Launch of the FMBN Diaspora Mortgage Loan at the 6th Nigeria Diaspora Investment Summit

In a significant development for Nigerians living abroad, the Federal Mortgage Bank of Nigeria (FMBN) has introduced the Diaspora Mortgage Loan. This initiative was unveiled at the 6th Edition of the Nigeria Diaspora Investment Summit held in Abuja, marking a milestone in the country’s housing finance sector.

The Diaspora Mortgage Loan is a strategic program aimed at enabling Nigerians residing overseas to be a part of the National Housing Fund (NHF) Scheme. This scheme offers them an opportunity to access up to N50 million for home ownership in Nigeria. The loan can be availed through various channels, including the NHF loan, Rent-to-Own, or the Individual Construction loan window, providing flexibility and ease for participants.

One of the key highlights of this loan is its affordability. The terms are designed to be accessible, featuring the best market rates. This includes a competitive single-digit interest rate of 9% and a repayment period extending up to 10 years, making it an attractive option for the diaspora community.

The FMBN’s initiative is part of a broader effort by the Ministry of Housing and Urban Development to address the housing needs of Nigerians abroad. In collaboration with the Federal Housing Authority (FHA), the Nigerians in Diaspora Commission (NIDCOM), and the Federal Capital Territory (FCT), along with the private sector, the Ministry is also developing the Diaspora City Project. This project, located in Maitama 2 and covering over 675 hectares, is a testament to the government’s commitment to providing inclusive housing solutions. The FCT administration has pledged to support this initiative by developing roads and other necessary infrastructure.

The Diaspora City project is set to feature a range of housing options, including bungalows, semi-detached and detached duplexes, and mansions, catering to diverse preferences and needs.

This initiative aligns with the #RenewedHope Agenda of President Bola Ahmed Tinubu, emphasizing the government’s commitment to ensuring that Nigerians abroad have the opportunity to own a comfortable and decent home in their homeland. It represents a significant step towards strengthening the bond between Nigeria and its diaspora community, ensuring they have a tangible connection to their country of origin.