NiDCOM and FHA Partner to Offer Diaspora Mortgage Scheme

The Nigerian Ministry of Housing and Urban Development has pledged its support for initiatives by Nigerians in the diaspora to invest in the country’s housing and urban development sector. This commitment was made during a courtesy visit from the Chairperson of the Nigerians in Diaspora Commission (NiDCOM), Mrs. Abike Dabiri-Erewa, to the office of Minister of Housing and Urban Development, Architect Ahmed Musa Dangiwa.

Minister Dangiwa acknowledged the valuable contributions of the Nigerian diaspora, noting their remittances exceeding $24 billion annually. He emphasized the ministry’s support for NiDCOM’s efforts to help Nigerians abroad own homes in their homeland.

One key initiative is the Diaspora City Project, a public-private partnership between the FHA, NiDCOM, the Federal Capital Territory (FCT), and the private sector. This project, located in Maitama 2 with over 675 hectares of land, aims to provide Nigerians in the diaspora with a “decent shelter” in Nigeria while they are abroad.

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The Minister also announced the Federal Housing Authority’s commitment to selling houses built under the National Housing Scheme across the nation to Nigerians in the diaspora. This initiative will offer direct property ownership opportunities for Nigerians residing abroad.

NiDCOM Chairperson, Mrs. Dabiri-Erewa, commended the Ministry for its support and highlighted the success of the 6th Nigerian Diaspora Investment Summit, where the Diaspora Mortgage Scheme was launched. This scheme offers mortgages of up to N50 million to Nigerians in the diaspora, making homeownership in Nigeria more accessible.

This collaboration between the Ministry and NiDCOM signals a positive shift towards encouraging diaspora investment in the Nigerian housing sector. This investment has the potential to not only address the housing needs of Nigerians in the diaspora but also contribute to the country’s economic development.

Source: VON

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