FINANCING RESIDENTIAL HOUSING DEVELOPMENT IN ENUGU METROPOLIS: THE WAY FORWARD
Abstract
ABSTRACT
Housing is one of the most basic and oldest developments of mankind which affects every facet of man. Housing no doubt has impact on the health, welfare and productivity of the individuals. The explosive growth of Nigerian urban cities has multiplied interrelated problems of residential housing development. In Enugu metropolis, the influx of migrants has created scarcity of housing accommodations, Lack of adequate housing to meet up with the rapid increase in demand. On this note the study assess the operation for financing residential housing development in Enugu metropolis, with a view of initiating more reliable strategies for effective and adequate provision of residential housing development in Enugu metropolis.
The specific objectives were as follows: To identify the problems associated with residential housing development finance in Enugu metropolis; to determine the impact of housing finance operation in residential housing development in Enugu metropolis; to ascertain the strategies for achieving sustainable residential housing development in the study area. The study had a population size of one hundred and fifty four thousand four hundred and eighty six (154, 486) out of which a sample size of three hundred and ninety nine (399) was realized using Taro Yemane formulae. The survey research design was adopted for the study. The collection of data was by administration of questionnaire and conduction of interview. The study revealed that problems associated with residential housing development finance in Enugu metropolis include social problems, diversion of housing fund, economic factors, stringent conditions for accessing housing fund, low interest rate on national housing fund, level of participation in the NHF, macroeconomic environment and cumbersome legal regulatory framework for land acquisition. The study concluded that a deficiency in housing have profoundly affect the health, welfare and productivity of man therefore there is need for effective housing development in Enugu metropolis. Therefore, the study recommended that the State Government should implement a reform policy for housing development that will caters for the existing gaps and loopholes in the present residential housing development in Enugu Metropolis.
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