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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:Achieving poverty alleviation in Nigeria through mortgage financing: constraints and way forward
Author:Udoekanem, N.B.
Year:2012
Periodical:Ghana Journal of Development Studies (ISSN 0855-6768)
Volume:9
Issue:1
Pages:62-87
Language:English
Geographic term:Nigeria
Subjects:poverty reduction
mortgages
financing
External link:https://www.ajol.info/index.php/gjds/article/view/89914
Abstract:This paper examines mortgage financing in Nigeria as an instrument for poverty alleviation. Data for the study were obtained from the Central Bank of Nigeria (CBN), the National Bureau of Statistics (NBS) and Federal Mortgage Bank of Nigeria (FMBN) and analysed using descriptive statistical methods. It was found that mortgage financing in the country had not contributed significantly to poverty alleviation in the past five and a half decades due to factors, such as the poor capital base of the mortgage finance institutions resulting in inadequate loanable funds, difficulty in accessing available loanable funds by the low and middle income groups, high interest rates on available loanable funds which are unaffordable to the low and middle income groups, challenges of the Land Use Act of 1978 and the inconsistent financial policies of the Nigerian financial system. The paper concludes that the mortgage market in the country could be strengthened to act as an instrument for poverty alleviation and economic empowerment. It recommends the introduction of pro-poor mortgage facilities in the mortgage industry in Nigeria as such initiatives will economically empower the low and middle income groups in the country to invest in real estate through home ownership and thereby contribute to the alleviation of poverty. Bibliogr., sum. [Journal abstract]
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