Figure 1
The diagram shows a text box at the top center labeled “Housing Finance Sources”. It divides into two branches: one extending left and one extending right. The left branch connects to a centered text box labeled “Conventional”, while the right branch connects to a centered text box labeled “Unconventional”. A long vertical upward arrow points stretched from the bottom and points to the “Conventional” text box. Four vertically arranged text boxes are positioned to the left of this upward arrow and four to its right, all aligned below the “Conventional” box. The four text boxes on the left are labeled from top to bottom as “Fed. Mortgage Bank of Nig”, “Merchant Banks”, “Asset-Backed Bonds”, and “Real Estate Portfolio”. The four text boxes on the right are labeled from top to bottom as “Commercial Bank”, “Insurance Companies”, “Cooperative Societies”, and “Credit Union”. Each of these text boxes is connected with horizontal arrows pointing toward the upward arrow that originates from the “Conventional” box. The “Unconventional” text box on the right branches further downward into two sub-boxes labeled “Informal” on the left and “Traditional” on the right. Below the “Informal” box, three vertically arranged text boxes are labeled from top to bottom as “Esusu Asusu”, “Social Club Contributions”, and “Local Money Lenders”. Below the “Traditional” box, three vertically arranged text boxes are labeled from top to bottom as “Age Grade Association”, “Community Association”, and “Town Union Association”. Three rightward arrows emerge from the text boxes under “Informal” and connect to the upward arrow stretched from the bottom and linking to “Informal”, while three rightward arrows emerge from the text boxes under “Traditional” and connect to the upward arrow stretched from the bottom and linking to “Traditional”. The two sub-branches, “Informal” and “Traditional” under “Unconventional”, merge upward, connecting with the “Unconventional” text box, which then links back to the main “Housing Finance Sources” box at the top. From the left, the “Conventional” text box also links back to the main “Housing Finance Sources” box at the top.Sources of housing finance in developing countries