Infrastructural Development, Real Estate Agency Re Branding And Review Of National Housing Policy
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND TO THE STUDY
Nigeria is Africa’s largest country, with a population of approximately 173 million people, accounting for 47% of West Africa’s population. Given its large reserves of human and natural resources, the country has a 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 the population’s standard of living through improved access to and quality of health care, education, and infrastructure services (Falade, 2007).
The Real Estate Developers Association of Nigeria (REDAN), which is the principal agency of the organized private sector recognized by government and approved by the Federal Government, is one of the organizations that has been promoting real estate agency rebranding in Nigeria.
Mortgage Bank of Nigeria (FMBN), Nigeria’s premier mortgage lender, is facilitating the delivery of affordable mass housing to Nigerians (REDAN, 2015).
Housing policy in Nigeria dates back to the country’s inception. Thus, we can broadly divide its historical development into five distinct phases: 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). The provision of staff quarters for expatriates and other indigenous staff of parastatals and organizations was a defining feature of the colonial period. This era saw the formation of Urban Councils in 1946, the establishment of the Lagos Executive Board (LEBD) in 1954, and the formation of the Nigerian Building Society. Regional Housing Corporation, which was established in 1959, was established in 1955. Furthermore, during the First National Development Plan period (1962-1968) and the Second National Development Plan period 1970-1974), there were some improvements in housing provision. The formation of the National Council on Housing in 1971, in particular, resulted in further improvements in housing delivery. The third National Development Plan (1975-1980) improved housing programs, policies, and practices. With the promulgation of Decree No. 7 of 1977, the Nigerian Building Society was transformed into the Federal Mortgage Bank of Nigeria, which resulted in some improvements in housing delivery in Nigeria. The Land Use Decree (LUD) of 1978 was enacted to ensure that all Nigerians had access to land. Prior to the adoption of the
In the country, the LUD, dual land tenure structure was paramount. The LUD was brought in to help with land ownership and acquisition. During the same period, the Federal Republic of Nigeria’s constitution (1979) emphasized the importance of local building materials as well as the importance of labor and the construction industry. The Employees Housing Scheme Decree No 54 of 1979 was also passed that year.
This decree provided for employee housing and housing estates. In the 1980s and 1990s, housing policy was the means by which a divided society was created. The rural areas were neglected, while the urban housing stock was improved. This was due to the high rate of urbanization and the resulting housing shortage.
in urban areas. During the military era, housing policies and delivery improved even more. This was made possible by the passage of the Mortgage Institutions Decree No. 53 of 1989. The decree aided in the achievement of the National Housing Policy’s major and specific goals. Furthermore, Babangida’s administration’s Economic Liberalization Policy encouraged private sector participation in housing delivery. This was quickly followed by the adoption of the Urban and Regional Planning Decree 88 of 1992 and the National Housing Fund (NHF) Decree No 3 of 1992. The NHF was tasked with ensuring a continuous flow of funds for housing construction and delivery.
Prior to the millennium, the policy of ‘housing for all by the year 2000′ was implemented. formulated. This policy was rigorously pursued, but it was hampered by administrative bottlenecks, making it difficult to implement by the year 2000. Nonetheless, the Housing and Urban Development Policy was developed in 2002. This policy was primarily intended to correct inconsistencies in the Land Use Act while also allowing land banking and ownership to operate in a free market economy. The post-military era has seen a significant improvement in Nigeria’s housing situation (Akeju, 2007). However, the federal government’s monetization and privatization policies are undermining the goals of housing policies and programs. Other constraints to housing development and delivery in Nigeria include poverty, high building material costs, and a lack of financial instruments to mobilize resources. funds, lending institutions’ preference for short maturities, a high rate of rural-urban migration, and a high rate of poverty (Kabir, 2004). Infrastructural development through mass housing delivery will significantly boost Nigeria’s economy.
1.2 STATEMENT OF THE PROBLEM
According to Agbola (1998), the government’s effort in developing and implementing the National Housing Policy is commendable. On the other hand, he believes that the efforts have not resulted in a significant improvement in the status quo because many Nigerians are still homeless and many are living in dingy and ramshackle structures. Another significant criticism of the policy concerns monitoring, evaluation, and review. A housing policy is derived from laws, regulations, and administrative practices that can help with housing production and delivery. However, the researcher believes that infrastructure development, such as good housing, can only be accomplished through crops of professional real estate agents.
1.3 OBJECTIVES OF THE STUDY
The following are the study’s objectives:
1. To investigate Nigeria’s level of infrastructure development.
2. Determine whether rebranding real estate agencies can contribute to economic growth.
3. Determine the impact of national housing policy on Nigerian infrastructure development.
1.4 RESEARCH QUESTIONS
1. What is Nigeria’s level of infrastructure development?
2. Can rebranding real estate agencies contribute to economic growth?
3. What are the implications of Nigeria’s national housing policy for infrastructure development?
1.6 SIGNIFICANCE OF THE STUDY
The following are the study’s implications:
1. The findings of this study will educate professionals in the construction industry about how rebranding real estate agencies and national policies can improve infrastructure development, thereby contributing to economic growth.
2. This research will also serve as a resource base for other scholars and researchers interested in conducting additional research in this field in the future, and if applied, will go so far as to provide new explanations for the topic.
1.7 SCOPE/LIMITATIONS OF THE STUDY
The level of housing and other infrastructural development in Nigeria will be covered in this study on infrastructural development, real estate agency rebranding, and a review of national housing policy as a road map to economic development. It will also discuss how rebranding real estate agencies can be used to boost economic growth.
LIMITATION OF STUDY
Financial constraint- Inadequate funding tends to impede the researcher’s efficiency in locating relevant materials, literature, or information, as well as in the data collection process (internet, questionnaire and interview).
Time constraint- The researcher will conduct this study alongside other academic work. As a result, the amount of time spent on research will be reduced.
REFERENCES
T. Agbola (1998). The Housing of Nigerians: A Review of Policy Development and Implementation, Development Policy Centre Research Report No. 14, Ibadan.
A. A. Akeju (2007). The Challenges of Providing Affordable Housing in Nigeria. Paper presented in Nigeria at the 2nd Emerging Urban Africa International Conference on Housing Finance. SheuYa-adua Centre in Abuja, Nigeria. October 17th – October 19th, 2007.
J. O. Falade (2007). Planned City as a Foundation for Sustainable Cities. Being the text of a paper presented at the New Economic Partnership for African Development (NEPAD) Conference on Sustainable Cities, held May 27-30, 2007, at the Transcop Hilton Hotel in Abuja.
O. K. Kabir (2004) Low-cost Technology and a Mass Housing System in Nigeria. 565-567 in Journal of Applied Sciences.