ABSTRACT
This research work is believed is another contribution to Mortgage Banking literature which will be very useful particularly to future researchers on this topic and those already engaged in the banking industry.
The idea behind this project research work entitled Mortgage banking and contribution to Housing Development in Nigeria is inherent from the crucial and very important nature of housing to every right thinking human being.
Professor Abraham Maslow in his “hierarchy of needs”- a most widely accepted description of human needs of the general population classified food, shelter and clothing as the basic needs of every man. Every human being is born landlord; therefore house ownership is a birthright that must be enjoyed bye very man.
The contributions of mortgage banking to the development of housing in Nigeria cannot be overwhelmed. The federal mortgage bank of Nigeria (FMBN) the primary mortgage Institution (PMLs) and other institutional bodies involved in housing delivery have performed numerous functions in the general effort to provide affordable residential houses for the Nigeria population.
However, a remarkable bottleneck facing the Nigerian housing finance sub-sector is the delay by the apex mortgage institution to disburse the National housing fund loan through the primary Mortgage Institution for on-lending mortgagers. To increase the available housing stock, the apex Bank (FMBN) should ensure the constant supply of loans to Nigerians for the purpose of buying building or improvement of residential houses.
The research study therefore is going to show the actual contributions of mortgage banking to housing development in Nigeria. It will equally show the problems faced by the (PMLS) in their housing finance and delivery effort. In trying to state the problems and prospects the researcher utilized both primary and secondary data. The work is structured in time five distinct chapters and written in simple language to enable readers secure a true picture of the information transmitted.
TABLE OF CONTENTS
Title page ii
Approval page iii
Acknowledgement iv
Dedication v
Abstract vi
Table of contents viii
CHAPTER ONE
Introduction 1
1.1 Background of study 2
1.2 Statement of the problem 10
1.3 Purpose/objective of the study 12
1.4 Research questions 15
1.5 Research hypothesis 16
1.6 Significance of the study 17
1.7 Definitions of terms 18
CHAPTER TWO
Review of related literature 22
2.1 Mortgage banking in the colonial period 22
2.2 Mortgage banking during the post independence period24
2.3 Institutional frame work for housing delivery 29
2.4 Housing finance in Nigeria 34
2.5 The present institution of mortgage banking in Nigeria41
2.6 Structure of the Nigeria mortgage market. 41
2.7 Building materials and construction costs 44
2.8 Low income Housing 47
2.9 Land use Act and mortgage banking Lending 48
2.10 Salient points in mortgage lending 53
2.11 Hindrance to the contributions of mortgage
banking in Housing Development in Nigeria 55
2.12 Prospects mortgage Banking in the
Development of housing in Nigeria 57
CHAPTER THREE
Research Design and methodology 59
3.1 Population 60
3.2 Population of study 60
3.3 Sources of data 60
3.4 Primary source of data 61
3.5 Secondary source of data 61
3.6 Method of Data collection 62
3.7 Sample and sampling Techniques 63
3.8 Method of Data analysis 64
CHAPTER FOUR
Data presentation and analysis 65
CHAPTER FIVE
Findings recommendations and conclusion 79
5.1 Discussion of findings 79
5.2 Recommendations 81
5.3 Conclusion 84
5.4 Suggestions for the further researcher 86
5.5 Limitations of the study. 87
Reference 89
Appendix 91
