ROLE OF FINANCIAL INSTITUTION IN HOUSING DEVELOPMENT IN NIGERIA

INTRODUCTION
Right from time, food, clothing and shelter have been the three most basic requirement of man of all these three requirements food and clothing are the two, which influence man’s life more than the house in which he seeks shelter, security comfort and dignity. It is infact where man starts and ends his dairy activities.
Housing is mainly the most import factors which determine the nature and form of urban settlements and the quality of human existence is directly related to it:
Housing: Is defined by Oyeyipo (1980) to mean, the provision of any form of structure, erection of building which is man made for the purpose of accommodating a person or person by talking housing to mean only shelter the definition appears defective as it ignores all those infrastructure facilities which housing brings along with it.
The world health organization committee on housing defines it as “the physical structure than uses for shelter including equipment and devices needed for physical and social well being of the occupant” 2 such equipment and devices include utilities and services like electricity, water supply, good access roads sewage and refuse damp facilities.
The fact remains that Port Harcourt metropolis has been the administrative centre for the then eastern region,
Port Harcourt metropolis is occupied mainly by government workers with low income. This position makes it difficult for them to afford the high cost of developing housing estates for their use. They therefore resort to borrowing from both formal and informal sources in other to find money for housing development and also Port Harcourt metropolis is made up of river line area, swamp ground.
The question then “Is the existing financial institutions in Port Harcourt metropolis enough to satisfy the demand for residential housing loans of these low income earner residing in Port Harcourt metropolis?” If not how can be situation be improved.
This research work therefore intends to the existing financial structure of Port Harcourt metropolis with a view to finding out how efficient it has been performing and proposing how the system could be improved.

BACK GROUND OF STUDY
Housing estates is a fundamental and essential features in the urban environment. Adequate provision of housing estates have a great deal of positive impact on both the economic and social life of the urban citizens and its inadequacy has the reverse effect.
The shortage of housing estate is one of the major problems facing the urban centres especially in the developing countries. Thus could be attributed estate development involves large amount of money, which is usually not within the capability of most urban dwellers particularly the medium and low income groups, the rate of housing estate construction often tend to be small and generally depend on financial resources.
This situation of financial scarcity is made worse by the rigid attitude of financial institution towards lending for housing development. Their system of granting loan make it very difficult for the medium and low income groups to benefit from the available facility. The bulk of the mortgage loans go the upper class.
This research work intend to look into the existing finance structure in river state urban, to find out if it is adequate to satisfy the housing needs of inhabitants of Port Harcourt.

1.3 OBJECTIVES OF STUDY
The objective of this study is to examine the housing estate finance situation of Port Harcourt metropolis with a view to
 Assessing the existing financial institution
 Ways of improving it
 Providing decision makers
 With a decision making tool

1.4 SIGNIFICANCE OF STUDY
A study on housing estate finance is very financial institution of housing estate finance is valuable and could be utilized to achieve certain academic objectives. It can enlighten both the government, students and researchers on the importance of housing estate finance.
The general result obtained from this study is educative, informative and broader the awareness of the public on current sources of housing estate finance in the estate.
Estate surveyors and valuers could apply the result of this research work in their future housing estate finance planning and their advisory role to the public.
The study would be utilized in making new housing estate policies and ensuring their implementation. This is because any housing policy that does not place priority on source of finance would ever remain incomplete. It will also serve as a basic for the allocation of finance for housing estate programmers.

1.5 PELIMITATIONS OF THE STUDY
Securing data for this study was not an easy task.
This is due to the nature of the study. Some respondent collected questionnaires and did not return it back.
Some were of the opinion that the research would not offer, then any increase in the or salary, while some argued that the information might be used for other purpose. Other than academic as claimed by the researcher.
Other problems encounter by the researcher during the course of study includes, not having asset into the research area, the officer’s to help the researcher for the there is were no to be found.

1.6 LIMITATIONS OF THE STUDY
The major constraints encountered during the course of this project is lack of finance which made me to restrict the study of certain areas.
Again time factor is a limitation to this study because I shared my time between my project and other academic works.
Finally the constraint of scarcity of relevant text books on the topic. I will like to use this opportunity to urge the professional in this area to write more books in order to help the younger generation.

1.7 DEFINITION OF TERMS
Certain terms are used in this work which their definitions are relevant for easy understanding for the study.
Housing estate development is a group of houses in an area of land, built only for dwelling purpose and not for commercial or industrial purpose it is.
It is generally constructed for residence. It has the attributes of living shelter, security, comfort privacy investment and personal identity.
Financial institution: Is defined as informational or formal act of providing money ““n this sense financial planning, the estimating of cash receipt and disbursement.
Finance may be defined as the management function of managing the flow of funds in an organization. It is also seen as the provision of money or means of payment at the time it is wanted, Aniagolu (1997).
Finance as defined by western” dictionary is the science of managing money” here it concerns the control of money by individuals.
3 DEVELOPMENT
The term development is mostly applied in relation of land valuers and estate surveyors sees it as a way of embarking on constructional work that will amount or give rise to utilization of land with its improvement or re-improvement of an already utilized one.
According to Todaro (19)
Development implies the multi-dimensional process involving charges in structures, attitude and institutions as well as the accelerations of economic growth, the reduction of inequality and eradication if absolute property.
Development” on the other hand has many definition. The British town and country planning. Act of 1947 defined “development” Inspection 12 subsection 2 as the carrying out of building engineering mining or other operation in, or, under land or the making of any building or other lands” Similarly, the Nigeria land use decree of 1978 in section 50 subsection L defined development land to main land where there exist any physical improvement in the nature of roads development services, water, electricity, drainage building, structure or such improvement that may enhance the value of the land has industrial agricultural or residential purpose.
In a more general sense development may be defined in socio-economic terms as a progress work-transformation of society or as a conscious action to effect large scale change in a designed direction utilizing the centralized or at least in a co-ordinate way the resources available to give political unit.