One of the top three wants and demands of a human being is to have his or her ain residential house, hence a house is said to be paramount to human being, a house has ever been one of the chief purpose and aim of a adult male with great necessity, lodging besides provides us with shelter for safety intent due to harsh weather status, and of cause every human being needs privateness, it besides serves as a beginning of plus to 1s economic system, you are most likely to happen different houses around due to civilisation or economic value of the society, like the urban countries which are said to be civilized with good economic values, have beautiful houses around, than that of the rural countries, Lashkar-e-Taibas take a expression at the Nigerian lodging sector for illustration. ( www.d-review.net/p=44 )

Nigeria is said to be a republican state, which for the past two decennaries has witnessed tremendous increased in the lodging sector due to urbanisation, a state with 36 provinces and 56 metropoliss, and a clear record shows that out of this 36 provinces, the people are most likely or prefereably corsets in the urban countries, with a per centum of 10.6 % .

Due to the enormous addition in the population of the urban countries, the lodging job in the state becomes tremendous, which makes the metropoliss to be over crowded.for illustration, high rate of rented houses, high rate of noise, air and H2O pollution, and besides low rate of occupation chances, which causes serious rate of unemployment due to over population.

The Nigerian one-year gross domestic demand for lodging is about N82.53 billion in 1988 and N85.82 billion estimations for 1989, and over N88 billion in 1991, every bit good as N3,000,00 per capital income.

Harmonizing to the National Rolling Plan ( NRP ) the Nigerian lodging demand should be between 500,000 and 600,000 units, sing the predominating ratio of tenancy, which has to be 3 or 4 individuals per room.

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1:2 THE NIGERIAN HOUSING SECTOR POLICY

The Nigerian Government have realized that the tremendous populace sector employed at spread outing lodging shortage and intensifying building cost of Nigerian policy are non efficaciously addressed, so they decide to present another policy which will give them the basic critical information needed about the lodging financess and the capital market as a function in 1988, the ultimate end or desire of this policy is to guarantee that Nigerians from all plants of life have entree to a good lodging adjustment for his or her household, with a low low-cost monetary value by 2000AD.

Lashkar-e-taibas take a expression at another National Housing Policy of Nigeria, which was launched in response to accomplish a sustainable and equal human colony development in 1991, in response to the docket 21 of the Nigerian Global Shelter Strategy, to assist the high rate of the population of Nigerians, more particularly the hapless, because 90 % of the Nigerian lodging production is in the custodies of the single private market.

The World Bank quoted an estimate population of 123 million figures, fundamentally the Nigerian lodging sector demands to bring forth 720,000 lodging unit per annum, which is said to be 9 brooding units a twelvemonth per 1,000 of the Nigerian population. ( hypertext transfer protocol: //rus.habitants.org )

1:3 THE ECONOMIC FRAMEWORK OF THE NIGERIAN HOUSING SECTOR

Housing in Nigeria is said to be a capital intensive venture, financed by different beginnings in footings of helpings, the benefits of lodging is long term support, which allows a linkage or a relationship between the rescuer, investors and consumers, which are said to hold a portion in the lodging support.

The lodging sector has played a major function in the finance system, which without the finance system, the lodging policy can non keep or be implemented, fiscal model consist of different establishments, which are involved or take part in the lodging sector every bit good as the relationship between both sectors.

In Nigeria, there are different establishments which participate in the development of the lodging sector of the state, which are: –

1. Budgetary appropriations.

2. Commercial/merchant Bankss.

3. Mortgage institutions/Bank of Nigeria ( FMBN ) .

4. Insurance companies.

5. State lodging corporations.

2:1 ECONOMIC FACTORS THAT ARE BOUND TO AFFECT THE HOUSING MARKETS

Here are some of the economic factors that affect the lodging markets in Nigeria.

– High cost rate of lodging monetary values, which makes it so hard for the hapless to procure a land or a house, if the monetary values of lands or houses are expensive, it will impact the lodging market, because is non everyone who can procure or purchase such houses at an expensive rate, more particularly the low income earners.

– High labour cost, which makes some edifices expensive, due to the high disbursals of the edifice stuffs used for such edifices, a edifice can be expensive due to the high rate of supply and demand, or deficit of some efficient stuff used for such edifice development.

– Lack of mortgage finance, which makes it hard for people to procure a loan from the Bankss, due to the footings and conditions involved in such Bankss, to procure a loan from Bankss, one has to put aside one of his valuable properties to cover up for the larceny, so merely those who have some valuable that can be able to borrow money from the Bankss

– High lodging rents per unit, because so many landlords in Nigeria these yearss, demands up to 2 old ages of house rent fees in progress, this is non easy to come by, due to the low income rate of such individual willing to buy the house,

– Deficit of lodging adjustment, which increase the per centum of high rent of renters, if the lodging rent fee can non set to the lodging market economic system, because the lower the house rent fee, the higher the rate of renters, and the higher the higher the house rent fee, the lower the rate of renters. ( www.scribd.com )

3:1 THE IMPORTANCE OF HOUSING MARKET TO THE ECONOMY OF NIGERIA

Here is some few importance of lodging market to the economic system of Nigeria.

Housing market provides employment in Nigeria.

While constructing a house in Nigeria, some professional organic structures are being employed, which are chiefly.

( I ) Architect, in charge of pulling and planing the house.

( two ) Land surveyor, in charge of be aftering the land study of the site.

( three ) Town contriver, in charge of looking at the designers edifice program and blessing.

( four ) Quantity surveyor, in charge of all the disbursals of stuffs used for the edifice.

( V ) Estate surveyor, in charge of publicizing the edifice to interested renters after completion.

2. Housing market besides serve as a beginning of investing in Nigeria.

Nigeria is said to be a fast underdeveloped state, when it comes to edifice of houses, because the chief ground why most people build houses in Nigeria, is because of the beginning of income and net income gained from such houses, an person can make up one’s mind to construct a block of flats and allow it out to renters, with a annually or two old ages of income addition.

3. Housing market in Nigeria besides serve as a beginning of societal prestigiousness.

In Nigerian, some communities merely respect or conferred a high societal prestigiousness on an person who owns or construct a house of his ain, and such persons are regarded as landlords.

4. Housing market besides serve as a beginning of heritage in Nigeria.

In Nigeria, a house can be inherited from parents to their kids, since a house is said to be strong and lasting, and can last up to so many old ages, can easy be passed or transferred from one individual to another in a household, like for illustration, if the proprietor of a house died, his kids or relation will inherit his belongings ( house ) .

4:1 DIRECT AND INDIRECT ECONOMIC IMPACT OF HOUSING.

The direct and indirect economic impact of lodging can be carried out or analyzed in different phases, due to the economic impact of such state.

Let & amp ; acirc ; ˆ™s take expression at Nigeria for illustration, whose economic impact of lodging can be grouped into three phases, viz. .

_wages

_local revenue enhancements

-and outgos

WAGES_ a pay is like a payment ( money ) being paid by an employer to his employee, as a tip for a occupation good done, like in the building industry, largely the contractors, building workers and besides professional advisers, the sum of rewards and net income they made are largely spent on family assortments and household issues ( kids fees and besides conveyance fees every bit good ) .

LOCAL TAXES_ this type of revenue enhancement is said to be owned and control by the authorities, and collected or applied in the signifier of a belongings.

EXPENDITURE_ this is besides similar payment of goods or financess, with a reception in signifier of grounds. ( asoplc.com )

5:1 RECOMMENDATION AND SUGGESTION TO IMPROVE HOUSING SYSTEM IN NIGERIA.

There are several recommendations and suggestions made to better the lodging system in Nigeria, which are.

_registering belongingss