Figure 4
The framework shows a large oval labeled “Main Issues” that contains the text “Banks' Reluctance to Lend Housing Loans to Low-Income Earners and Absence of Sustainable Financing Framework”. A downward arrow emerges from the “Main Issues” box and connects to four vertically arranged rectangular text boxes on the left side labeled “Government (Federal and State) Role”, “Financial Institutions or Mortgages Role”, “Developers Role”, and “Low-Income Earners Role”. The text box labeled “Government (Federal and State) Role” contains eight points stated as follows: 1. Fully involved as a provider and facilitator of L C H to the L I n Es. 2. To overhaul National Housing Fund for efficiency. 3. The Family Home Fund Programme should be tailored to only low-income earners with flexible conditions that can be fulfilled. 4. Pension Act should be reviewed to allow contributors access to a certain percentage of their savings in the Nigerian Pension Scheme. 5. Federal or State Housing Fund Scheme should provide subsidies to improve L I n Es homeownership, for example, land in urban locations. 6. Government via policy creates special housing loan scheme for L I n Es. 7. Encourage Rent-To-Own Scheme via policy and programme. 8. Upward review of income is pertinent to access affordability. Below it, the text box labeled “Financial Institutions or Mortgages Role” contains four points stated as follows: 1. The apex bank should review the lending rate for housing loans. 2. The capital market should be allowed as a fund source for the housing sector, especially L C H provision. 3. Apex bank should sanction mortgage banks focusing on high-yield investment. 4. Nigeria Mortgage Refinancing Company to develop the market. The next text box labeled “Developers Role” contains three points stated as follows: 1. Compulsory L C H construction on large development via a government policy. 2. The selling values of L C H should be regulated by the government and supervised by R E D A N. 3. Sponsor research on alternative, cheap, or local building materials. The last text box on the left, labeled “Low-Income Earners Role”, contains three points stated as follows: 1. L I n Es should embrace self-help. 2. Encourage L I Es to discipline self-regarding savings to become creditworthy. 3. L I n Es should not transfer L C H ownership to other categories. From each of these four left-side text boxes, four rightward arrows emerge and connect to a text box labeled “Repositioned S L C H Financing”, which lists three components: “Substantive aspect”, “Technical aspect”, and “Administrative aspect”. From this central text box, a downward arrow connects to another rectangular text box positioned below, labeled “Improved S L C H Financing Across Nigeria's Cities”, which contains six points stated as follows: 1. Sustainable institutional L C H financing framework. 2. Accessible, affordable, and sustainable mortgage for L I n Es. 3. Mitigate L C H demand-supply gap. 4. Stir up the government in L C H financing via subsidy policy. 5. Innovative L C H financial models to address L I n Es demand. 6. Eliminate urban slums and squatting.Developed framework to improve SLCH financing in Nigeria