THE ROLE OF COOPERATIVE SOCIETIES IN CREATING AFFORDABLE HOUSING SCHEME IN NIGERIA (A STUDY OF NIFESAC ESUT MULTI-PURPOSE COOPERATIVE SOCIETY LIMITED)

ABSTRACT The act of investing in Housing Cooperative is only the first step towards the investment of capital. In order to achieve its objective the housing cooperative enterprises must be successfully and profitably operated as a business. Population in urban areas are growing at a rapid rate. Thus recycling of land becomes necessary despite the fact that land is a finite resource. The gap between supply and demand for housing at a cheaper rate which is the basic need of menthe purpose of this study is to access the strategies for affordable housing in Nigeria. Research design was used and the population of the study was Architects, Quantity surveyors, Engineers, Contractors and Project managers. Random sampling technique was adopted for this study. A total of 50 questionnaires were distributed and 21 were returned. The general objective of this work is to create affordable housing schemes through cooperatives in Nigeria. To investigate the problems faced by the cooperative societies in creating affordable housing in Nigeria. Area of study is a selected housing cooperatives in Enugu State. Research instrument used in this research study is questionnaires distributed and retrieved to the Architects, builders etc. In conclusion, the Government should create an enabling environment for private sector by reducing the interest rate, taxes collected and creation of a viable housing mortgage sector to cater for the need of interested mortgage loan applicants. The use of land should be constrained to affordable housing. Keywords: Affordable. Housing, Land, Mortgage, Urbanization.