Nigeria : Developing Housing Finance
This report summarizes the results of the analytical work on housing market finance carried out by the World Bank Group at the request of the Ministry of Finance. The purpose of the work was to inform the policy dialogue about how best to develop a...
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| Format: | Report |
| Language: | English en_US |
| Published: |
World Bank, Washington, DC
2016
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| Online Access: | http://documents.worldbank.org/curated/en/102491481528326920/Nigeria-Developing-housing-finance http://hdl.handle.net/10986/25780 |
| Summary: | This report summarizes the results of
the analytical work on housing market finance carried out by
the World Bank Group at the request of the Ministry of
Finance. The purpose of the work was to inform the policy
dialogue about how best to develop a sustainable housing
finance market in Nigeria, and improve the effectiveness of
interventions aimed at stimulating the housing market and
providing quality housing to the population. The work was
funded by DFID and carried out over 2013 and 2014.
Experience has shown that an increase in housing production,
especially at the lower reaches of the market, stimulates
job creation, both skilled and unskilled; and that housing
and other infrastructure investment is strongly linked to
economic growth. While the availability of housing finance
is essential for increasing housing production, sustainable
and equitable housing production also depends on: (a) access
to residential lands and basic services; (b) an efficient
and transparent land administration; (c) legal protections;
and (d) a macroeconomic environment that maintains low
inflation and low interest rates. An essential part of
making housing finance work for the poor is the availability
of houses at lower prices in the market. The report
summarizes the institutional landscape, policy framework,
and public and private sector actors involved in housing
finance, and focuses on the underlying reasons for the lack
of housing finance, particularly for lower-priced houses for
the poor. The report also summarizes issues related to the
construction industry and building materials, an
understanding of which is key to developing transformative
policies in the sector. Finally, the report proposes
possible new approaches to housing finance in Nigeria, based
on international best practices. |
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