Enabling private investment in affordable housing in Nigeria: lessons from the experience of the Millard Fuller Foundation Projects in Nasarawa State

Lilian Nwachukwu, Lucelia Rodrigues (Contributor), Lorna Kiamba (Contributor)

Research output: Contribution to journalArticlepeer-review

Abstract

Despite the shift to private sector-driven affordable housing in Nigeria for decades, the housing deficit has continued to increase to the disadvantage of low-income families. This paper explores the enabling strategies for stimulating private-driven affordable housing in Nigeria. A case study of the Millard Fuller Foundation projects was undertaken, and semi-structured interviews were administered to 12 residents of the estates and the developer to explore their experience and highlight the considerations for designing appropriate strategies. The data generated were analysed using thematic analysis with the support of Nvivo. This study identifies four major components of construction costs—land, design, materials, and finance—that policy improvement can target to stimulate private investment. It shows that developers are likely to adopt practices that will reduce these costs with repercussions for end-users. Mindful of this, and the concern to make returns on investment, strategies should aim to harmonise both developers’ interest and that of the end-users through widespread infrastructural development to make land available in all locations, and an incremental owner-building approach so that end-users can take decisions for their housing. Furthermore, access to National Housing Fund (NHF) mortgages should be enhanced by recognising supplementary incomes in the loan origination procedures.
Original languageEnglish
Article number411
Pages (from-to)1-20
Number of pages20
JournalJournal of Risk and Financial Management
Volume16
Issue number9
Publication statusPublished - 14 Sept 2023
Externally publishedYes

Fingerprint

Dive into the research topics of 'Enabling private investment in affordable housing in Nigeria: lessons from the experience of the Millard Fuller Foundation Projects in Nasarawa State'. Together they form a unique fingerprint.

Cite this