Figure 3
The infographic shows interconnected text boxes. At the top center, a large oval labeled “Main Issue” states: “Banks reluctance to lend housing loans to low-income earners and absence of sustainable financing framework”. Below the main issue, four bullet points highlight roles: “Government role”, “Financial institutions or Mortgage banks' role”, “Developers' role”, and “Low-income earners' role”. On the top right, a rectangular text box labeled “Issues: Banks or Mortgage Institutions Reluctance to Lend Housing Loans to Low-Income Earners” lists nine challenges shown as follows: 1. High default rate (Lucas, 2017; Ebekozien, 2021). 2. Repayment incapability (Ebekozien, 2021). 3. Lack of creditworthiness (Ebekozien, 2021). 4. Insufficient household income (Oyediran, 2019; Odoyi and Rickkinen, 2022). 5. Absence of collateral (Odoyi and Rickkinen, 2022). 6. Inability to make a down payment (Lucas, 2017; Odoyi and Rickkinen, 2022). 7. Fear of inability to recover housing loans and operating costs from the auction (Lucas, 2017; Ebekozien, 2021). 8. Mortgage focuses on the high-end market (Lucas, 2017). 9. Inadequate savings to aid access to housing loan finance (Oyediran, 2019; Odoyi and Rickkinen, 2022). A leftward arrow connects this rectangular box to the oval labeled “Main Issue”. A rightward arrow emerges from the central oval labeled “S L C H Financing in Nigeria” and connects to a rectangular text box below the “Issues” box labeled “Improved Sustainable L C H Financing Across Nigeria's Cities”. Another rectangular text box is positioned at the bottom right labeled “Stakeholder in Charge of L C H Financing”, which contains three points listed as follows: 1. Regulators: M D A S (Ministry of Works and Housing, Federal Mortgage Banks, State Mortgage Banks or Boards, for example, Lagos State Mortgage Board, et cetra). 2. Facilitators: Economic institutions (Central Bank, commercial banks, mortgage banks, primary mortgage banks, finance banks, cooperatives, et cetra). 3. Private sector operators or housing developers, or individual developers. This text box is connected to the central oval labeled “S L C H Financing in Nigeria” with a diagonal leftward arrow. A downward arrow emerges from the oval labeled “Main Issue” and connects to a text box positioned below labeled “S L C H Financing Stakeholders”, which contains five points listed as follows: 1. Regulators: M D A S (Ministry of Works and Housing, Federal Mortgage Banks, State Mortgage Banks or Boards such as Lagos State Mortgage Board, et cetra). 2. Facilitators: Economic institutions (Central Bank, commercial banks, mortgage banks, primary mortgage banks, finance banks, cooperatives, et cetra). 3. Organised private sectors (O P S): Real Estate Developers Association of Nigeria (R E D A N), Federation of Construction Industry (F O C I), Nigerian Institute of Building (N I O B), Association of Professional Bodies of Nigeria (A B P N). 4. Enabling institutions: Research institutions such as higher education institutions and the Nigeria Building and Road Research Institute (N B R R I). 5. Private sector operators or housing developers, or individual developers. A rightward arrow connects “S L C H Financing Stakeholders” to the central oval labeled “S L C H Financing in Nigeria”.Conceptual framework on SLCH financing in Nigeria