NIDCOM launches mortgage scheme for Nigerians in diaspora

The federal government through the Nigerians in Diaspora Commission (NIDCOM) has launched the Diaspora Housing Scheme that provides a platform for Nigerians outside the country to access up to N50 million in mortgage spread over a ten-year tenure with an interest rate of 6.9%.

This scheme is formulated to facilitate the active involvement of Nigerians living abroad in the National Housing Fund (NHF) Scheme, granting them the opportunity to access substantial funds, up to N50 million, for the purpose of acquiring homes in Nigeria.

The official launch of this initiative occurred during the ongoing 6th edition of the Nigeria Diaspora Investment Summit (NDIS) in Abuja.

During the launch, the Minister of Housing and Urban Development, Arch Musa Dangiwa said the diaspora community should not only be seen as a source of development finance but as people who desire to own homes in their country.

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He stated, “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”

Mr. Dangiwa encouraged the diaspora community to fully capitalize on this opportunity, emphasizing the substantial advantages available in both the short and long term.

He highlighted that the mortgage scheme would soon be officially introduced in the United Kingdom, Canada, and the United States.

Also speaking during the event was the Chairman of the Nigerians in Diaspora Commission (NIDCOM), Ms. Abike Dabiri Erewa, who encouraged those at the event to take advantage of the opportunity.

She said, “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,”