THE ROLE OF PRIVATE PARTNERSHIP IN HOUSING FINANCE, DELIVERY AND MAINTENANCE IN NIGERIA


THE ROLE OF PRIVATE PARTNERSHIP IN HOUSING FINANCE, DELIVERY AND MAINTENANCE IN NIGERIA   

                                                          ABSTRACT:  

This study was intended to evaluate the role of private partnership in housing finance, delivery and maintenance in Nigeria. This study was guided by the following objectives; To examine the role of private partnership in house finance, delivery and maintenance in Nigeria, To ascertain the level of investment in housing delivery and maintenance in Nigeria, To identify the problems of housing finance, delivery and maintenance in Nigeria.

The study employed the descriptive design; questionnaires in addition to library research were applied in order to collect data. Primary and secondary data sources were used and data was analyzed using the Chi-square statistical tool at 5% level of significance which was presented in frequency tables and percentage. The respondents under the study were 32 employees of AkwaIbom Investment Property Commission (AKIPOC), Uyo. The study findings revealed that private investors are generally in support of government’s housing delivery. The private partners have helped in housing financing. Private partnership has not contributed to housing finance, delivery and maintenance in Nigeria. Delivery of houses would help alleviate poverty.

The results of this study will educate the general public on the role of public private partnership and how it can be used as the instrument of development in housing finance, delivery and maintenance.

TABLE OF CONTENTS

Content                                            Page

Title page    -    -    -    -    -    -    -    -    -    -    i

Approval    -    -    -    -    -    -    -    -    -    -    ii

Dedication    -    -    -    -    -    -    -    -    -    -    iii

Acknowledgement    -    -    -    -    -    -    -    -    -    iv

Abstract    -    -    -    -    -    -    -    -    -    -    v

CHAPTER ONE:   INTRODUCTION

1.1    BACKGROUND TO THE STUDY

1.2    STATEMENT OF THE PROBLEM

1.3    OBJECTIVES OF THE STUDY

1.4    RESEARCH QUESTIONS

1.5    HYPOTHESIS

1.6    SIGNIFICANCE OF THE STUDY

1.7    SCOPE/LIMITATIONS OF THE STUDY

LIMITATION OF STUDY

REFERENCES

CHAPTER TWO:   REVIEW OF RELATED LITERATURE

2.2    Theoretical Framework

2.3    Housing Finance

2.4    Concept of Private Partnership in Housing Delivery

2.5    The Role of the Private Sector

2.6    Empirical Review

CHAPTER THREE:   RESEARCH METHODOLOGY

3.0 INTRODUCTION

3.1 STUDY AREA

3.2 RESEARCH DESIGN

3.3 POPULATION OF THE STUDY

3.4 POPULATION SIZE AND TECHNIQUE

3.5 DATA COLLECTION METHOD

3.6 DATA ANALYSIS

3.7 LIMITATION

CHAPTER FOUR:   DATA PRESENTATION, ANALYSIS AND INTERPRETATION

BIODATA OF RESPONDENTS

RESEARCH HYPOTHESIS

CHAPTER FIVE:  FINDINGS CONCLUSIONS AND RECOMMENDATION

CONCLUSIONS

RECOMMENDATION

REFERENCES

Appendix

QUESTIONNAIRE ADMINISTRATION

CHAPTER ONE

INTRODUCTION

1.1    BACKGROUND TO THE STUDY

The housing sector plays a more critical role in a nation’s welfare than is always recognized, as it directly affects not only the citizenry, but also the performance of other sectors of the economy. Adequate housing provision has since the early 1970s consequently engaged the attention of most countries, especially the developing nations for a number of reasons. First, it is one of the three most important basic needs of mankind- the others being food and clothing. Secondly, housing is a very important durable consumer item, which impacts positively on productivity, as decent housing significantly increases worker’s health and wellbeing, and consequently growth. Thirdly, it is one of the indices for measuring the standard of living of people across societies (Sanusi, 2003).

Propelled by the patriotic quest of addressing Nigeria’s acute housing problem, the Federal Government came up with a National Policy on Housing and Urban Development in 2002. The policy has since then triggered milestone reforms in the nation’s housing industry aimed at repositioning it for efficient and effective housing delivery and maintenance. One of the means through which the policy is been achieved is on public-private partnership concept. The thrust of the policy is to raise the home ownership rate among Nigerians to a respectable level by moving the housing industry to sustainably deliver mass, decent and affordable housing with the active participation of the private sector-driven mortgage based housing delivery and maintenance system (Oduwaye, 2004). The policy believes that this will particularly address the housing problem of most Nigerian citizens.

The concept of private partnership in housing financing, delivery and maintenance system is predicated on the pooling together of resources from the various stakeholders, each party making inputs, thereby minimizing wastage and maximizing results achieved. Ikekpeazu (2004) stressed that the expediency of the increased adoption of the public-private partnership for housing financing and delivery in the present socio-economic circumstances of shortage of housing in Nigeria is now even more glaring than ever. With the increasing demand of the population on the national economy and the government’s propensity for enlarging the multi-sectorial allocations in terms of finance, it is becoming obvious that government alone can no longer provide adequate housing for all categories of her citizens particularly the low income earners.

The organized private sector comprise of members of the real estate developers association of Nigeria and some commercial banks that have real estate departments.Average citizens including the low-income earners do not easily have access to housing finance because of their low wages. Nigeria is a country with high unequal income distribution, a situation that restricts the reach of the vast majority in the acquisitionof quality housing. This study examines the role of public-private partnership in housing finance, delivery and maintenance in Nigeria.

The public-private partnership for housing delivery under Nigeria’s current housing policy (Abdulsalam, 2008) confers certain identifiable roles on both the public and the private sector. The roles of the private sector in housing financing, delivery and maintenance with particular reference to private partnership includes responsible for production of physical houses, responsible for primary mortgage lending, required to invest mortgage securities and responsible for the production and supply of building materials, particularly local content.

1.2    STATEMENT OF THE PROBLEM

Housing finance constitutes one of the major pillars of housing delivery and maintenance system. Indeed, without a well-organized and efficient housing finance mechanism, the goal of a housing development and maintenance policy will be largely unattainable. Housing finance has been recognised as an important, almost indispensable factor in the housing delivery and maintenancesystem. This is because only the very few in any nation can afford to pay cash for a house or pay cash for a major renovation of the house. Most other people must have to finance their house building and maintenance through loans, personal savings, assistance from relatives or friends and gifts. Introduction of public-private partnership in housing delivery and maintenance is to enhance the productivity of the housing sector, increase housing affordability and improve access to basic infrastructure and social services. Ikekpeazu (2004) stressed that in order to attain the desired outcome for private partnership, the perception of the housing sector as a vast arena of social problems and a drain on the economy must change. Housing must be seen as an important economic sector with crucial linkages to the overall economy of a nation. The housing sector is a key component of the economy. It is typically the largest single form of fixed capital investment, in most economics. Based on these facts, the researcher seeks to examine the role of private partnership in house finance, delivery and maintenance in Nigeria.

1.3    OBJECTIVES OF THE STUDY

The following are the objectives of this study:

1.    To examine the role of private partnership in house finance, delivery and maintenance in Nigeria.

2.    To ascertain the level of investment in housing delivery and maintenance in Nigeria.

3.    To identify the problems of housing finance, delivery and maintenance in Nigeria.

1.4    RESEARCH QUESTIONS

1.    What is the role of private partnership in house finance, delivery and maintenance in Nigeria?

2.    What is the level of investment in housing delivery and maintenance in Nigeria?

3.    What are the problems of housing finance, delivery and maintenance in Nigeria?

1.5    HYPOTHESIS

HO: Private partnership has not contributed to housing finance, delivery and maintenance in Nigeria.

HA: Private partnership has contributed to housing finance, delivery and maintenance in Nigeria.

1.6    SIGNIFICANCE OF THE STUDY

The following are the significance of this study:

1.    The results of this study will educate the general public on the role of public private partnership and how it can be used as the instrument of development in housing finance, delivery and maintenance.

2.    The findings will sensitize the stakeholders in building construction and real estate management on the need for effective collaboration with the private sector to ensure speedy financing and delivery of housing units all over the country noting that private partnership has facilitated development in housing delivery and maintenance in other advanced countries of the world.

3.    This research will also serve as a resource base to other scholars and researchers interested in carrying out further research in this field subsequently, if applied will go to an extent to provide new explanation to the topic.

1.7    SCOPE/LIMITATIONS OF THE STUDY

This study on the role of private partnership in housing finance, delivery and maintenance in Nigeria will cover the involvement of private sector in the provision and maintenance of housing units with focus on the existing housing structure and management in Nigeria.

LIMITATION OF STUDY

1.    Financial constraint- Insufficient fund tends to impede the efficiency of the researcher in sourcing for the relevant materials, literature or information and in the process of data collection (internet, questionnaire and interview).

2.    Time constraint- The researcher will simultaneously engage in this study with other academic work. This consequently will cut down on the time devoted for the research work.

REFERENCES

Abdulsalam, A. (2008): Public-Private Partnership in Housing Finance at a seminar organised by the Nigerian Institute of Estate Surveyors and Valuers (Ondo State Branch), held on the 13th of November, 2008, at Owena-Nicon Luxury Hotels, Akure.

Ikekpeazu, F. (2004): New Trends in Low-cost Housing delivery systems in Nigeria: An Overview of the public-private partnership approach.  Housing Today, 1 (8), 30 – 36.

Oduwaye, L. (2004): Problems and Prospects of Primary Mortgage Institutions (PMIs) in Nigeria: Case of selected PMIs in Lagos. Housing Today, 1 (8) 14-18.

Sanusi, J. O. (2003): Mortgage Financing In Nigeria: Issues And Challenges, a paper presented at the 9th John Wood Ekpenyong Memorial Lecture, organised by the Nigerian Institute of Estate Surveyors and Valuers, April 29, 2003.

.

THE ROLE OF PRIVATE PARTNERSHIP IN HOUSING FINANCE, DELIVERY AND MAINTENANCE IN NIGERIA



TYPE IN YOUR TOPIC AND CLICK SEARCH.






RESEARCHWAP.ORG
Researchwap.org is an online repository for free project topics and research materials, articles and custom writing of research works. We’re an online resource centre that provides a vast database for students to access numerous research project topics and materials. Researchwap.org guides and assist Postgraduate, Undergraduate and Final Year Students with well researched and quality project topics, topic ideas, research guides and project materials. We’re reliable and trustworthy, and we really understand what is called “time factor”, that is why we’ve simplified the process so that students can get their research projects ready on time. Our platform provides more educational services, such as hiring a writer, research analysis, and software for computer science research and we also seriously adhere to a timely delivery.

TESTIMONIES FROM OUR CLIENTS


Please feel free to carefully review some written and captured responses from our satisfied clients.

  • "Exceptionally outstanding. Highly recommend for all who wish to have effective and excellent project defence. Easily Accessable, Affordable, Effective and effective."

    Debby Henry George, Massachusetts Institute of Technology (MIT), Cambridge, USA.
  • "I saw this website on facebook page and I did not even bother since I was in a hurry to complete my project. But I am totally amazed that when I visited the website and saw the topic I was looking for and I decided to give a try and now I have received it within an hour after ordering the material. Am grateful guys!"

    Hilary Yusuf, United States International University Africa, Nairobi, Kenya.
  • "Researchwap.org is a website I recommend to all student and researchers within and outside the country. The web owners are doing great job and I appreciate them for that. Once again, thank you very much "researchwap.org" and God bless you and your business! ."

    Debby Henry George, Massachusetts Institute of Technology (MIT), Cambridge, USA.
  • "Great User Experience, Nice flows and Superb functionalities.The app is indeed a great tech innovation for greasing the wheels of final year, research and other pedagogical related project works. A trial would definitely convince you."

    Lamilare Valentine, Kwame Nkrumah University, Kumasi, Ghana.
  • "I love what you guys are doing, your material guided me well through my research. Thank you for helping me achieve academic success."

    Sampson, University of Nigeria, Nsukka.
  • "researchwap.com is God-sent! I got good grades in my seminar and project with the help of your service, thank you soooooo much."

    Cynthia, Akwa Ibom State University .
  • "Sorry, it was in my spam folder all along, I should have looked it up properly first. Please keep up the good work, your team is quite commited. Am grateful...I will certainly refer my friends too."

    Elizabeth, Obafemi Awolowo University
  • "Am happy the defense went well, thanks to your articles. I may not be able to express how grateful I am for all your assistance, but on my honour, I owe you guys a good number of referrals. Thank you once again."

    Ali Olanrewaju, Lagos State University.
  • "My Dear Researchwap, initially I never believed one can actually do honest business transactions with Nigerians online until i stumbled into your website. You have broken a new legacy of record as far as am concerned. Keep up the good work!"

    Willie Ekereobong, University of Port Harcourt.
  • "WOW, SO IT'S TRUE??!! I can't believe I got this quality work for just 3k...I thought it was scam ooo. I wouldn't mind if it goes for over 5k, its worth it. Thank you!"

    Theressa, Igbinedion University.
  • "I did not see my project topic on your website so I decided to call your customer care number, the attention I got was epic! I got help from the beginning to the end of my project in just 3 days, they even taught me how to defend my project and I got a 'B' at the end. Thank you so much researchwap.com, infact, I owe my graduating well today to you guys...."

    Joseph, Abia state Polytechnic.
  • "My friend told me about ResearchWap website, I doubted her until I saw her receive her full project in less than 15 miniutes, I tried mine too and got it same, right now, am telling everyone in my school about researchwap.com, no one has to suffer any more writing their project. Thank you for making life easy for me and my fellow students... Keep up the good work"

    Christiana, Landmark University .
  • "I wish I knew you guys when I wrote my first degree project, it took so much time and effort then. Now, with just a click of a button, I got my complete project in less than 15 minutes. You guys are too amazing!."

    Musa, Federal University of Technology Minna
  • "I was scared at first when I saw your website but I decided to risk my last 3k and surprisingly I got my complete project in my email box instantly. This is so nice!!!."

    Ali Obafemi, Ibrahim Badamasi Babangida University, Niger State.
  • To contribute to our success story, send us a feedback or please kindly call 2348037664978.
    Then your comment and contact will be published here also with your consent.

    Thank you for choosing researchwap.com.