An Evaluation Of The Impact Of Urban Development In Project Financing In Nigeria.

 INTRODUCTION 

In the history of Nigeria most of the government at one time or the other and also the  articulate member of the public have recognized the growing need of urban infrastructual development in Nigeria this can easily be inferred from the   alarming rate of urbanization in Nigeria over the past few years and the continued deterioration stats  of urban  environments and the numerous attendants problems .

The background to the settling up of the urban development Bank of Nigeria PLC can betrayed to the preparation of the third National development plan in 197475. at that period , urban  problems were b becoming more visible and important that the than federal Government had to set up a federal ministry of urban development  and the Environment. This ministry had to b e scrapped about three years late due to the inhabit of the ministry to properly execute its operations, as a realty of the failure of conceptualization of what showed be the omission of the  ministry 

In appreciation of the necessity to redress the situation of deteriorating state of our urban environments various committees had been setup by Government to look into the matter adequately. These committees came up with  various reports and proposals to establish a commission of urban Affairs or urban development. One of these proposals gave his to the establishment in 1977 of the Nigeria state urban development programme (NSUDP) for the propose of reducing the acute  shortage  of accommodation on the then newly created states of abaci, Bennie, Googol, IMO, Niger, Ogun and Ondo. But it was soon realized that the programme was not capable of  adequately handling the problem of urban development .   

As a result of this inadequately the infrastructure development fund (IDF) was in 1985 as a replacement for the Nigerian states urban Development programmes. The infrastructual Development fund soon ran into troubled waters in order to find a permanent (or lasting solution to the problem, government accepted the proposal of developing a financial structure based on local initiatives and resources for urban development with increased value of financial discipline. Hence, the urban development bank of Nigeria plc was established under decree No 51 of 1992, better known as the urban development bank of Nigeria decree of 1992.

In  conclusion, the urban development Bank of Nigeria plc was established and charged within the promotion and development of urban centers through the provision of financial credit on along term basis to states, local government and private sectors for the purpose  of the urban project financing.

The bank expected to finance projects on urban infrastructure, urban general economic development project, social projects and institutional development.

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