ASSESSMENT OF PRIVATE SECTOR FINANCING IN THE SUSTAINABLE DEVELOPMENT OF MASS HOUSING IN ABUJA, NIGERIA

Abstract

Major contending issues in mass housing in Nigeria especially in Abuja include sustainability, affordability, land acquisition and finance. Among these issues, finance and sustainability are the most outstanding concerns in achieving mass housing for all. Thus, private sector financing in the sustainable development of mass housing in Abuja,   Nigeria was assessed. The financial mechanisms and sustainable principles applied by private sector (developers) in mass development in the study area were assessed. Data for this study were obtained through questionnaire, observation and key informant interview. Stratified and simple random sampling techniques were used to select samples. Samples were stratified into two namely: local and international corporate firms to allow equal representations and reduce bias. Afterward, simple random sampling technique was used to select sixty (60) respondents for data collection. Data were analysed using percentage and ranking. Result for financial mechanisms shows that internal funds scored 41.21% and ranked 1^st, debt finance (21.98% 3^rd) equity finance (36.26% 2^nd) and donation (0.55% 4^th). Thus, internal fund is the major the source of finance used by private sector for the mass housing development. Sustainable principles applied by private sector scored as follows: ‘open space’ scored 23.65% and ranked 2^nd, airsheds (22.04% 3^rd), stormwater system (3.61% 5^th), water metering and records (0.40% 6^th), waste management techniques (20.44% 4^th), and green energy (29.86%1^st).  It was concluded that internal funding mechanism is the highest sources of financing the mass housing project and  green energy is a major sustainable principles applied in estates developed by private sector in the study area.