Abstract

The purpose of this study is to elucidate why the housing finance system has remained inert and inefficient in the battle to expand housing supply. Secondary data were acquired for this study from published literature on books, journals, and the housing finance sector. The Housing Policy paved the way for an understanding of how the market operates. The historical check list technique explained the reasons for the failure of current practice. The purpose of this study is to examine the current state of the Nigerian housing sector, including the housing stock, to assess housing shortage and affordable housing policies in the Nigerian housing market, to make some significant recommendations for improving housing affordability in Nigeria, and to provide insight into financing options for housing construction in Nigeria, given the existing financial structures and regulatory framework. The conclusion is that we cannot just copy models from other countries but must design models that operate within our sociocultural environment. In this regard, recommendations are made that are inert and irrelevant to the housing supply drive.

Introduction

Every country’s largest economic asset is housing, which has long been acknowledged as one of the most basic human needs. Community stability and social inclusion can only be achieved with adequate housing (Oladapo, 2006). Gilbertson. (2008) found a strong link between a person’s living environment and their bodily and psychological well-being. Since the right to shelter is a fundamental human right, it should be a characteristic of every civilized society and a measure of how far it has progressed.
However, one of the most persistent problems facing human and national development in Nigeria and other developing countries is the supply of suitable housing. All players, including government agencies and planners and developers have failed to come up with a formula for fixing the housing problem.

Finance is also a critical component of home development and has been referred to as the “lifeline” of real estate development. Adequate housing financing, according to Tibaijuka (2002) and Akinmoladun and Oluwoye (2007), is the foundation of any successful and long-lasting shelter project in developing countries like Nigeria, where quality and quantity of housing are woefully lacking. However, despite the importance of effective access to housing financing, potential homeowners in developing economies are finding it increasingly difficult to obtain it. It is common for people who prioritize homeownership to forego other domestic expenditures in order to achieve their goal. Personal income and savings, as well as the support of local cooperative societies, account for 60% of all new construction in Nigeria (National Bureau of Statistics NBS, 2012). Only 38% of North Central Nigerian households have formal bank accounts, according to the NBS’ 2012 Living Standard Measurement Survey (LSMS), and only 4% of those families use formal credit for home improvements, according to the national average. DMBs, micro-finance institutions (MFIs) and primary mortgage lenders all have formal credit lines (PMIs). Formal banking institutions appear to be the least reliable source of loans for prospective home builders in this instance. Studies have shown that formal financial institutions’ strict and burdensome lending practices have had an impact on the choice of financing options for homebuyers, shifting their preferences toward other informal sources of house financing (Ojo, 2005; Ndibe and Kuma, 2010).

Statement of the Problem

A number of empirical research on housing finance issues, notably in Nigeria, have yielded similar results that center around income/wage levels and the lending practices of formal financial institutions. To give just one example, Dung-Gwom and Mallo (2011) examine the difficulties that low-income families in Nigeria’s Plateau State face when trying to obtain a mortgage loan. In their examination into the availability of finances for private real estate developers in Abuja, Nigeria, Kabir and Ikem (2013) used a two-pronged method. First, it examines the variables that limit the availability of funds, and second, it examines the barriers to obtaining the funds. the three most major impediments to successful access to home finance were found to be high funding costs, construction costs, and challenges in securing statutory land titles

Akindele (1990) and Babalola (1995) have made efforts to divide corruption into many forms. These are political corruption; bureaucratic corruption and electoral corruption. Babalola (1995) argued that corruption in politics occurs at two levels. The first level has to do with the various forms of corruption in politics at the law-making level while the second level is at the law-implementation level. At the first level, people try to influence law-making and policy decisions while at the second level, efforts are made by people to pervert the course of justice and influence judgments. Babalola (1995) notes that the perpetration of corruption in politics is done in the following ways:

(a) Buying of votes and voters card during election. The electorates are induced with money.

(b) Electoral officials connived with party agents and security officials to manipulate or falsify election results a glowing example was the 1983, 1999, 2003, 2007 elections when INEC officials connived with security forces and government officials to falsify election results.

(c) Use of the power of incumbency and the state machinery. There is the Iron Law of African politics which states that no government in power ever loses election. Office holders therefore makes use of all the available weapons at their disposal to suppress opposition and win elections at all cost.

(d) Use of money. Money is now a crucial and the most potent factor in Nigeria politics. Babalola (1998) and Osoba (2002) also observed that money bag politics that is being practiced in Nigeria does not make political aspiration available to everybody; it is available only to the rich and powerful. This is true of the Parliamentarian or Presidency, it is the same. Credible people in Nigeria find it difficult to contest for election. The reason for this is that if one cannot dole out money or bribe the electorate with food one would not be voted for or be nominated. This is seeing in party primaries at all levels. It is unfortunate that elective posts usually go to the highest bidder. Dike (2011) noted that, political corruption is sometimes seen as similar to corruption of greed as it affects the manner in which decisions are made, as it manipulates political institutions, rules of procedure, and distorts the institutions of the government. Bureaucratic corruption occurs in the public administration” or the implementation end of politics. This kind of corruption has been branded low level and street level. It is the kind of corruption the citizens encounter daily at places like the hospitals, schools, local licensing offices, police, taxing offices and on and on. Bureaucratic petty corruption, which is seen as similar to corruption of need, occurs when one obtains a business from the public sector through inappropriate procedure Babalobi (2008). Electoral corruption includes rigging of election and buying of electoral votes. It also includes promises of office or special favors, coercion, intimidation, and interference with electoral procedures. In the last election, votes were bought; the consequence of this was that losers became winners in the election. This led to the killing and maiming of electorates and party candidates. In offices corruption is rife, government officials are involved in the sales of legislative votes, administrative, or judicial decision, or governmental appointment.

According to a report from the workshop organized by ZCC, Lagos from Dec 11-12, Babalobi notes the following as the causes of corruption in Nigeria.

Forms and Causes of Corruption in Educational Circle

• Weak government institutions
• Poor pay incentives
• Lack of openness and transparency in public service                                  
• Absence of key anti corruption tools
• Ineffective political processes
• Culture and acceptance of corruption by the populace
• Absence of effective political financing
• Poverty
• Ethnic and religious difference
• Resource scramble  
• Great inequality in distribution of wealth;
• Political office as the primary means of gaining access to wealth;
• Conflict between changing moral codes;
• The weakness of social and governmental enforcement mechanisms; and
• The absence of a strong sense of national community (Bryce, 1921).

As everyone who has attended a human resource management course would agree, the subject of human resource management is just too big to be explored in detail. No amount of emphasis can be placed on the significance of human capital. It is human capital that is the most valuable asset a company may have in the business world. As a consequence, students pursuing a degree in human resource management complete coursework that includes human resource management assignments such as essays, research reports, research papers, term papers, dissertations, and theses. You will almost likely need to select the best human resources themes to write about when studying business, behavioral sciences, or pursuing an MBA. This is especially true if the assignment prompt does not include any choices for topics for you to write about.

This article presents a detailed review of a broad variety of current, hot, and exciting human resources topics in order to get you started in the right direction. For this reason, we believe our list is superior to other similar lists because the themes are organized according to human resource categories, such as training, talent management, professional and career development; leadership; change management; pay; performance; and training and development.This article contains a comprehensive list of trending, hot, and exciting human resources topics to get you started. The reason we believe our list is superior to other similar lists is that the topics are organized according to human resource areas, such as training, talent management, professional and career development; leadership; change management; compensation; performance management; training and development; to name a few.

hr research topics

Download Full Material-N5000