1.1 BACKGROUND TO THE STUDY
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). The major characteristic of the colonial period was the
provision of staff quarters for expatriates and other indigenous staff
of parastatals and organizations. This era witnessed the creation of
Urban Councils in 1946, the establishment of Lagos Executive Board
(LEBD) in 1954, the formation of Nigerian Building Society in 1955, as
well as the enactment of Regional Housing Corporation in 1959. Also, the
post-independence period experienced some improvements in housing
provision during the First National Development Plan period (1962-1968)
and the second National Development Plan 1970-1974). Specifically, the
formulation of the National Council on Housing in 1971 led to further
improvement in housing delivery. The third National Development Plan
(1975-1980) made further improvements on housing programmes, policies
and The transformation of the Nigerian Building Society into Federal
Mortgage Bank of Nigeria with the promulgation of Decree No 7 of 1977
also brought some improvements into housing delivery in Nigeria. The
Land Use Decree (LUD) of 1978 was promulgated in order to guarantee
access to land by all Nigerians. Before the promulgation of the LUD,
dual land tenure structure was paramount in the country. The LUD came to
stabilize the ownership and acquisition of land. Also, during the era,
the constitution of the Federal Republic of Nigeria (1979) laid emphasis
on the importance of local building materials and the relevance of
labour and construction industry. In this same year, the Employees
Housing Scheme Decree No 54 of 1979 was promulgated.
This decree made provision for staff housing and housing estates. The
housing policy in the 1980s and 1990s was the means by which divided
society was being created. The rural areas were neglected and the
housing stocks in the urban areas were improved upon. This was as a
result of high rate of urbanization and the subsequent housing shortage
in urban centres. The military era witnessed further improvements in
housing policies and delivery. This was facilitated by the promulgation
of the Mortgage Institutions Decree No 53 of 1989. The decree promoted
the realization of the major and specific objectives of the National
Housing Policy. Furthermore, the Economic Liberalization Policy of
Babangida’s administration supported the participation of the private
organization in housing delivery. This was closely 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
saddled with the responsibility of ensuring continuous flow of fund for
housing construction and delivery.
Prior to the millennium, the
policy of ‘housing for all in year 2000’ was formulated. This policy was
rigorously pursued, but it was besieged by administrative bottlenecks
which made the policy difficult to be realized by the year 2000.
Nevertheless, in year 2002, the Housing 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
ownership to operate in a free market economy. The post military era
has been able to witness tremendous improvement in the Nigerian housing
situation (Akeju, 2007). However, the federal government policy on
monetization and privatization are negating the objectives of housing
policies and progammes. Other constraints to housing development and
delivery in Nigeria are poverty, high cost of building materials,
inadequate financial instruments for mobilization of funds, short
maturity preference of lending institution, high rate of rural-urban
migration, as well as high rate of poverty (Kabir, 2004).
Infrastructural development through mass housing delivery in Nigeria
will significantly boost the economy of the nation.
1.2 STATEMENT OF THE PROBLEM
(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:
- To examine the level of infrastructural development in Nigeria.
- To determine if real estate agency rebranding can contribute to economic growth.
- To identify the effects of national housing policy on infrastructural development in Nigeria.
1.4 RESEARCH QUESTIONS
- What is the level of infrastructural development in Nigeria?
- Can real estate agency rebranding contribute to economic growth?
- What are the effects of national housing policy on infrastructural development in Nigeria?
1.6 SIGNIFICANCE OF THE STUDY
The following are the significance of this study:
- The outcome of this study will educate the professionals in
building industry on how the rebranding of real estate agency and the
national policy can enhance infrastructural development thereby
contributing to the economic growth.
- This research will also serve as a resource base to other scholars
and researchers interested in carrying out further research in this
field subsequently, if applied will go to an extent to provide new
explanation to the topic
1.7 SCOPE/LIMITATIONS OF THE STUDY
on infrastructural development, real estate agency rebranding and review
of nation housing policy as a road map to economic development will
cover the level of housing and other infrastructural development in
Nigeria. It will also cover how real estate agency rebranding can be
used as a tool for economic growth.
LIMITATION OF STUDY
Insufficient fund tends to impede the efficiency of the researcher in
sourcing for the relevant materials, literature or information and in
the process of data collection (internet, questionnaire and interview).
The researcher will simultaneously engage in this study with other
academic work. This consequently will cut down on the time devoted for
the research work.