NIGERIA'S HOUSING FINANCE MECHANISM IN PRE-2012 NATIONAL HOUSING POLICY ERA: MATTERS ARISING

摘要

Housing finance is considered to be the prime mover of a national housing delivery framework; a mechanism in that respect is designed to address issues of affordability for households, accessibility and viability for mortgage institutions and developers. In recent times, Nigeria's National Housing Policy has undergone review, which sums up attempts at addressing housing challenge in the country. The short fall in housing stock is massive and population growth has completely out paced and overwhelmed provision. The Federal Mortgage Bank of Nigeria (FMBN) and Primary Mortgage Institutions (PMI) were mandated to support housing development under the 1991 National Housing Policy. This paper presents an appraisal of the impact of this policy with respect to the FMBNs average pooled funding of low, medium and high income housing and matters arising as reflected in the new (2012) National Housing Policy and memoranda to the National Council on Lands, Housing and Urban Development.