The Federal Mortgage Bank of Nigeria (FMBN) says it has inaugurated its National Housing Fund (NHF) diaspora mortgage loan for Nigerians abroad to own homes and invest in the housing sector.
Joe Abuku, group head of corporate communications, made this known in a statement in Abuja on Saturday.
Mr Abuku noted that the FMBN product was unveiled in London by the Minister of Housing and Urban Development, Dr Muttaqha Darma.
Mr Darma, represented by the Minister of State for Housing and Urban Development, Yusuf Ata, said the initiative was a significant step towards strengthening the relationship between Nigeria and its citizens abroad.
He said the product would also create new opportunities for diaspora participation in Nigeria’s housing sector.
He said, “Many Nigerians abroad have long aspired to own homes in Nigeria but faced challenges such as fraudulent transactions, uncompleted projects, unreliable intermediaries and inadequate financing arrangements.
“The NHF Diaspora Mortgage Loan represents the federal government’s commitment to restoring confidence through credible institutions, transparent processes, and secure financing.
The minister urged Nigerians in the diaspora to take advantage of the new mortgage window, themed “Register. Contribute. Participate. Invest. Own your home.”
Also speaking, the Managing Director and Chief Executive of FMBN, Shehu Osidi, expressed appreciation to President Bola Tinubu for his leadership and commitment to expanding access to affordable housing and promoting inclusive economic growth.
“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.
He emphasised that the diaspora mortgage initiative was not a departure from FMBN’s core mandate but an expansion of its efforts to deepen mortgage financing and mobilise additional long-term investment into Nigeria’s housing sector.
He said that under the diaspora mortgage loan, eligible Nigerians living abroad could register under the NHF Scheme, complete their requirements digitally and make contributions remotely.
Mr Osidi added that they would access mortgage financing without travelling to Nigeria.
According to him, eligible contributors could access up to N100 million in mortgage financing, subject to affordability and applicable requirements.
This, he said, was at an interest rate of nine per cent per annum and a maximum repayment tenure of 10 years.
He said the initiative would not only facilitate homeownership but also stimulate residential construction, support developers, create jobs, deepen mortgage penetration and increase foreign exchange inflows into the Nigerian economy.
“This is therefore not simply a diaspora product. It is a national housing finance strategy under the Renewed Hope Housing Agenda of President Bola Tinubu.
“It is designed to leverage the enormous potential of Nigerians abroad for the benefit of the entire country,” he said.
He assured Nigerians abroad that the FMBN would administer the product with high standards of integrity, transparency, professionalism and accountability, while leveraging technology to provide efficient service delivery.
In her remarks, Abike Dabiri-Erewa, chairman, Nigerians in Diaspora Commission (NiDCOM), lauded FMBN’s initiative, describing the Diaspora Mortgage Product as one anchored on “investment, belonging and trust.”
Ms Dabiri-Erewa noted that the initiative provided a safe, structured channel for Nigerians in the diaspora to invest back home in real estate, urging the diaspora community to take advantage of the opportunity.
“FMBN has done its part. NiDCOM has done its own. Now, you do yours. We look forward to your investment back home; we look forward to working with you and continuous collaboration with you, our diasporans,” she said.
The Director, Development Finance Institutions Department, Central Bank of Nigeria (CBN), Mairami Baba, highlighted the collaboration between the CBN and FMBN in developing the Diaspora Mortgage Loan.
Mr Baba noted that the CBN worked with FMBN on the risk management framework for the product.
On his part, the Chairman of the Central Association of Nigerians in the UK (CANUK), Dr Iliyasu Maisanda, commended the federal government for the initiative and pledged the association’s support for its success.
(NAN)
