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Lessons Learned: Gaurav Vasisht, Sandra Ward
Lessons Learned: Gaurav Vasisht, Sandra Ward
Journal of Financial Crises
Gaurav Vasisht served as assistant counsel, banking and financial services, to the governor of New York during the Global Financial Crisis of 2007–2009 (GFC). In his role, Vasisht set the governor’s agenda for banking and financial policy and oversaw the regulatory and legislative priorities of the state banking and insurance departments. Vasisht played a pivotal role in developing and drafting consumer protection legislation, particularly as it related to housing foreclosures at the time of the crisis. This Lessons Learned is based on an interview with Vasisht that occurred on September 27, 2019.
Keynote Address By Godwin, I. Emefiele (Con), Godwin I. Emefiele
Keynote Address By Godwin, I. Emefiele (Con), Godwin I. Emefiele
Economic and Financial Review
This keynote address presented by Mr Godwin I. Emefiele (CON), the Governor, Central Bank of Nigeria at the seminar on “Addressing Nigeria’s Housing Deficit”, for CBN Executive Staff at Transcorp Hotels, Calabar, Cross River State, October 07 - 09, 2019.
Welcome Address By Adebiyi Michael Adebayo, Michael A. Adebiyi
Welcome Address By Adebiyi Michael Adebayo, Michael A. Adebiyi
Economic and Financial Review
This welcome address presented by Dr. Michael Adebiyi, the Director, Research Department, Central Bank of Nigeria at the seminar on “Addressing Nigeria’s Housing Deficit”, for CBN Executive Staff at Transcorp Hotels, Calabar, Cross River State, October 07 - 09, 2019
Housing Sector, Economic Growth And Development: Conceptual Issues And Theoretical Underpinnings, Uwatt B. Uwatt
Housing Sector, Economic Growth And Development: Conceptual Issues And Theoretical Underpinnings, Uwatt B. Uwatt
Economic and Financial Review
This article provides a theoretical overview of the contribution of housing sector in economic growth and development. The sector plays a very important role in the social and economic development of a country through its impact on major macroeconomic indicators such as: employment, savings, investment and labour productivity. After the introduction the article examined: conceptual issues on housing, economic growth and development; housing and economic growth and development: theoretical issues; housing, economic growth and development debate: historical perspective. The article concludes by recommending that: Governments in less-developed countries can intervene in the housing sector through comprehensive policies and large-scale investments, …
Institution And Housing Development: Mirage, Magic And Miracle Of Low- Cost Housing In Nigeria, Olukayode S. Oyediran
Institution And Housing Development: Mirage, Magic And Miracle Of Low- Cost Housing In Nigeria, Olukayode S. Oyediran
Economic and Financial Review
The article examines housing development with reference to the challenges encountered by the various low- cost housing interventions in Nigeria. The article observed that despite institutional interventions from both the fiscal and monetary authorities, the Nigerian housing deficit still remains a challenge to the government, stakeholders and the citizen. Challenges of adequate access to housing finance include affordability, access to land, cost of construction, rising cost of construction resources (materials and labour). The first section contextualises the challenges of the Nigerian housing deficit in the milieu of population explosion and urbanisation. The second section examines the theoretical issues bordering on …
Developing The Housing Sector In Nigeria – A Regulator’S Perspective, O. A. Martins
Developing The Housing Sector In Nigeria – A Regulator’S Perspective, O. A. Martins
Economic and Financial Review
This article provides a regulator’s perspective on developing the housing sector in Nigeria. The article first examines the interest of the regulator in the housing sector with specific reference to the CBN’s responsibility for the regulation and supervision of all the financial institutions involved in providing housing finance. The article then examined the state of the housing sector in Nigeria and the issues that have hampered the growth of the sector including: absence of access to low cost funding; weak legal framework; inadequate housing supply; and undercapitalised mortgage banks. On the regulator’s perspective on housing market development the article identified …
Legal And Regulatory Framework For The Mortgage Industry In Nigeria, Kehinde Ogundimu
Legal And Regulatory Framework For The Mortgage Industry In Nigeria, Kehinde Ogundimu
Economic and Financial Review
This article examines the legal and regulatory framework for the mortgage industry in Nigeria. The article examines the concept of housing as a global need and provides an overview of the Nigerian Housing Market with a population of 183 million people and increasing rapidly, a huge housing deficit of around 17 million units. This is further compounded by a rapid rising need for housing by about 20 per cent a year in cities like Lagos, Ibadan, Kano, and Abuja. At least 700,000 housing units across different segments are needed annually to keep up with demand, whereas, production was around 100,000 …
Unlocking The Potentials In The Housing Market Through Public Private Partnerships (Ppp) Investment Model, Chidi K. C. Izuwah
Unlocking The Potentials In The Housing Market Through Public Private Partnerships (Ppp) Investment Model, Chidi K. C. Izuwah
Economic and Financial Review
The article examines strategies on how unlocking the potentials in the housing market through the Public Private Partnerships (PPP) investment model. The model is seen as essential given that housing is now an indicator of personal socio-economic standing in society, and a core determinant of standard of living and access to economic opportunities globally. The article further discusses the imperative for Public Private Partnership (PPP) Housing and Social Housing or Public Rental Housing. Furthermore some PPP models that may be suitable for housing projects in Nigeria are identified like: Build Own Operate; Design-Build-Finance-Maintain-Operate/Build Operate Transfer and Operation and Maintenance Contract. …
Housing Deficit In Nigeria: Issues, Challenges And Prospects, Akpan Ekpo
Housing Deficit In Nigeria: Issues, Challenges And Prospects, Akpan Ekpo
Economic and Financial Review
This article examines the issues, challenges as well as prospects in the Nigerian housing sector. Following the introductory section, section 2 provides stylised facts about the real estate sector in Nigeria; section 3 investigates the challenges facing the housing sector in Nigeria, as a foundation towards proffering viable policy options in eradicating the housing deficit in the country. Section 4 provides the policies capable of curbing housing deficit in Nigeria, while section 5 discusses the prospects. Section 6 concludes the article.
Addressing Housing Deficit In Nigeria: Issues, Challenges And Prospects, Emmanuel Abolo Moore
Addressing Housing Deficit In Nigeria: Issues, Challenges And Prospects, Emmanuel Abolo Moore
Economic and Financial Review
The article examines the dimension of housing deficit in Nigeria, assess government intervention in tackling the problem of house shortages and proffer solutions that can help reduce the deficit considerably. Basic conceptual issues relevant to housing deficit in Nigeria is first discussed. These issues include: housing, housing deficit, urbanisation, and housing policy. This is followed by an examination of the current level of housing deficit in Nigeria which put existing housing stock at 23 per 1000 inhabitant; housing deficit as at December 2018 at 20 million units (15.0 per cent increase); N21 trillion required to finance the deficit. A look …
Addressing Housing Deficit In Nigeria: Issues, Challenges And Prospects, Ibi S. Ajayi
Addressing Housing Deficit In Nigeria: Issues, Challenges And Prospects, Ibi S. Ajayi
Economic and Financial Review
The article provides a brief review of housing policies under various regimes in Nigeria namely: the colonial era; independence and beyond; The Shagari administration (1979 -1983); Obasanjo regime under civilian rule14 (1999-2007); Yar’dua regime (29 May 2007 – 9 February 2010); Goodluck Jonathan regime (2010 – 2015); The Buhari administration (2015-2019). The article then discussed the problems militating against the achievement of targets in housing as well as the issues and opportunities. The article concluded by stressing the need to: maintain a conducive macro-economic environment which entails the maintenance of low inflation, low interest rates and stable exchange rates; deepen …
The Land Use Act And The Nigerian Housing Sector, Yusuf Yahaya
The Land Use Act And The Nigerian Housing Sector, Yusuf Yahaya
Economic and Financial Review
The article discusses the Land Use Act and the and how it has affected developments in the Nigerian housing sector. Prior to the Land Use Act, all the existing tenure systems encouraged land holding without an obligation to develop them, fragmentation and uncoordinated alienation, hoarding speculatively for value appreciation and without precise documentation. Consequently, the Land Use Act was enacted to: make land easily accessible to all Nigerians; prevent speculative purchases of communal land; streamline and simplify the management and ownership of land; make land available to government at all levels for development; provide the system of government administration of …
Issues, Challenges, And Prospects In The Housing Sector: Operator’S Perspective, Festus Adebayo
Issues, Challenges, And Prospects In The Housing Sector: Operator’S Perspective, Festus Adebayo
Economic and Financial Review
This article provides an operator’s perspective on the issues, challenges, and prospects in the housing sector in Nigeria. Topics covered include existing housing situation in Nigeria; and issues and challenges affecting affordable housing in Nigeria. The article also examines the prospects for Nigeria housing sector and made key recommendations which include: Creating enabling policies around land title documentations; Fast track the passage of foreclosure bill into law to legally resolve default issues in the sector; Advance the ongoing partnership between the Mortgage Banking Association of Nigeria (MBAN) and the Central Bank of Nigeria (CBN) with regards to the underwriting standards …
Special Remarks By Okwu Joseph Nnanna, Okwu Joseph Nnanna
Special Remarks By Okwu Joseph Nnanna, Okwu Joseph Nnanna
Economic and Financial Review
This special remarks presented by Dr. Okwu J. Nnanna, the Deputy Governor, Economic Policy Directorate of the Central Bank of Nigeria, at the seminar on “Addressing Nigeria’s Housing Deficit”, for CBN Executive Staff at Transcorp Hotels, Calabar, Cross River State, October 07 - 09, 2019
Bridging Housing Deficit In Nigeria: Lessons From Other Jurisdictions, Adeola F. Adenikinju
Bridging Housing Deficit In Nigeria: Lessons From Other Jurisdictions, Adeola F. Adenikinju
Economic and Financial Review
This article examine housing deficit in Nigeria, drawing lessons from other jurisdiction with a view to recommending measures that would bridge such deficit. The article first examine facts and figures behind the housing Deficit in Nigeria. These include supply side constraints; demand side constraints; housing sector and Nigeria’s economy; housing interventions in Nigeria; intervention and policies in the colonial period; the post-independence period; the post-military era; and 2000 till date. The article highlighted lessons from other Jurisdictions specifically: mortgage lending in selected developed economies like: United States, German, United Kingdom, Israel, Spain; othe countries Singapore; Egypt; Malaysia. In conclusion the …
Strengthening Institutions For Housing Delivery In Nigeria, Ademola Bamidele
Strengthening Institutions For Housing Delivery In Nigeria, Ademola Bamidele
Economic and Financial Review
This article discusses innovative structural reforms and investments that can improve housing delivery in Nigeria. Following this introduction, we would focus on the issue of housing as a fundamental human right, then a review of housing developments in Nigeria. In examining how to improve housing delivery in Nigeria, the article underscores the need for strengthening public institutions through the application of appropriate policies that would enhance optimum utilisation of existing resources for efficient housing delivery. The article highlights the need for renewed collaboration and commitment particularly among stakeholders and putting in place, specific workable institutional arrangements that would enhance sound …
Addressing Housing Deficit In Nigeria: Issues, Challenges And Prospects, Aliyu Rafindadi Sanusi
Addressing Housing Deficit In Nigeria: Issues, Challenges And Prospects, Aliyu Rafindadi Sanusi
Economic and Financial Review
The article first, provides a detailed overview of the housing deficit problems in Nigeria and the Government’s efforts at resolving them. The next section briefly conceptualises and reviews the various issues and challenges faced in addressing the housing deficit in Nigeria. The article then discusses the prospects for resolving the housing crisis in Nigeria.
Transforming The Mortgage Sub-Sector Using The Fss 2020 Platform, Patrick E. Aririguzo
Transforming The Mortgage Sub-Sector Using The Fss 2020 Platform, Patrick E. Aririguzo
Bullion
This paper examines the Mortgage sector of FSS2020 Strategy document which falls within the category of the drivers of the FSS2020 Strategy implementation blueprint. FSS2020 Mortgage: Vision and Mission. The paper further explores the Strategic Objectives of FSS2020 Mortgage Sector and the Transformational Programmes which includes: Ml - Establish a secondary mortgage market; M2 - Attract affordable international credit to fund affordable housing programmes; M3 - Advocate for mortgage ready and affordable housing. Three Transformational Programmes were designed to support the realization of the three objectives of the Mortgage Sector namely: TPl - Establishment of Mortgage Refinancing Companies (MRC) TP2 …
Special Remarks At The In-House Seminar On The Mortgage Industry In Nigeria: Issues, Challenges And Prospects., O. J. Nnanna
Special Remarks At The In-House Seminar On The Mortgage Industry In Nigeria: Issues, Challenges And Prospects., O. J. Nnanna
Economic and Financial Review
This is the special remarks by Dr. O. J. Nnanna at the in-house seminar on "the mortgage industry in Nigeria: issues, challenges and prospects", for CBN Executive Staff, Bauchi, October 24 - 28, 2005.
Opening Address At The In-House Seminar On The Mortgage Industry In Nigeria: Issues, Challenges And Prospects, O. A. Demuren
Opening Address At The In-House Seminar On The Mortgage Industry In Nigeria: Issues, Challenges And Prospects, O. A. Demuren
Economic and Financial Review
This is the opening address by Mrs. O. A. Demuren at the in-house seminar on "the mortgage industry in Nigeria: issues, challenges and prospects", for CBN Executive Staff, Bauchi, October 24 - 28, 2005.
Keynote Address At The In-House Seminar On The Mortgage Industry In Nigeria: Issues, Challenges And Prospects, Obadiah Mailafia
Keynote Address At The In-House Seminar On The Mortgage Industry In Nigeria: Issues, Challenges And Prospects, Obadiah Mailafia
Economic and Financial Review
This is the keynote address by Dr. Obadiah. Mailafia at the in-house seminar on "the mortgage industry in Nigeria: issues, challenges and prospects", for CBN Executive Staff, Bauchi, October 24 - 28, 2005.
The Role Of The Mortgage Industry In Economic Development, Kayode Omotosho
The Role Of The Mortgage Industry In Economic Development, Kayode Omotosho
Economic and Financial Review
This article examines the role of the mortgage industry in economic development with a view to identifying its problems, challenges and opportunities. Possible areas of assistance from other stakeholders are also highlighted. The article discussed the evolution of mortgage banking and financing in Nigeria and the demand/market for mortgage sector finance services in Nigeria. It estimates that Nigeria needed N50 billion annually to provide an estimate of 8 million housing units in 2000. The article then examines the Federal Mortgage Bank of Nigeria (FMBN) in the last decade (1990 - 2000) and National Housing Fund (NHF) as well as the …
Legal And Regulatory Framework For The Mortgage Industry In Nigeria, J. A. Akinwale
Legal And Regulatory Framework For The Mortgage Industry In Nigeria, J. A. Akinwale
Economic and Financial Review
This article examines the legal and regulatory framework for the mortgage industry in Nigeria. The outline of major issues on legal and regulatory framework for mortgage institutions discussed in the article include: Functions of PMI’s vis-a-vis their enabling laws and role in the overall financial system; licensing; assets and liability powers; capital requirements; supervision; disclosure and verification of information; staffing, and developmental issues.
Mortgage Institutions And Financing In Nigeria: Performance, Constraints And Prospects, S. A. Oni
Mortgage Institutions And Financing In Nigeria: Performance, Constraints And Prospects, S. A. Oni
Economic and Financial Review
The article, mortgage institutions and financing in nigeria: performance, constraints and prospects, reviews the performance of the mortgage institutions in Nigeria. The rest of the paper is divided into four parts. Following this introduction is part 2 that focuses on the evolution of mortgage financing in Nigeria. Part 3 reviews the performance of mortgage institutions, while part 4 highlights the constraints in the sub-sector and the prospects of mortgage financing in Nigeria. Part 5 concludes the paper.
Understanding The Technical Operation Of Mortgage Market: Financing Options And Valuation Techniques, Femi Ekundayo
Understanding The Technical Operation Of Mortgage Market: Financing Options And Valuation Techniques, Femi Ekundayo
Economic and Financial Review
This paper aims to discuss the. evolution of mortgage banking in Nigeria, development and practice of mortgage financing and valuation techniques using Primary Mortgage Institutions (PMI) as a thrust. It is also to elicit contributions from others and subject the final product to further research for development of the scheme in Nigeria.
The National Housing Fund Scheme: The Journey So Far, O. A. Adeniji
The National Housing Fund Scheme: The Journey So Far, O. A. Adeniji
Economic and Financial Review
This article reviews the National Housing Fund and highlight the successes and constraints. The rest of the article is divided into five sections. Section 2 reviews the National Housing Fund Scheme. The lessons of experience from other countries are contained in section 3, while section 4 highlights the achievements of the Federal Mortgage Bank of Nigeria (FMBN) since the inception of the reforms. The problems militating against the effective implementation of the NHF is the focus of section 5. Section 6 concludes the article.
An X-Ray Of The Mortgage Industry In Nigeria, Fortune Ebie
An X-Ray Of The Mortgage Industry In Nigeria, Fortune Ebie
Economic and Financial Review
This article provides a detailed examination of the Mortgage Industry in Nigeria with a view to identifying the issues, challenges and prospects. The rest of the paper is divided into five sections. The overview of housing industry in Nigeria is the focus of section 2 while section 3 reviews the structure of the mortgage industry. Section 4 focuses on the regulatory/institutional framework for mortgage financing in Nigeria. The x-ray of mortgage industry is undertaken in section 5 while section 6 concludes the paper.
The Land Tenure System: Which Land Title For The Nigerian Mortgage Industry?, J. A. Akinwale
The Land Tenure System: Which Land Title For The Nigerian Mortgage Industry?, J. A. Akinwale
Economic and Financial Review
The article examines among issues raised in the 2001 Report of the Presidential Committee on Urban Development and Housing, which made recommendations for the National Housing Policy. ln order to appreciate the kind of land tenure system that is operated in the country, the objective of this paper is to highlight the process and procedure individuals or corporate bodies will have to go through in order to secure finance for building or buying a house. The paper is divided into three sections. Following this introduction, is section two which discusses mortgage loan perfection, while section three appraises the land tenure …
The National Housing Policy By Federal Ministry Of Works And Housing, Federal Republic Of Nigeria February 1991, O. O. Akanji
The National Housing Policy By Federal Ministry Of Works And Housing, Federal Republic Of Nigeria February 1991, O. O. Akanji
Economic and Financial Review
The document being reviewed is a book of forty-eight pages divided into nine chapters, highlighting three basic areas, viz: Land Development, Financing and Building Materials. Chapter one introduces the need for the Federal Government to come up with the new policy while chapter two outlines the goals and objectives of the Housing Policy (see Annexure 1). Chapters 3, 4, 5, 6, 7 and 8 discuss the details of the strategies and the tools for achieving the goals and objectives, while chapter 9 states how the objectives will be monitored and evaluate.J.