Housing Poverty Reduction through the Trader and Market Moni Scheme of Osa Market Beneficiaries in Benin City, Edo State, Nigeria

Abstract

The increasing poverty rate prompted by the housing poverty deficit and the high cost of building materials whereby a large chunk of the Nigerian population struggles to afford decent housing and the need to determine the extent to which the Trader and MarketMoni loan scheme hosted by the immediate regime of President Muhammadu Buhari compelled this study. The objective of the study was to examine how the Trader and Moni loan scheme worked to reduce housing poverty among Osa-Market recipients of Oredo Local Government Area in Benin City. The study deployed social welfare theory. The population of the study cut across the Trader and MarketMoni recipients in the above-mentioned market. To gain a better insight into the subject matter of discourse. The paper reviewed related literature and applied both qualitative and quantitative methods of data collection. Taro Yamani's scientific approach was used to obtain an optimal sample size of 220 and 110 for Trader and Marketmoni respectively. The hypotheses were tested with the Pearson Correlation statistical method. Findings established a positive correlation between the micro-credit loan scheme and the housing poverty reduction of recipients over non-recipients in the Osa market. The study concluded that the micro-credit loan scheme has contributed largely to reducing the housing poverty of recipients in Osa Market in Oredo Local Government Area, in Benin City. Consequently, the study recommended that the Trader and Moni loan scheme be overhauled for better functioning, and increased the loan amount to match the reality in the economy of today among others.

Keywords: Housing Poverty Reduction, Trader and MarketMoni Loan, Osa Market Beneficiaries, Benin City, Edo State.