The Provision of Housing in Abuja: The Institutional Framework and Emerging Issues

Abstract

Home ownership provides a tangible asset which acts as a means of financial
security and a hedge against inflation. The ability of the average citizen to save enough to either build his own house or buy a completed one is not always easy. The objective of this work is to look into the Federal Government’s commitment to promote the welfare of the people by providing them with decent affordable accommodation. This is exigent, especially in the Federal Capital territory, (FCT) Abuja, which in recent times has witnessed a huge influx of people, being the seat of power. The commentary will critically assess the role of institutions which are geared to support a robust housing policy such as the Federal Housing Authority,
(FHA) Federal Mortgage Bank of Nigeria, (FMBN) and the Primary Mortgage
Institutions (PMI’s) to name a few, with the mandate to provide accommodation on a cost effective basis. The methodology to be used is doctrinal research citing guidelines from the listed institutions. This study recommends that the performance measurements of these institutions as well as commercial banks need to be broadened for effective bench marking against their social contributions and economic impact. It is also recommended that a critical analysis of these institutions by relevant supervisory bodies of their operative benefits would put them on a path to sustainable growth. This would boost their positive perception in the eyes of the public and provide the necessary impetus to providing affordable housing.