Sources of Funds Available To Private Investors for Housing Development In Nigeria (Published)
Housing has been universally recognized as one of the most essential necessities of humans and is a major economic asset in every nation. Adequate housing provides the foundation for stable communities and social inclusion. There is a significant association between housing conditions and physical and mental health of an individual. People’s right to shelter is thus a basic one and the provision of decent housing to all requiring it should be the hallmark of every civilized society and one of the criteria for assessing the extent of a nation’s development. However, the provision of adequate housing in Nigeria and other developing nations alike still remains one of the most intractable challenges facing the nations. Previous attempts by all stakeholders, including government agencies, planners and developers to provide necessary recipe for solving the housing problem have yielded little or no success. Fund, a basic ingredient for housing development, has to be made easily accessible to investors in housing development if the problem of housing delivery is to be tackled at the root. This paper therefore exposes the various sources of funds available to private housing developers which can be harnessed to enhance housing supply in Nigeria.
Keywords: Housing Fund, Housing Supply, Mortgage, National Development, Nigeria