1.1 BACKGROUND OF THE STUDY
Housing finance is one of the basic needs of every individual, the family and the community in general.
As a pre-requisite to the survival of a man, it refers to security or safety and ranks second in the physiological needs, otherwise called clothing and food in the Abraham Maslow’s “Hierarchy of need Theory” propounded in (1976)
The housing which is a unit of the environment, has a profound influence on the health, efficiency, social behavior, satisfaction, and general welfare of the community.
It reflects the cultural, social and economic values of a society, as it is the best physical and historical evidence of civilization in a country. The importance of providing adequate housing in any country cannot be overstated, hence it is a stimulant of the national economy.
In most developed countries, housing sector contributes significantly to the performance of their economy. Increase in the housing market activities usually indicates a strong economy, while a decrease in the market portrays weakness in the economy.
Governments should therefore encourage and foster the establishment of financial institutions to offer credit for housing development and also adopt such fiscal policies as will ensure that a larger portion of the national wealth is made available for housing development. As a specific case, governments should consider the establishment of housing developments funds or the issue of development stocks for housing. If the postulate that housing is a national social problem is accepted, then the private sector should take its share of the responsibility to supplement and reduce the reliance on governmental efforts.
Commercial and industrial concerns, and other organization should be made to include in their development programmes, plans for providing for workers, the rural dwellers are not privileged to have access to housing finance system.
This is as a result of population explosion and continues influx of people. Finance being universally accepted as one of the basic needs of individuals as the second after food that is most important and essential in human life.
The problem of rural housing finance that serves as impediments to the successful implementation of housing finance and programmes in the study area.
Housing finance is considered the most important factor of rural area problem in Nigeria, adequate housing finance therefore the first requirement for a new develop area in any nation.
This is because there are so many problems associated with rural housing finance development such as adequate and effective buildings in the study area, there are some mud structure of building presently which suppose not to be so.The importance of housing finance delivery is stressed by Agboola (1998) who asserted that without a well-organized and efficient housing mechanism, the goals of rural housing finance development policy will be largely in attainable.
1.2 STATEMENT OF THE PROBLEMS
The problem of rural housing has become on everyday discussion in all quarters of the public and private sectors of the developing countries by J. Abiodun. This is emphasized by Olotuah (2000), that the pooled effect of high population large increase and urbanization in declining economy has thrown Nigeria into serious housing problems.
Ironically, the low income groups and poor who constitute the majority in the Nigeria society are most affected by the finance and housing menace.
In Alapa village, the problem that is being generalized to each household includes;
- Lack of pipe borne water
- Absence of desence building
- Service and facilities, such as access of motor able road apart from the main road.
In other to provide answer to these problems, some questions must be raised, these includes;
Why has rural housing finance remained passive and irrelevant in drive toward housing delivery?
Is there any existing superstructure of housing finance that caters for rural housing in the study areas?
How has individuals contributed to the financing of rural areas?
1.3 AIM AND OBJECTIVES
The aim of this study is to examine the problems associated with rural housing finance in Nigeria. In other to achieve this aim, the following objectives where required.
OBJECTIVE OF THE STUDY
- To identify the types of housing development within the study area.
- To examine the sources of rural housing finance.
- To investigate the problem of rural housing finance
1.4 SIGNIFICANCE OF THE STUDY
The relevant of this project is to provide some essential useful information and suggestion to the developer as to the development of rural housing finance in the study area.
This research project will also serve as useful information to the government tactic sensitized the various level of government to rise up to their responsibilities to provide necessary housing facilities, social services within the study area.
It will also be of help for students and researcher for further investigation.
1.5 SCOPE OF THE STUDY
The disciplinary scope of the study is to examine the magnitude of rural housing problem in Nigeria, where the spatial scope is to cover the Alapa Village of Asa Local Government, Kwara State. And the target population are the resident Of Alapa village.
1.6 LIMITATION OF THE STUDY
The smooth execution of this study was hampered by certain constraints.
- Adequate information: – The information gathered during the research was not totally received from the villagers, the people living in the village seem to be under informed, some question asked about their own town even seem strange to them as they don’t have any idea of what it entails.
- The time limit with into undertaken that study is another limitation where respondent delay in giving information.
- Lack of capital or fund to be used in many/various aspects e.g. transportation fees from school to case study and other element that require finance.