Challenges to Nigerian Housing Policies

The housing crisis of the late 2000s rocked the economy and changed the landscape of the real estate business for years to come. Decades of people purchasing houses unfordable houses and properties with lenient loans policies led to a collective housing bubble. When the banking system faltered and the economy wilted, interest rates were raised, mortgages increased, and people lost their jobs amidst the chaos. This all culminated in tens of thousands of American losing their houses to foreclosures and short sales, as they could no longer afford the mortgage payments on their homes. The United States entered a recession and homeownership no longer appeared to be a feasible goal as many questioned whether the country could continue to support a middle-class. Former home owners became renters and in some cases homeless as the American Dream was delayed with no foreseeable return. While the future of the economy looked bleak, conditions gradually improved. American citizens regained their jobs, the United States government bailed out the banking industry, and regulations were put in place to deter such events as the mortgage crash from ever taking place again. The path to homeowner ship has been forever altered, as loans in general are now more difficult to acquire and can be accompanied by a substantial down payment.

Currently Nigeria is a comparatively poor country by economic standards. The per capita income in Nigeria is less than three thousand dollars per person. By comparison,

The Land Registry came to the conclusion of employing a comprehensive system of e-conveyancing. The report produced a detailed outline of the anticipated model of e-conveyancing.

We need legislative reforms that makes home mortgages to be more simplified and transparent market practices such as underwriting standards, in bonds or other security measures based on these mortgages. There must be oversight in terms of those originating mortgages and selling them, at an astronomical price. Unless legislature implement legal parameters that set the structural ground work for simplification we won’t be able to stave off another mortgage crisis.

That is great news to hear for any nation that has struggled for so long like Nigeria has.

Being one of the most extensive law reforms of the Law Commission, Land Registration Act 2002 aims to create a flawless legal framework for land registration, especially in terms of conveyancing with emphasis on overriding interests and adverse possession. It is agreed that the Land Registration Act 2002 (hereafter LRA 2002), by putting emphasis on strict registration, moved the idea of land ownership from ownership by possession to bureaucratization of title via registration. Therefore, LRA 2002 is said to bring further strictness and clarity to land ownership and subsequent conveyancing. In conjunction, LRA 2002 was expected to bring an “e-conveyancing revolution” to land registration which was awaited to be a major success. Although steps are taken towards this development, it is claimed that there is still long way to go before a complete and problem-free e-conveyancing system. Apart from matters relating to conveyancing, LRA 2002 consists of sections regarding overriding interests where their number and scope are widely reduced with specifications of registration introduced. Moreover, the Act includes strictly drafted provisions about adverse possession, aiming to bring further restrictions to this matter by bringing further difficulties to the acquisition of title and therefore shifting from a squatter prone approach to a registered owner supporting view.

Before we begin, let’s take a look at the country and its environs. Nigeria a former British Colony, located in the western part of Africa, it shares borders with Benin, Cameroun, and Niger. A growing population of 150million, labour force of 51million (70% Agriculture, 10% industry and 20% service), urbanisation is less than 40%, GDP is over $300billion, Per capita income is $2300. Nigeria is blessed with different cultures, languages and ethnic groups (252 in total); this was due to the colonization of the British in the early 19th century (Columbia Encyclopaedia). The British amalgamated its protectorates in 1914 to enable stable control and governance which made them create one Nation of Nigeria formed from all the groups, community and empires around the Niger area under their control. Nigeria had her independence on the 1st of October 1960 and since then various civil wars, political and religious unrest in the country to share power and resources amicably.

The history of modern Nigeria, which dates back to post-independence era starting from 1st October, 1960 when Nigeria got her independence from the colonialists is a checkered one. The Nigerian State upon independence has witnessed myriads of challenges and threats to its national security and cohesion, exemplified in coups and counter-coups, conflicts and war with grave implication on the polity, threatening our sovereignty as a nation and dislocating our fledgling democracy. These threats and security challenges are most times interpreted along ethnic lines with a combustible mix of religious colourations amidst other elitist interests. Like most countries of the world, having not envisaged an Utopian state free from all forms of threats

Incidentally nothing seems to have changed in the character of the operators of the Nigerian state since independence. The same reasons of corruption, nepotism, tribalism, exclusion, marginalization, high handedness, dictatorial tendencies, fraud maladministration, injustice, human rights abuses and the like vices are usually repeated to justify each change of government in the country but nothing has really changed for the

During 2003-2007, Nigeria attempted to implement an Economic Empowerment Development Strategy (NEEDS). The purpose of NEEDS is to raise the country’s standard of living through a variety of reforms, including macroeconomic stability, deregulation,

That is an indicator that real estate business is flourishing in Lagos compared to trading stocks boom of 2004 – 2008. Real estate business and properties in Lagos are surely an investor 's haven. Rent a house in Lagos is another boom that you can invest your money while renting out 2 bedroom flat if you already have the flats for rent in Lagos.

The focus of this study is to examine the problems that are associated with housing development finance in Nigeria. The study attempts to explore the various sources of finance that are available for real property development with a view to

Over the years there has been hue and cry on industrial development in Nigeria. But the focus was mainly on the governments’ contribution and its activities like intervention policies and program to realize this goal. Furthermore, huge budgetary allocation designated, and plunged into the sector notwithstanding, only modest success, if any had been recorded.

3. THE GROWTH OF ADR INSTITUTIONS IN NIGERIA AND WORKINGS OF A TYPICAL MULTI-DOOR COURTHOUSE

CRITICALLY ANALYZE THE CHANGES BROUGHT ABOUT BY THE LAND REGISTRATION ACT 2012 IN THE MANAGEMENT OF REAL PROPERTY IN KENYA TAKING NOTE TO EXPLORE IN DETAIL THE FRAMEWORK THAT HAS BEEN RELACED.