Browsing by Author "AKINBOLA, Kazeem Bolayemi"
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Item ASSESSMENT OF MORTGAGE FINANCE EFFECTIVENESS TO REAL ESTATE DEVELOPMENT IN LAGOS METROPOLIS, NIGERIA(Faculty of Environmental Sciences, University of Ilorin, Nigeria, 2015-09) AKINBOLA, Kazeem Bolayemi; BELLO, Nurudeen AkinsolaMortgage finance constitutes one of the major pillars of the housing delivery system. Indeed, without a well-organized and efficient housing finance mechanism, the goal of a housing development policy will be largely unattainable. While efforts have been made in the literature to discuss the housing and the importance of housing and its finance as a vital component of the national economy, less focus was on the assessment of the current mortgage finance in term of its effectiveness. The focus of this study is therefore to assess the effectiveness of mortgage financing vibrancy, vitality as well as its operational strength on the housing finance system in the Metropolitan Lagos. Hence, it is against this background that well-structured questionnaires were administered on officials and customers of some Primary Mortgage Institutions and regulators of mortgage financial sector within the metropolitan Lagos. Personal interviews were also conducted on some mortgage loan applicants, whose applications are yet to be approved. Out of 160 questionnaires that were distributed, 115 (representing 72% response rate) were retrieved, which formed the basis of analysis for this study. Likert scale measurement as well as descriptive and inferential statistical tools was adopted. The results showed amongst other things that Nigeria's mortgage system is underdeveloped and ill-equipped to mobilise and channel saving to housing sector, as major sources of housing finance in Nigeria is still majorly generated through alternative means of housing financing, this is because mortgage institutions are bedevilled with shortage of loan-able funds due to low contribution to the fund. Only 11.2% of applications for a mortgage loan were approved. Amongst other suggestions made for an improved and effective mortgage system is the review of enabling laws and overhauling of mechanisms for continuous flow of funds to be guaranteed, as well as momentous restructuring of the mortgage finance system to sufficiently tackle the enormity of finance shortage being experienced in Nigeria’s housing sector, especially in the urban milieu.Item Rural transformation as a key to Sustainable Development in Nigeria(Faculty of Environmental Sciences, University of Ilorin, 2015-09) BELLO, Nurudeen Akinsola; BAKO, Abdulateef Iyanda; AKINBOLA, Kazeem BolayemiRural Development has been a front-burner issue in Nigeria simply because the majority of Nigerian people is rural dwellers. The importance of rural areas and its people cannot therefore be overlooked in a bid to have sustainable development, due to the fact that it is bedrock of the nation’s development. The development of rural areas as the bedrock of rural transformation has long been neglected in Nigeria with the ascendancy of crude oil as the mainstay of the nation’s economy. Despite the pivotal role of rural areas in production, the productivity of the rural masses is still low because of lack of effective transformation which, if properly done will obviously stimulates rural development, encourages rural industrialization and checks rural-urban migration and promotes the national economy. It is believed that despite the potentials attached to the rural areas and rural dwellers, emphasis and major focus of people and government are in the urban areas. But the major emphasis supposed to be placed in rural areas and how it is to be transformed by allocation of resources between physical, economic and social services. If rural areas are developed through proper transformation, it can develop the rural areas where most nations’ resources are tapped as well as promote the economy of Nigeria. This review work suggested that all hands must be on deck to ensure that Nigerian rural communities are effectively transformed.