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Financing low income housing in Nigeria

Financing low income housing in Nigeria Purpose – The purpose of this paper is to identify and analyse the methods of housing finance adopted by the low income and informal groups in Nigeria. Design/methodology/approach – A survey of 300 households in selected areas (low‐income/informal) of Jos Metropolis, Nigeria, was carried out, concerning the methods of housing finance used for building and home improvement. Findings – The survey showed that 75 per cent of the households utilized traditional methods of financing and 25 per cent using modern methods. Research limitations/implications – Based on data collected from the survey, the research serves as a basis for further research into traditional methods of housing finance in developing countries. Practical implications – The analysis of traditional financing methods highlights the range and structure of the traditional methods of financing in operation in informal and low income areas of Jos Metropolis, Nigeria. For example, informal and customary/traditional methods (Esusu/Asusu, Age grade association, Men's Revolving Loan Association, Social club contribution among others), of financing appear to be very effective housing finance methods. Social implications – The paper shows that In the absence of formal institutional financing methods, strengthening the community‐based social network through formalisation and empowerment for housing finance becomes vital. Originality/value – It is argued that it is possible to utilise and formalise these traditional methods of housing finance, in order to enhance access to finance for housing development in low‐income urban areas in developing countries. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Financial Management of Property and Construction Emerald Publishing

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References (45)

Publisher
Emerald Publishing
Copyright
Copyright © 2011 Emerald Group Publishing Limited. All rights reserved.
ISSN
1366-4387
DOI
10.1108/13664381111179242
Publisher site
See Article on Publisher Site

Abstract

Purpose – The purpose of this paper is to identify and analyse the methods of housing finance adopted by the low income and informal groups in Nigeria. Design/methodology/approach – A survey of 300 households in selected areas (low‐income/informal) of Jos Metropolis, Nigeria, was carried out, concerning the methods of housing finance used for building and home improvement. Findings – The survey showed that 75 per cent of the households utilized traditional methods of financing and 25 per cent using modern methods. Research limitations/implications – Based on data collected from the survey, the research serves as a basis for further research into traditional methods of housing finance in developing countries. Practical implications – The analysis of traditional financing methods highlights the range and structure of the traditional methods of financing in operation in informal and low income areas of Jos Metropolis, Nigeria. For example, informal and customary/traditional methods (Esusu/Asusu, Age grade association, Men's Revolving Loan Association, Social club contribution among others), of financing appear to be very effective housing finance methods. Social implications – The paper shows that In the absence of formal institutional financing methods, strengthening the community‐based social network through formalisation and empowerment for housing finance becomes vital. Originality/value – It is argued that it is possible to utilise and formalise these traditional methods of housing finance, in order to enhance access to finance for housing development in low‐income urban areas in developing countries.

Journal

Journal of Financial Management of Property and ConstructionEmerald Publishing

Published: Nov 8, 2011

Keywords: Nigeria; Housing; Financing; Urban areas; Low pay; Developing countries; Traditional methods

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