Infrastructural Development, Real Estate Agency Rebranding And Review Of National Housing Policy: The Road Map For Rapid Economic Development Of Nigeria
Chapter One
Preface
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 mortal and natural coffers, the country has significant implicit to make a prosperous frugality characterized by rapid-fire profitable growth through real estate rebranding leading to infrastructural development that can significantly reduce poverty, inequality and ameliorate norms of living of the population through better access to and quality of health care, education and structure services( Falade, 2007).
One of the association that has been promoting real estate agency rebranding in Nigeria is The Real Estate inventor’s Association of Nigeria( REDAN) which is the top agency of the organized private sector honored by government and approved by the Federal Mortgage Bank of Nigeria( FMBN) the apex mortgage lender in Nigeria to grease the delivery of affordable mass casing in Nigerians( REDAN, 2015).
casing policy in Nigeria is as old as the history of the country. therefore, we can astronomically classify its literal development under the five distinct phases of the social period( before 1960), the post- independence period( 1960- 1979), the alternate mercenary administration( 1979- 1983), the military period( 1984- 1999), and the post military period( 1999 to date). The major specific of the social period was the provision of staff diggings for deportees and other indigenous staff of parastatals and associations. This period witnessed the creation of Urban Councils in 1946, the establishment of Lagos Executive Board( LEBD) in 1954, the conformation of Nigerian Building Society in 1955, as well as the enactment of Regional Housing Corporation in 1959. Also, thepost-independence period endured some advancements in casing provision during the First National Development Plan period( 1962- 1968) and the alternate National Development Plan 1970- 1974). Specifically, the expression of the National Council on Housing in 1971 led to farther enhancement in casing delivery. The third National Development Plan( 1975- 1980) made farther advancements on casing programmes, programs and The metamorphosis of the Nigerian Building Society into Federal Mortgage Bank of Nigeria with the promulgation of Decree No 7 of 1977 also brought some advancements into casing delivery in Nigeria. The Land Use Decree( LUD) of 1978 was announced in order to guarantee access to land by all Nigerians. Before the promulgation of the LUD, binary land term structure was consummate in the country. The LUD came to stabilize the power and accession of land. Also, during the period, the constitution of the Federal Republic of Nigeria( 1979) laid emphasis on the significance of original structure accoutrements and the applicability of labour and construction assiduity. In this same time, the Employees Housing Scheme Decree No 54 of 1979 was announced.
This decree made provision for staff casing and casing estates. The casing policy in the 1980s and 1990s was the means by which divided society was being created. The pastoral areas were neglected and the casing stocks in the civic areas were bettered upon. This was as a result of high rate of urbanization and the posterior casing deficit in civic centres. The military period witnessed farther advancements in casing programs and delivery. This was eased by the promulgation of the Mortgage Institutions Decree No 53 of 1989. The decree promoted the consummation of the major and specific objects of the National Housing Policy. likewise, the profitable Liberalization Policy of Babangida’s administration supported the participation of the private association in casing delivery. This was nearly followed by the promulgation of the Urban and Regional Planning Decree 88 of 1992 as well as the National Housing Fund( NHF) Decree No 3 of 1992. The NHF was ladened with the responsibility of icing nonstop inflow of fund for casing construction and delivery.
previous to the renaissance, the policy of ‘ casing for all in time 2000 ’ was formulated. This policy was strictly pursued, but it was besieged by executive backups which made the policy delicate to be realized by the time 2000. nonetheless, in time 2002, the casing and Urban Development Policy was formulated. This policy was meant majorly to correct the inconsistencies of the Land Use Act as well as to allow land banking and power to operate in a free request frugality. The post military period has been suitable to witness tremendous enhancement in the Nigerian casing situation( Akeju, 2007). still, the civil government policy on monetization and privatization are negating the objects of casing programs and progammes. Other constraints to casing development and delivery in Nigeria are poverty, high cost of structure accoutrements , shy fiscal instruments for rallying of finances, short maturity preference of advancing institution, high rate of pastoral-civic migration, as well as high rate of poverty( Kabir, 2004). Infrastructural development through mass casing delivery in Nigeria will significantly boost the frugality of the nation.
Statement Of The Problem
Agbola( 1998) noted that the trouble of the government in terms of the expression and perpetration of the National Housing Policy is relatively estimable. On the other hand, he editorialized that the sweats haven’t shown remarkable enhancement in the status quosince numerous Nigerians are still homeless while over till this time, numerous are living in dingy and ramshackle structures. Another major review of the policy lies in the area of monitoring, evaluation and review. An casing policy is deduced from laws, regulations and executive practices that can prop the product and delivery of casing. still, the experimenter is of the opinion that infrastructural developmente.g. good casing can only be achieved through crops of professional real estate agents.
Objects Of The Study
The following are the objects of this study
To examine the position of infrastructural development in Nigeria.
To determine if real estate agency rebranding can contribute to profitable growth.
To identify the goods of public casing policy on infrastructural development in Nigeria.
Exploration Questions
What’s the position of infrastructural development in Nigeria?
Can real estate agency rebranding contribute to profitable growth?
What are the goods of public casing policy on infrastructural development in Nigeria?
Significance Of The Study
The following are the significance of this study
The outgrowth of this study will educate the professionals in structure assiduity on how the rebranding of real estate agency and the public policy can enhance infrastructural development thereby contributing to the profitable growth.
This exploration will also serve as a resource base to other scholars and experimenters interested in carrying out further exploration in this field latterly, if applied will go to an extent to give new explanation to the content
Compass/ Limitations Of The Study
This study on infrastructural development, real estate agency rebranding and review of nation casing policy as a road chart to profitable development will cover the position of casing and other infrastructural development in Nigeria. It’ll also cover how real estate agency rebranding can be used as a tool for profitable growth.
Limitation Of Study
Financial constraint-inadequate fund tends to stymie the effectiveness of the experimenter in sourcing for the applicable accoutrements , literature or information and in the process of data collection( internet, questionnaire and interview).
Time constraint– The experimenter will contemporaneously engage in this study with other academic work. This accordingly will cut down on the time devoted for the exploration work.
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