A theoretical review of the property development challenges in Nigeria

Nnamdi O. Madichie and Okechukwu A. Madichie

International Journal of Business and Emerging Markets, 2009, vol. 1, issue 3, 296-311

Abstract: This paper reviews the role of the Nigerian government's intervention to restore order in the property market over three decades – with the establishment of the Federal Mortgage Bank of Nigeria in 1977; Primary Mortgage Institutions in 1989; National Housing Fund and Federal Mortgage Finance Limited in 1992 and 1993 respectively. From our theoretical evaluation of the existing policy and research papers, we note the entrenched instability in the sector. We therefore highlight some of the main moderating influences that underpin this instability with very strong recommendations as to 'where' and 'how' to restore sanity into this sector that has all the hallmarks of the next 'engine of growth' for the nation's economy.

Keywords: Federal Mortgage Bank of Nigeria; primary mortgage institutions; property development; Nigeria; emerging markets; government intervention; instability. (search for similar items in EconPapers)
Date: 2009
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