The Nigerians in Diaspora Commission (NIDCOM) has introduced the Diaspora Housing Scheme, offering an opportunity for Nigerians living abroad to access a mortgage loan of up to N50 million with an attractive interest rate of 6.9 per cent, payable over a period of 10 years.
This scheme aims to enable Nigerians living overseas to participate in the National Housing Fund (NHF) Scheme, thereby allowing them to secure up to N50 million to acquire their own homes in Nigeria. The launch of this initiative took place during the ongoing 6th edition of the Nigeria Diaspora Investment Summit (NDIS) in Abuja.
During the launch of the Diaspora Housing Mortgage Loan, the Minister of Housing and Urban Development, Ahmed Dangiwa, emphasized the government’s commitment to supporting Nigerians in the diaspora in their quest to own homes in the country. He expressed optimism about the scheme, highlighting its potential to facilitate positive changes in the housing and urban development sector.
Mr. Dangiwa urged the diaspora community to seize the opportunity presented by the mortgage scheme and emphasized the imminent formal launch of the scheme in the United Kingdom, Canada, and the United States. He outlined the diverse housing options available under the scheme, including bungalows, semi-bungalows, terraces, mansions, and other essential infrastructure tailored to cater to the needs of the diaspora.
Furthermore, the Minister revealed the ministry’s efforts to establish a National Land Commission aimed at providing a clear implementation guideline for the Land Use Act, thus revolutionizing land administration in the country. He emphasized the necessity of land reforms to drive comprehensive development in the nation.
Dr. Abike Dabiri-Erewa, the Chairman of Nigerians in Diaspora Commission, encouraged Nigerians living abroad to capitalize on the prevailing investment opportunities in Nigeria. She stressed the significance of diaspora engagement in the nation’s development, affirming that Nigerians, both at home and abroad, play a crucial role in driving progress and growth.
She also stressed the need to foster partnerships between the government and the diaspora to attract investment and expand business collaborations, aligning with the domestic economic reforms championed by the government.
At the summit, the Minister of Sports Development, John Enoh, emphasized the indispensable role of the diaspora in national development and underscored their commitment to the advancement of Nigeria. He highlighted their exceptional patriotism and their responsibility for driving positive transformation, particularly in the sports sector.
As part of the initiative, the Federal Mortgage Bank of Nigeria will oversee the construction of affordable housing units in major cities, tailored to meet the specific requirements of Nigerians living in the diaspora.
Participants were advised to explore various options for accessing the loan, including the National Housing Fund (NHF) loan, Rent-to-Own, or the Individual Construction loan window. The Diaspora City Project, developed in collaboration with NIDCOM, FHA, the Federal Capital Territory Administration, and the private sector, is set to create an enabling environment for overseas Nigerians to own homes in Nigeria.
