By Shannon Gwamna

The Federal government has launched diaspora housing mortgage scheme.

Minister of federal Housing and Urban Development(FMHUD), Ahmed Dangiwa made the disclosure yesterday at the 6th Edition of the Nigeria Diaspora Investment Summit.
The summit was tagged; “New Vistas, Aspirations, New Vision: The Diaspora and National Development”.
Dangiwa explained that, the Diaspora Housing Mortgage Scheme is designed to enable Nigerians living overseas participate in the National Housing Fund (NHF) Scheme so they can access up to N50million to own their homes in Nigeria.
“Participants can access the loan via a National Housing Fund (NHF) loan, Rent-to-Own or the Individual Construction loan window. The terms are affordable and best market rates. This includes a single-digit interest rate of 9%, and a payback period of up to 10 years”.

He emphasized that as part of the initiative, the Federal Mortgage Bank of Nigeria will facilitate the construction of affordable housing units in major cities that meets the specifications of Nigerians in Diaspora.
“I want to say that the FMBN is not the only agency under the Ministry of Housing and Urban Development that is delving into catering to the housing needs of the Diaspora.
“The Federal Housing Authority (FHA)is also involved as part of the Ministry’s sector wide effort to cater to the Diaspora. They have undertaken to develop the Diaspora City Project under a Public Private Partnership comprising the FHA, The Nigerians in Diaspora Commission (NIDCOM) the Federal Capital Territory (FCT) and the private sector.”
According to the minister, the project is situated in Maitama 2, with over 675 hectares of land”. he said.
He said “The FCT administration has committed to opening the road and providing the relevant infrastructure. The Diaspora City project is designed to have bungalows, semi-and detached duplexes, and mansions to reflect its inclusive essence.
“Our overall goal is to ensure that as our brothers and sisters’ sojourn abroad, also have a decent shelter over here in Nigeria to call their home.
“I am aware that the Mortgage scheme is set to be formally launched in the United Kingdom, Canada, and the United States soon, and it is my hope that the diaspora community would take full advantage of this opportunity and massively subscribe to reap its short and long-term benefits”.

He also assured Diasporas that Nigeria is open for business in the housing and urban development space.
He noted that the Federal Ministry of Housing and Urban Development is committed to sustaining the necessary collaborations, partnerships, and engagements with all relevant stakeholders in the housing and urban development sector.
“We are all working together towards ensuring the success of the Diaspora Housing Mortgage scheme, providing affordable housing, and ensuring sustainable urban development for Nigerians”, the minister said.

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