A housing estate in the Lekki area of Lagos. Owning a home at home is the wish of most diaspora NIgerians/Photo: AfricanCourierMedia

Nigeria launches mortgage scheme for citizens in diaspora at low interest rate

The Federal Government of Nigeria has launched the Diaspora Housing Scheme that enables Nigerians outside the country to access up to N50 million in mortgage loans, repayable over a period of 10 years at an interest rate of 6.9%.

The scheme, facilitated by the Nigerians in Diaspora Commission (NiDCOM), is to promote an active involvement of Nigerians living abroad in the National Housing Fund (NHF) Scheme by providing them access to substantial funds, up to N50 million, for the purpose of acquiring homes in Nigeria.

The initiative was officially launched on Tuesday during the 6th edition of the Nigeria Diaspora Investment Summit (NDIS) in Abuja.

Speaking at the launch, the Minister of Housing and Urban Development, Arch Musa Dangiwa, said the diaspora community should not only be seen as a source of development finance but as a people who desire to own homes in their homeland.

Minister of Housing and Urban Development, Arch Musa Dangiwa, cuts the ribbon to launch the scheme in Abuja/Photo: NiDCOM
Minister of Housing and Urban Development, Arch Musa Dangiwa, cuts the ribbon to launch the scheme in Abuja/Photo: NiDCOM

The Minister, who initiated the scheme while serving as the MD/CEO of the Federal Mortgage Bank of Nigeria, described his current position as a positive twist of fate.

Dangiwa added that the mortgage scheme would be formally launched in the United Kingdom, Canada and the United States soon, calling on the diaspora community to take full advantage of the opportunity and massively subscribe to it to reap its short and long-term benefits.

“I want to use this opportunity to urge Nigerians in the Diaspora to take advantage of this Scheme which allows them to actualise their dreams of owning affordable homes in Nigeria”, he said.

“And as a ministry, we are willing to support diaspora initiatives in the housing and urban development space as well as encourage partnerships with the diaspora towards making a change in the housing and urban development narrative of our dear country,” the Minister said.

“It is important for me to state that when we think about the diaspora, we are not only thinking of them as sources of finance to develop our country, but we also see them as Nigerians, who though abroad, are desirous of owning homes in Nigeria.”

Dangiwa also encouraged the diaspora to key into the Diaspora City Project Abuja which is in collaboration with NiDCOM, FHA, the Federal Capital Territory Administration and the Private Sector.

“This city will accommodate bungalows, semi-bungalows, terrace, mansions and other infrastructures for the convenience of the Diaspora,“ he explained.

Also speaking at the event, the Chairman/CEO of NiDCOM, Ms Abike Dabiri Erewa, encouraged the diaspora to take advantage of the scheme, explaining that the scheme had been at the heart of the Commission and she would do all it takes to actualise it.

“My dear guests seated here and online, I assure you that this is an exciting time to be doing business in Nigeria. And this summit is a step in making investment and growth a reality because as Nigerians, both at home and in the diaspora, we should always be conscious of the fact that home is home, and no one can develop Nigeria like Nigerians,” she said.

The 2023 Nigeria Diaspora Investment Summit, which held on 13-15 November in Abuja, brought together diaspora investors and people seeking investment opportunities in Nigeria. The theme of the hybrid summit was ‘New Vistas, New Aspirations, New Opportunities: The Diaspora and National Development’.

Kola Tella

Check Also

Nigerian who got $1.5m grant visits Abuja, to support computer education

Aisha Ali-Gombe, Associate Professor of Computer Science and Engineering at Louisiana State University, USA, has …