CHAPTER ONE

Introduction There are three basic needs of man in life, namely food, clothing and shelter. From the beginning, man has worked very hard to provide himself with shelter which protects him from adverse weather and hard climatic conditions. Of all the facets of human environment, a few influences a man’s life more than that of a house in which he seeks shelter, security, comfort and dignity. It is indeed where he begins and ends his days.
Proper housing is an important need for every human being. Man’s proper utilization of his resources and economic wellbeing greatly depends on the type of accommodation he has been provided with. “a decently housed citizen is a more productive individual, a good housing scheme complimented by high environmental standard equates with less expense on public health, and less adverse social effect produces a higher gross national income figure for a country” . This is why it is generally accepted that good housing is a social index of a good government especially in developing countries like Nigeria should especially accept the provision of housing as a major social responsibility.
Housing is a set of durable assets, which accounts for a high proportion of a country’s wealth and on which households spend a substantial part of their income. It is for these reasons that housing has become a regular feature in economic, social and political debates often with highly charged emotional contents(Agbola, 1998).
All governments in Nigeria since independence highlighted housing as a major priority.
Unfortunately for over 47 years of its independence, Nigeria is yet to develop a vibrant mortgage market and houses continue to be provided through the tortuous traditional method of buying land and building over some years, which could be an individual's entire life time. In many cases such buildings are left