FMBN launches N100m Diaspora mortgage at 9% interest

The Federal Mortgage Bank of Nigeria (FMBN) has introduced a dedicated mortgage product for Nigerians living abroad, allowing eligible diaspora contributors to access up to N100 million in housing finance at an interest rate of 9 per cent per annum without travelling to Nigeria.

The National Housing Fund (NHF) Diaspora Mortgage Loan was unveiled in London on Friday, August 7, 2026, at an event attended by senior government officials, housing and mortgage finance stakeholders, as well as members of the Nigerian diaspora community in the United Kingdom.

The development was disclosed in a statement signed by FMBN’s Group Head of Corporate Communications, Joe Abuku, on Saturday.

Under the new scheme, eligible Nigerians residing abroad can register with the NHF, complete their Know Your Customer (KYC) requirements digitally, make contributions remotely and apply for mortgage financing while remaining outside Nigeria.

The facility has a maximum repayment period of 10 years, subject to the applicant’s affordability and other applicable requirements.

Initiative targets diaspora housing demand

FMBN Managing Director and Chief Executive Officer, Shehu Usman Osidi, described the initiative as a major step towards expanding affordable homeownership opportunities beyond Nigeria’s borders.

Osidi said the product would enable Nigerians abroad to participate more directly in the country’s housing market while strengthening their economic ties with Nigeria.

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“Today, we are not merely unveiling another mortgage product. We are opening a new chapter in Nigeria’s housing finance landscape, a chapter that extends the opportunity of affordable homeownership beyond our borders and strengthens the enduring bond between Nigeria and her citizens across the world,” he said.

According to him, the initiative is expected to go beyond helping Nigerians in the diaspora acquire homes.

He said it would also stimulate residential construction, support property developers, create jobs, deepen mortgage penetration and increase foreign exchange inflows into the Nigerian economy.

“This is not simply a Diaspora product. It is a national housing finance strategy under the Renewed Hope Housing Agenda of President Bola Ahmed Tinubu and is designed to leverage the enormous potential of Nigerians abroad for the benefit of the entire country,” Osidi added.

The Minister of State for Housing and Urban Development, Yusuf Ata, who represented the substantive minister at the London event, said the mortgage product was designed to address longstanding challenges faced by Nigerians abroad seeking to acquire property in the country.

He identified fraudulent transactions, abandoned or uncompleted housing projects and unreliable intermediaries among the major concerns that have discouraged diaspora Nigerians from investing in Nigerian real estate.

Ata said the government-backed initiative would provide a more secure and transparent channel for homeownership.

“The NHF Diaspora Mortgage Loan represents the Federal Government’s commitment to restoring confidence through credible institutions, transparent processes, and secure financing,” he said.

The Chairman and Chief Executive Officer of the Nigerians in Diaspora Commission (NiDCOM), Abike Dabiri-Erewa, described the product as being built around the principles of investment, belonging and trust.

She urged Nigerians living abroad to take advantage of the structured financing channel to invest in real estate in Nigeria.