ANALYSIS OF PRIMARY MORTGAGE INSTITUTIONS AND ECONOMIC PERFORMANCE IN NIGERIA

Abstract

This paper looks at the implication of Nigeria's primary mortgage institutions on the country's economic performance between 1993 and 2023. The Central Bank of Nigeria's 2023 bulletin provided secondary data for the study. This research uses an ex-post facto methodology. The study used GDP as the dependent variable and Primary Mortgage Institutions Investment (PMII), Primary Mortgage Institutions Deposit (PMID), and Primary Mortgage Institutions Loan (PMIL) as explanatory variables. The developed hypotheses were assessed using the statistical estimation method known as Ordinary Least Squares. The outcome shows that investments made by primary mortgage institutions significantly boost Nigeria's GDP. In Nigeria, primary mortgage institutions' deposits significantly boost the country's GDP. The primary mortgage institutions' lending operations have a significantly positive impact on Nigeria's GDP. With a 76% coefficient of determination, the independent variables are able to describe changes in the economy's performance metrics.  According to the study's findings, primary mortgage institutions significantly improve Nigeria's economic performance. According to the study, the government should demonstrate its commitment to carrying out its national housing plans and find affordable funding sources that would benefit an average income earned by providing for efficient means of expanding the number of registered primary mortgage institutions and incorporating primary mortgage institutions into its national plan. Given the substantial impact that major mortgage institutions have on the real estate industry, the government should increase funding for these organisations and improve their efficiency.