INFRASTRUCTURAL DEVELOPMENT, REAL ESTATE AGENCY RE BRANDING AND REVIEW OF NATIONAL HOUSING POLICY: THE ROAD MAP FOR RAPID ECONOMIC DEVELOPMENT OF NIGERIA
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND TO THE STUDY
With a population of about 173 million people, Nigeria is the largest country in Africa and accounts for 47% of West Africa’s population. Given these large reserves of human and natural resources, the country has significant potential to build a prosperous economy characterized by rapid economic growth through real estate rebranding leading to infrastructural development that can significantly reduce poverty, inequality and improve standards of living of the population through better access to and quality of health care, education and infrastructure services (Falade, 2007).
One of the organization that has been promoting real estate agency rebranding in Nigeria is The Real Estate Developer’s Association of Nigeria (REDAN) which is the principal agency of the organized private sector recognized by government and approved by the Federal Mortgage Bank of Nigeria (FMBN) the apex mortgage lender in Nigeria to facilitate the delivery of affordable mass housing in Nigerians (REDAN, 2015).
Housing policy in Nigeria is as old as the history of the country. Thus, we can broadly categorize its historical development under the five distinct phases of the colonial period (before 1960), the post- independence period (1960-1979), the second civilian administration (1979-1983), the military era (1984-1999), and the post military era (1999 to date). A major feature of the colonial period was the provision of staff housing for expatriates and other Indigenous employees of semi-governmental organizations and organizations. This era saw the formation of the City Council in 1946, the formation of the Lagos Executive Board (LEBD) in 1954, the formation of the Nigerian Architectural Institute in 1955, and the formation of the Regional Housing Authority in 1959. . During the period of the First National Development Plan (1962-1968) and the Second National Development Plan (1970-1974) there was an improvement in housing supply). Notably, the establishment of the National Housing Council in 1971 further improved housing availability. The Third National Development Plan (1975-1980) further improved housing programs, policies and measures. The conversion of the Nigerian Architectural Institute into the Federal Mortgage Bank of Nigeria following the issuance of Decree No. 7 of 1977 also brought some improvements to the housing supply in Nigeria. The Land Use Ordinance (LUD) of 1978 was promulgated to guarantee land access for all Nigerians. Prior to the promulgation of the LUD, the country’s dual land tenure structure was paramount. LUD now stabilizes land ownership and acquisition. The Constitution of the Federal Republic of Nigeria (1979) also emphasized the importance of local building materials and the relevance of labor and the construction industry. In the same year, Government Decree No. 54 of 1979 on Workers’ Housing Plan was promulgated. The decree provided housing and housing estates for employees. Housing policies in the 1980s and 1990s were a means of creating a divided society. Rural areas were abandoned and urban housing stock improved. This was due to the high rate of urbanization and the consequent housing shortage in the inner city. Housing policies and provisions were further improved during the military era. This was facilitated by the issuance of Mortgage Association Ordinance No. 53 of 1989. This decree facilitated the achievement of the main and specific objectives of the national housing policy. In addition, the Babangida government’s economic liberalization policy promoted the involvement of private entities in housing supply. This was followed by the Municipal and Regional Planning Decree No. 88 of 1992 and the National Housing Fund (NHF) Decree No. 3 of 1992.
1.2 STATEMENT OF THE PROBLEM
Agbola (1998) noted that the effort of the government in terms of the formulation and implementation of the National Housing Policy is quite commendable. On the other hand, he opined that the efforts have not shown remarkable improvement in the status quosince many Nigerians are still homeless while up till this time, many are living in dingy and ramshackle structures. Another major criticism of the policy lies in the area of monitoring, evaluation and review. An housing policy is derived from laws, regulations and administrative practices that can aid the production and delivery of housing. However, the researcher is of the opinion that infrastructural development e.g. good housing can only be achieved through crops of professional real estate agents.
1.3 OBJECTIVES OF THE STUDY
The following are the objectives of this study:
1. To examine the level of infrastructural development in Nigeria.
2. To determine if real estate agency rebranding can contribute to economic growth.
3. To identify the impact of national housing policies on infrastructure development in Nigeria.
1.4 Research question
1. What is the state of infrastructure development in Nigeria?
2. Can rebranding real estate companies contribute to economic growth? 3. What is the impact of national housing policies on infrastructure development in Nigeria?
1.6 Importance of research
The significance of this research is as follows.
1. The findings of this study will enlighten construction industry professionals how real estate company renaming and national policies can improve infrastructure development and thereby contribute to economic growth.
2. This work will also serve as a resource base for other academics and researchers interested in doing further research in this area later on, providing a significant new explanation of the subject when applied.
1.7 Scope/Limitations of Investigation
This study on infrastructure development as a roadmap for economic development, real estate agency rebranding, and national housing policy review covers the levels of housing and other infrastructure development in Nigeria. We also discuss how rebranding a real estate agency can be used as a tool for economic growth.
Research limitations
Financial Constraints – Lack of funding tends to prevent researchers from obtaining relevant materials, literature, or information and efficiently conducting data collection (internet, questionnaires, and interviews).
Time Constraints – Researchers will carry out this research in parallel with other academic research. As a result, less time is spent on research work.
References
Agbola, T. (1998). For Nigerians:
A Review of Policy Development and Implementation, Research Report No. 14, Ibadan, Center for Development Policy.
Akeju, A.A. (2007) Challenges in Providing Affordable Housing in Nigeria. Presentation at the 2nd Emerging Cities Africa International Conference on Housing Finance in Nigeria. Held at SheuYa-adua Centre, Abuja, Nigeria. October 17-19, 2007.
Faraday, J. O. (2007) Planned cities as a basis for sustainable cities. As text of a paper presented at the Sustainable Cities Conference hosted by the New Economic Partnership for African Development (NEPAD) and held at the Transkop Hilton Hotel in Abuja. 27-30 May 2007.
Kabir, O K. (2004) Low-cost technologies and mass housing systems in housing in Nigeria. Applied Science Journal. 4 (4):
565-567.