The Nigerians in Diaspora Commission (NIDCOM) has launched the Diaspora Housing Scheme with a facility for Nigerians in diaspora to access up to fifty million naira loan (N50,000,000) for mortgage with an interest rate of 6.9 per cent, and the payment spread across over a period of 10 years.
The scheme is designed to enable Nigerians living overseas participate in the National Housing Fund (NHF) Scheme so they can access up to N50 million to own their homes in Nigeria.
The launch took place at the ongoing 6th edition of Nigeria Diaspora Investment Summit (NDIS) in Abuja.
The Minister of Housing and Urban Development, Ahmed Dangiwa, who also initiated the scheme while serving as the MD/CEO of the Federal Mortgage Bank of Nigeria, described his position as a positive twist of fate.
While launching the Diapsora Housing Mortgage Loan, the minister assured Nigerians in diaspora that the government is willing to support them to own houses in the country.
“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.
“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,” he said.
Architect Dangiwa urged the diaspora community to take full advantage of the opportunity and massively subscribe to reap its short and long-term benefits, also noting that the mortgage scheme will be formally launched in the United Kingdom, Canada, and the United States soon.
“I want to use this opportunity to urge Nigerians in the diaspora to take advantage of this scheme which allows them to actualize 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 noted.
The minister also said that the ministry was working to establish a National Land Commission that will outline a clear implementation guideline for the Land Use Act to chart a new path of effective land administration in the country.
“As the renowned land reform scholar said, experience shows that a nation can never develop if it does not conduct land reform. This will be done under the ‘Renewed Hope’ Action Plan for Housing.
“The notable part of our housing sector reforms that is of particular interest to the diaspora interested in investing in the housing and real estate sector is land reforms.
“What we envision is a streamlined land administration that cuts through the bureaucratic bottlenecks and systemic inefficiencies to ensure cost-effective and efficient access to land for both individuals and investors in our country.
“Currently, we have a situation where the Land Use Act, which was enacted in 1978, has no complementary institution set up alongside it to provide the necessary framework, guidelines, and regulations for operationalizing it,” he explained.
For her part, the Chairman, Nigerians in Diaspora Commission, Dr. Abike Dabiri-Erewa, urged Nigerians in diaspora to cash in on the current opportunities by investing in the country.
“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 urged.
Repositioning the Economy
Dr. Dabiri-Erewa added that to go far in repositioning the economy, there was a need to partner with the diaspora.
“His Excellency President Bola Ahmed Tinubu, who has just returned from attending the Saudi-Africa Summit, made efforts to underscore Nigeria’s commitment to attracting more diaspora direct investment and expand business partnerships, which are strongly reinforced by the administration’s ongoing domestic economic reforms.
“The summit is very appropriate because it creates innovative platforms of partnerships between the government and the diaspora in attracting investment to local businesses, thus enhancing diaspora direct investment in the country,” she added.
In a related development, Nigeria’s Minister of Sports Development, John Enoh, who was at the summit, said in every thriving country of the world, at least a Nigerian must be involved.
“The Nigerians in diaspora are the most patriotic, despite the challenges they face.
“We have a sole responsibility for the development of sports in Nigeria, and sports have the power to unite and transform more than every other sector,” he pointed out.
As part of the initiative, the Federal Mortgage Bank of Nigeria will facilitate the construction of affordable housing units in major cities that meet the specifications of Nigerians in diaspora.
Participants were advised to access the loan via a National Housing Fund (NHF) loan, Rent-to-Own or the Individual Construction loan window.
