The Performance of Primary Mortgage Institutions in Financing Housing Development in Abuja and Lagos, Nigeria.

Abstract

Housing development in developing countries in which Nigeria is not an exceptional case is a combination of many interrelated components which include land, infrastructure, building materials, policies, building regulations but more importantly is the finance component. This paper examined the performance of Primary Mortgage Institutions in financing housing development in Abuja and Lagos. It carefully identified the existing PMIs in the study areas, examined the mortgage business activities of the PMIs and the factors militating against effective performance of the PMIs in the study areas. The methodology employed by the research includes the collection of primary and secondary data. Questionnaires were administered to the PMIs existing as at the time of field work in Abuja and Lagos. This was done to collect data that will give a true representation of PMIs activities in the study areas. Among other findings, it was discovered that there is statistical significant relationship between the capital base and loans disbursed for housing development by the PMIs in the study areas. Recommendations were made to improve performance of PMIs for effective housing delivery.