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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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What the Minister said
- 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.
NIDCOM boss
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,”
This is not a bad idea.
I would be willing to opt in if the 6.9% interest rate is fixed, but if it is variable interest rate, I am out.
It is not us in diaspora that need the mortgages but the Nigerian hard working civil servants especially who are struggling to pay the hicked rent costs
That’s a good supportive and caring gesture if implemented truly.
Hmmm. Charity should begin at home. You have not housed the homeless at home you are going to diaspora.
They are trying to attract dollars back to Nigeria, not Naira.
How does one apply for this program?
You need to Japa first!
I commend this laudable initiative. There are quite a number of Nigerians in diaspora who are willing to invest in housing. Let the scheme be genuinely implemented. Nigerians are ready and willing to retire from there foreign base to Nigeria. I wholeheartedly support the program.
Nice move
Obviously nobody will waive title document of the land. So which land are talking about here
Please stop deceiving people. People should do their due diligence before any purchase whether in Nigeria or outside. That’s common sense
I’m interested
Nice idea, but Nigerian factor will finally happen to it. The supposed administrators and their cronies will loot and embezzle the funds. We are yet to have men of integrity and self respect in governance, till then, another ghost project
This is a welcome idea if it can be implemented well. I am interested.