The Federal Mortgage Bank of Nigeria (FMBN) has launched the National Housing Fund (NHF) Diaspora Mortgage Loan, a new initiative designed to enable Nigerians living abroad to own homes and invest in Nigeria’s housing sector with confidence and ease. The product was officially unveiled in London by Dr. Muttaqha Darma, Minister of Housing and Urban Development, who was represented by Yusuf Ata, Minister of State for Housing and Urban Development. This launch marks a major step in expanding access to affordable homeownership for Nigerians in the diaspora while strengthening economic ties between Nigeria and its citizens overseas.
Joe Abuku, Group Head of Corporate Communications at FMBN, confirmed the launch in a statement issued from Abuja on Saturday. He highlighted that the diaspora mortgage loan is part of President Bola Tinubu’s Renewed Hope Housing Agenda, aimed at boosting inclusive economic growth and deepening mortgage penetration across the country. The initiative addresses long-standing challenges faced by Nigerians abroad, including fraudulent transactions, uncompleted projects, unreliable intermediaries, and lack of credible financing options.
Under the NHF Diaspora Mortgage Loan, eligible Nigerians can register for the scheme, make contributions remotely, and access mortgage financing without needing to travel to Nigeria. The loan offers up to N100 million at an interest rate of nine per cent per annum, with a maximum repayment period of 10 years. These terms are subject to affordability assessments and standard eligibility criteria set by FMBN. The process leverages digital platforms to ensure seamless registration, contribution, and loan disbursement.
Shehu Osidi, Managing Director and CEO of FMBN, emphasized that this is not just another mortgage product but a transformative chapter in Nigeria’s housing finance landscape. He described it as an expansion of FMBN’s core mandate to deepen mortgage financing and mobilize long-term investment into the housing sector. The initiative is expected to stimulate residential construction, support developers, create jobs, and increase foreign exchange inflows into the Nigerian economy.
Abike Dabiri-Erewa, Chairman of the Nigerians in Diaspora Commission (NiDCOM), praised the program as being anchored on “investment, belonging, and trust.” She urged the diaspora community to seize the opportunity to invest safely and meaningfully in Nigeria’s real estate market. “FMBN has done its part. NiDCOM has done its own. Now, you do yours,” she said, calling for active participation and continued collaboration.
The Central Bank of Nigeria (CBN) also played a key role in developing the risk management framework for the product, with Mairami Baba, Director of the Development Finance Institutions Department, noting the strong partnership between CBN and FMBN. Dr. Iliyasu Maisanda, Chairman of the Central Association of Nigerians in the UK (CANUK), commended the federal government and pledged his organization’s full support for the initiative’s success.
This new mortgage window, themed “Register. Contribute. Participate. Invest. Own your home,” is expected to attract significant interest from Nigerians abroad and contribute to sustainable housing development in Nigeria.
Leave a Comment