ABSTRACT

 The primary goal of this research work is to examine the impact of mortgage financing on housing development in Nigeria. The researcher took into consideration the under- capitalization of the PMIs as a constraint to proper housing development in Nigeria. Thus, the objectives of this research work on the Impact of Mortgage Financing on Housing Development in Nigeria is to examine the impact of mortgage lending on housing development in Nigeria, overall impact of housing development on Nigerian economic growth and possible causes for failure of the mortgage financing in Nigeria To accomplish this, the researcher employed simple regression model using data from the PMIs covering the past thirty (30) years. Two hypotheses were used: first, mortgage lending has no significant impact on housing development in Nigeria; secondly, mortgage lending has no significant impact on economic growth in Nigeria. The data analyzed were presented in equation fonns and was subjected to the t-test. The result shows that mortgage financing has no significant impact on housing development nor on economic growth in Nigeria. The study reveals that mortgage financing still have a long way to go in order to meet up the housing sector of the economy. Thus, government investments into the mortgage institutions would go a long way in mobilizing and providing financial stability in the primary mortgage institutions (PMls).Thercfore, the researcher recommends that there is need for constant reengineering of the capital and money markets in order to cope with the renewed challenges of provision of some mortgage financing. This will help restructure and strengthen the FMBN for it to remain a viable financial institution with the capacity of enhancing efficient housing development in Nigeria.