CHAPTER ONE
1.1 Background of the study
It is very obvious that today in our society, housing is on of he basic needs of humanity it is essentially for this reason that housing has remained central to all national development effort of successive government in the country and the entire world over.
Housing market remain one of the most dynamic and suitable areas of investment in property world demand for housing still remains due to some factors like high rate of urbanization and rural urban migration, the need to replace dilapidated building in the country’s population and the popularity of residential real estate as a lucrative areas of investment capable of yielding better return than other classes of investment.
Although these characteristics are well understood and recognized in Nigeria, housing still remain an area where there is acute shortage due to inadequate access of basic resources needed especially land and finance.
Primary mortgage institution emerged after eighties and early nineties, following the establishment of the national housing fund by decree (N0 53 of 1989) and the announcement of the 1991 national Housing policy.
The primary mortgage institution decree was passed in 1993 to facilitate speedy implementation of financial return envisaged under the national policy.
The purpose was to encourage the establishment of financial institution capable of mobilizing saving and facilitation greater access to loan in other to popularize home by individual wishing to build or buy their own house and for large scale private builders producing house for sale
1.2 STATEMENT OF THE PROBLEM
The statement of the problem are as follows:
High cost of housing in Nigeria has posed a very big problem to citizens in Nigeria as most citizens cannot afford to pay for a house.
More so there is a problem of ineffective provision of financial services like mortgage services, this has been a very big problem to the Nigeria citizens.
However there is a problem of over population which has affected the citizens as there will be no effective housing delivery.
Moreover there is a problem of inequitable distribution of lending facilities which has also posed a big problem to the Nigerians as only some citizens benefit from the lending activities while others do not benefit form the lending activities by mortgage institution in Nigeria.
1.3 OBJECTIVE OF THE STUDY
The objective of this research study are compose into the following.
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