Impact of Apex Morgage Finance Institution on Real Property Development Financing in Africa. (A case study of the Federal Mortgage Bank og Noggeria)

Mortgage financing was conceived as an easy and convenient way of ensuring housing delivery to all cadre of the citizenry, provided one is involved in a productive venture. Nigeria, like any other developing country has finance as one of the most important factors influencing housing delivery. The research objective is to investigate the challenges confronting Real Property Development, through mortgage financing, especially the Nigerians apex mortgage finance institution, its mandate, achievements, possible challenges and the primary mortgage institutions [PMIs]. The methodology employed for the research includes the collection of primary and secondary data from the institutions, beneficiaries and other stakeholders in the building industry. Data obtained were analyzed through simple frequency distribution. The findings showed that the federal mortgage bank of Nigeria nature of business includes not only merchandising, property agency and sale but as well as transport. Challenges confronting the federal mortgage bank spans from the implication of the National Housing Fund policy, National economic climate, high cost of building materials, public apathy, cumbersome access to land and documentation as well as poor collateral, high-interest rates and competitive financial market. Consequently, useful recommendations were made.