Housing Development, Poverty Alleviation and Cooperative Societies: The Nexus

International Journal of Research and Innovation in Social Science (IJRISS) | Volume IV, Issue VIII, August 2020 | ISSN 2454–6186

Housing Development, Poverty Alleviation and Cooperative Societies: The Nexus

Anthony Ikpeme Ankeli^1*, Bashar Muhammad Nuhu², Naomi, Ijadunola Popoola³, Uchechi Constance Ankeli⁴, Adekunle Sulaiman Ojeniyi⁵

¹Department of Estate Management and Valuation, Federal Polytechnic, Ede, Nigeria
^{2 ,3}Department of Estate Management and Valuation, Federal University of Technology, Minna, Nigeria
⁴Department of Statistics, Federal Polytechnic, Ede, Nigeria
⁵Department of Estate Management and Valuation, Abubakar Tafawa Balewa University, Bauchi, Nigeria

Abstract: Housing is one of man’s basic essentials of life which ranked second to food. In spite of this, its development requires huge initial capital outlay, hence the ownership is steadily becoming elusive especially for those within the low- income cadre. Nigeria as one of the developing nations of the world is faced with the twin problems of poverty and housing provision. Housing financing and poverty alleviation has become problematic issues for successive government in Nigeria as the various poverty alleviation and housing financing options in the country has failed largely due to bureaucratic bottleneck and other corrupt practices. The paper therefore evaluates the efforts of the Federal Polytechnic Ede academic staff union cooperative society at alleviating poverty through housing development financing. To achieve this, the study explored both quantitative and qualitative research methodologies in order to empirically investigate the activities of the society and established the nexus between housing development, poverty alleviation and cooperative societies. Both primary and secondary data were collected and analyzed using descriptive statistical tool. Findings from the study revealed that 270 staff members have benefitted from the housing provision initiatives of the society with their properties at various stages of completions, while 24 members have also obtained their PhD and Master’s degree, 18 members got exotic cars through the dedicated education and car loan options. More so, the society provided soft and flexible loan facilities at low interest rates through which staff members have been empowered. The paper concluded by recommending the introduction and sustenance of co-operative societies in government institutions as a sure means for housing ownership and urban poverty alleviation in the country.

Key words: Cooperative Society, Housing Development, Poverty Alleviation and Low Income Earners.

I. INTRODUCTION

Housing is said to be one of the basic needs of man and it is second to food in the ranking of basic necessities of man ([3], [8] and [12]). Despite the usefulness of housing to man, its accessibility and affordability to people in the less developed economies is gradually becoming elusive especially for those within the moderate and low- income brackets. Housing problem in Nigeria could be looked at from both qualitative and quantitative angles but from whatever angles it is viewed from, the underlying factor is usually the financial aspect

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