THE ROLE OF THE FEDERAL GOVERNMENT IN SOLVING HOUSING DEFICIT IN NIGERIA . A RESEARCH PROJECT MATERIAL ON ESTATE MANAGEMENT
1.1 BACKGROUND TO THE STUDY
Housing, literally is defined as buildings or other shelters in which people live, a place to live, a dwelling and to nations a critical component in social and economic system. Housing represents one of the most basic human needs. To most groups housing means shelter but to others it means more as it serves as one of the best indicators of a person’s standard of living and his or her place in the society (Nubi, 2008). It is a priority for the attainment of living standard and it is important to both rural and urban areas. These attribute make demand for housing to know no bound as population growth and urbanization are increase very rapidly and the gap between housing need and supply becomes widen. This housing deficit has continued to accumulate over the years as a result of poor housing policy implementation by successive government in Nigeria. Cultural factors such as preferences and values or social status, taste and financial resources, also influence a house physical characteristics. In developing countries, poor housing delivery has been attributed to inadequate mechanisms and systems for land allocation, funding, mortgage institutions and infrastructure (Encarta, 2007).
Nigeria is perhaps the fastest urbanizing country in the African continent. One of the most important challenges facing the country is the provision of affordable housing. As more and more Nigerians make towns and cities their homes, the resulting social, economic, environmental and political challenges need to be urgently addressed (Raji, 2008). A recent study of housing situation in Nigeria put existing housing stock at 23 per 1000 inhabitant. Housing deficit is put at 15 million houses (Mabogunje 2007) while N12 trillion will be required to finance the deficit. This is about 4 times the annual national budget of Nigeria (FHA, 2007). House prices and rents, on the other hand, have grown ahead of general inflation. Making matters worse, the composition of houses for sale and rent on the market has been inexorably shifting towards very expensive house (Nubi, 2008).