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Obstacles to individual home ownership in Nigeria

Obstacles to individual home ownership in Nigeria Purpose – This paper sets out to investigate the various inhibiting factors to individual home ownership in Nigeria. It aims to establish just how feasible home ownership is in Nigeria. Design/methodology/approach – Secondary data were obtained from journals, government publications and technical reports. The sources are sorted into sections: prices of the houses, inflation rate, income levels of Nigerians. Findings – The dominant informal sector in the national economy does not augur well for housing delivery; job creation and economic empowerment are the primary catalysts for increased disposable incomes and savings that will subsequently boost investment in home‐ownership. Practical implications – With hard work and diligence in policy formulation, project implementation and economic resuscitation, home‐ownership will no longer be a utopian ideal but a national reality. The nation's policy makers must begin to adopt strategies that have practical application in the immediate environment. Originality/value – This paper comprehensively highlights the various home ownership finance options available in Nigeria, and critically assesses how practicable these options are to the average Nigerian. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png International Journal of Housing Markets and Analysis Emerald Publishing

Obstacles to individual home ownership in Nigeria

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Publisher
Emerald Publishing
Copyright
Copyright © 2008 Emerald Group Publishing Limited. All rights reserved.
ISSN
1753-8270
DOI
10.1108/17538270810877790
Publisher site
See Article on Publisher Site

Abstract

Purpose – This paper sets out to investigate the various inhibiting factors to individual home ownership in Nigeria. It aims to establish just how feasible home ownership is in Nigeria. Design/methodology/approach – Secondary data were obtained from journals, government publications and technical reports. The sources are sorted into sections: prices of the houses, inflation rate, income levels of Nigerians. Findings – The dominant informal sector in the national economy does not augur well for housing delivery; job creation and economic empowerment are the primary catalysts for increased disposable incomes and savings that will subsequently boost investment in home‐ownership. Practical implications – With hard work and diligence in policy formulation, project implementation and economic resuscitation, home‐ownership will no longer be a utopian ideal but a national reality. The nation's policy makers must begin to adopt strategies that have practical application in the immediate environment. Originality/value – This paper comprehensively highlights the various home ownership finance options available in Nigeria, and critically assesses how practicable these options are to the average Nigerian.

Journal

International Journal of Housing Markets and AnalysisEmerald Publishing

Published: Jun 20, 2008

Keywords: Housing; Private ownership; Nigeria; Property finance

References