Federal government launches new diaspora mortgage scheme in conjunction with private sector

NIGERIANS living outside the country will now be able to purchase houses back home through the federal government under the new Diaspora Housing Scheme just launched by the minister of housing Architect Ahmed Dangiwa.

Unveiling the programme at the sixth edition of  Nigeria Diaspora Investment Summit (NDIS) in Abuja, Architect  Dangiwa said that diasporans will be able to access N50m ($60,000) loans for mortgages with an interest rate of 6.9%, paid over a period of 10 years. Architect  Dangiwa, who first initiated the scheme while serving as the chief executive of the Federal Mortgage Bank of Nigeria, described his position as a positive twist of fate.

He added that the mortgage scheme will be formally launched in the United Kingdom, Canada and the United States soon. Among other things, the minister called on the diaspora community to take full advantage of the opportunity and massively subscribe to it, so they can reap its short and long-term benefits.

Architect  Dangiwa said: “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. This city will accommodate bungalows, semi-bungalows, terrace, mansions and other infrastructures for the convenience of the diaspora ."

He assured the diaspora of his commitment to protect their investments in the sector, adding that his tenure will ensure that relevant incentives are provided. Architect  Dangiwa also encouraged the diaspora to key into  the Diaspora City Project which is in collaboration with the Nigeria Diaspora Commission (Nidcom), the Federal Housing Authority,  the Federal Capital Territory Administration and the private sector.

Nidcom chair Hon Abike Dabiri-Erewa explained that the scheme has been in the heart of the commission and her team will do all it takes to actualise it. This year's NDIS has the theme New Vistas, New Aspirations, New Opportunities: The Diaspora and National Development.