Oyo State, Nigeria. Monograph Series, No. 6.Ibadan: Institute of Social and Economic Research.
Onibokun, G.A. (1995). Urban Land Ownership Market and Development Process in Nigeria. Centre for African Settlement Studies and Development (CASSAD) Monograph Series 5.
Onitolo, R.A.(2016). Comparative Study of the Utilization of National Housing Fund (NHF) Mortgage Loans by
Beneficiaries in Nigeria. An Unpublished Dissertation, Department of Urban and Regional Planning, Faculty of the Social Sciences, University of Ibadan, Ibadan.
Oxford Business Group (2013). The Report: Nigeria 2013. Dubai: Oxford Business Group.
Sanusi, J.O. (2003). Mortgage Finance in Nigeria: Issues and Challenges, Paper presented at the 9th John Ekpenyong Memorial Lecture Organised by Nigerian Institution of Estate Surveyors and Valuers, 29th January.
World Bank (2017). Housing Finance. Retrieved from: http://www.worldbank.org/en/topic/financialsector/brief/housing-finance.
Copyright is owned by the journal.