Assessment of Housing Finance in Lagos State

Adequate housing provision for the growing population in Lagos state, Nigeria is a major challenge. Addressing this challenge necessitated the involvement of both public and private sectors in the development of housing both public and private sectors in the development of housing both quantitatively. Hence, this study is aimed at examining Lagos state Government and its agency involvement / intervention in housing finance between years 2008-2017 with the view of examining the extent to which the intervention has impacted housing production and delivery in the state. The specific objective of the study includes examining the proportion of housing finance the constitutes Lagos state Government's budget from 2008-2017, examine the contribution of property development company to housing delivery in the state etc. The primary sources were data collected through questionnaires administered on beneficiaries of some randomly selected housing estates in Lagos, property developers and appropriate Lagos state government officials. Questionnaires retrieved were analyzed using appropriate descriptive and inferential statistical methods such as frequency distribution, mean analysis and relative importance index. These were used to improve the validity and ease of communicating results. The study revealed that economic condition and poor allocation of funds to housing is a major affecting utmost performance of Lagos state government in providing adequate housing finance. Also, high interest rate was identified as a problem limiting performance of property developers in housing delivery and they also opined that government can also empower some micro-finance banks\mortgage institutions to grant housing finance loan to citizenry in respective of their income class primarily for development of housing.