Housing development finance through cooperative societies The case of Ogbomoso, Nigeria

Housing development finance through cooperative societies The case of Ogbomoso, Nigeria Purpose – The purpose of this paper is to investigate the contribution of cooperative societies to housing finance for the urban low income group in Ogbomoso, Oyo state of Nigeria. This is with a view to determine the effectiveness of the societies' lending as a means of solving the housing problem among the low income group in Nigeria. Design/methodology/approach – Questionnaires were administered to 120 members of eight societies of four cooperative unions selected through a random sampling technique. In total, 15 members who had benefited from the loan were surveyed in each of the societies. Data were analysed with the use of frequency distribution, percentage and measure of cooperators satisfaction index (CSI). Findings – The results showed that 52 per cent of responding members had financed the development of their houses to completion stage, while 28 per cent had their houses still under construction. The index of satisfaction (CSI) on each attribute of “affordability”, “transaction cost” and “collateral” is higher than the aggregate satisfaction on the loan. In addition, the level of satisfaction on a cooperative loan with a CSI of 3.77 is far above average (2.50) and greater than the level of satisfaction on National Housing Fund (CSI of 2.07), which is far below average. It was also discovered that membership of cooperative societies cuts across all occupations and is open to all interested members of the community irrespective of sexual or academic status. Practical implications – The paper concludes that, with the popularity and effectiveness of cooperative loans in the study area, the government should encourage and integrate the initiative to evolve an efficient and effective national housing policy. Originality/value – This is one of the few studies on housing development finance conducted through a non‐institutional source, particularly in the Nigerian context. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png International Journal of Housing Markets and Analysis Emerald Publishing

Housing development finance through cooperative societies The case of Ogbomoso, Nigeria

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Publisher
Emerald Publishing
Copyright
Copyright © 2010 Emerald Group Publishing Limited. All rights reserved.
ISSN
1753-8270
DOI
10.1108/17538271011063906
Publisher site
See Article on Publisher Site

Abstract

Purpose – The purpose of this paper is to investigate the contribution of cooperative societies to housing finance for the urban low income group in Ogbomoso, Oyo state of Nigeria. This is with a view to determine the effectiveness of the societies' lending as a means of solving the housing problem among the low income group in Nigeria. Design/methodology/approach – Questionnaires were administered to 120 members of eight societies of four cooperative unions selected through a random sampling technique. In total, 15 members who had benefited from the loan were surveyed in each of the societies. Data were analysed with the use of frequency distribution, percentage and measure of cooperators satisfaction index (CSI). Findings – The results showed that 52 per cent of responding members had financed the development of their houses to completion stage, while 28 per cent had their houses still under construction. The index of satisfaction (CSI) on each attribute of “affordability”, “transaction cost” and “collateral” is higher than the aggregate satisfaction on the loan. In addition, the level of satisfaction on a cooperative loan with a CSI of 3.77 is far above average (2.50) and greater than the level of satisfaction on National Housing Fund (CSI of 2.07), which is far below average. It was also discovered that membership of cooperative societies cuts across all occupations and is open to all interested members of the community irrespective of sexual or academic status. Practical implications – The paper concludes that, with the popularity and effectiveness of cooperative loans in the study area, the government should encourage and integrate the initiative to evolve an efficient and effective national housing policy. Originality/value – This is one of the few studies on housing development finance conducted through a non‐institutional source, particularly in the Nigerian context.

Journal

International Journal of Housing Markets and AnalysisEmerald Publishing

Published: Aug 10, 2010

Keywords: Housing; Nigeria; Property finance; Loans; Credit institutions; Co‐operative societies

References

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