Nidcom launches diaspora housing mortgage scheme designed to allow diasporans buy homes

NIGERIA'S federal government is planning to launch a comprehensive diaspora housing mortgage scheme that will all diasporans to purchase houses through the Federal Mortgage Bank of Nigeria (FMBN).


Under a plan put together by the Nigeria Diaspora Commission (Nidcom), diasporans will be encouraged to buy houses in Nigeria at favourable rates. Hon Abike Dabiri-Erewa, the Nidcom chair, revealed the details of the plan yesterday  when she visited the management and staff of the Federal Mortgage Bank of Nigeria (FMBN) in Abuja.


During the visit, the pointed out that both agencies have concluded the final stages of

the diaspora housing mortgage policy. Hon Dabiri-Erewa, maintained that Nigeria, being the highest diaspora-remitting country in sub-Saharan Africa with over 19bn dollars in

2021, according to the World Bank, should assist its diaspora with housing.


She added that enabling diasporans to purchase their own homes is a small incentive that should be provided for Nigerians abroad who tirelessly contribute to the country's development. In addition, the Nidcom disclosed that this move will encourage the Nigerian diaspora to do more for the country, thereby creating a win-win situation.


Hon Dabiri-Erewa added that the scheme is aimed at enabling Nigerians in the diaspora to get mortgage accounts, participate in the National Housing Fund (NHF) scheme, access loans up to N50m and own homes through certified developers all from the comforts of their locations. She explained that the package is available to any Nigerian above 18 living in the diaspora,

with evidence of regular flow of income, with contributions made over a minimum period of one year before being eligible to access the mortgage loan.


After contributing for the applicable minimum period, applicants will apply for the mortgage loan through an accredited primary mortgage bank. Following this, applicants will register with the NHF and contribute $150 for beneficiaries earning $3,000 and below monthly, or $200 for beneficiaries earning $3,001 and above, monthly, respectively for a minimum period of a year.


Other features of the package include a 30% down payment, a single-digit interest rate of 9% and a payback period of up to 10 years. Hon Dabiri-Erewa used the opportunity of the visit to congratulate the new FMBN chief executive Madu Hamman and urged him to sustain the

impressive achievements of his predecessors.


Mr Hamman  agreed that  work has been completed to make the scheme, a reality. He added that the launching of the scheme would have occurred earlier in the year, attributing the change of leadership at the FMBN, as a factor.


Looking forward, Mr Hamman gave assurances that the inauguration of the FMBN Diaspora

Housing Mortgage Scheme will be actualised in earnest to provide a transparent, seamless platform for Nigerians in diaspora to invest and own homes in Nigeria. Now, the Nidcom/FMBN committee has been given until the end of May to finalise preparatory work for the launch of the scheme proposed for London.