Nigeria launches mortgage scheme in London for diaspora homeownership

Nigerians living abroad can now more easily purchase homes in their home country through a new mortgage scheme launched by the Federal Mortgage Bank of Nigeria (FMBN). Unveiled in London, the National Housing Fund (NHF) Diaspora Mortgage Loan aims to simplify property ownership for the Nigerian diaspora. The scheme was presented at an event attended by Nigerian government officials, mortgage bankers, and members of the Nigerian community in the United Kingdom. The Minister of State for Housing and Urban Development, Hon. Yusuf Ata, highlighted that the initiative addresses common challenges faced by Nigerians abroad, such as fraud and abandoned projects. "This loan is the government's way of giving them a safe and direct route. No middlemen. No stories," he stated, encouraging eligible contributors to register, contribute, and invest. FMBN Managing Director, Shehu Usman Osidi, assured applicants that the entire process, from registration under NHF to loan application, can be completed online without the need to travel to Nigeria. Eligible NHF contributors can borrow up to N100 million with an annual interest rate of 9%, with repayment periods extending up to 10 years, contingent on their repayment capacity. Osidi emphasized that this facility is part of President Bola Tinubu's Renewed Hope Housing Agenda, intended to extend homeownership beyond Nigeria's borders, stimulate developers, create jobs, and attract foreign exchange into the housing sector. He pledged transparent administration and the use of technology for improved service delivery. The Chairman of the Nigerians in Diaspora Commission (NiDCOM), Hon. Abike Dabiri-Erewa, welcomed the initiative, framing it as a matter of "investment, belonging and trust." She urged the diaspora community to seize the opportunity. Officials from the Central Bank of Nigeria and the Mortgage Banking Association of Nigeria were also present, underscoring the collaborative effort to build risk controls and ensure the scheme's viability.

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A lot of Nigerians abroad want to own homes in Nigeria. But they run into fraud, abandoned projects and people they cannot trust.