The Federal Government has launched the Diaspora Housing Mortgage Scheme.
The scheme is designed to enable Nigerians living overseas participate in the National Housing Fund (NHF) Scheme so they can access up to N50 million to own their homes in Nigeria.
Participants can access the loan via the NHF loan, Rent-to-Own or the Individual Construction loan window.
The Minister of Housing and Urban Development, Arc Ahmed Dangiwa said the terms are affordable and best market rates which includes a single-digit interest rate of 9 per cent, and a payback period of up to 10 years.
Dangiwa said this yesterday in Abuja, at the ongoing 6th Edition of the Nigeria Diaspora Investment Commission.
He also said under the Renewed Hope Agenda, the present administration is particular about boosting local manufacturing of building materials and Nigeria’s shortfall in the supply of quality housing stock presents a good opportunity for investors.
He said: “Under the Renewed Hope Agenda, we are also particular about boosting local manufacturing of building materials. Nigeria’s shortfall in the supply of quality housing stock presents a good opportunity for investors. To drive this, we aim to create an enabling environment for private sector players to produce building materials locally to lower cost, create jobs, grow the local economy, and ultimately ensure inclusive growth.
To do this we are planning to establish six manufacturing hubs – one in each of the six geo-political zones in the country.
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“The hubs will be provided with relevant facilities, including access roads, electricity, fit for purpose housing and relevant linkages for manufacturers to site their firms and operate. We are also proposing relevant incentives that will make it more profitable and rewarding for the private sector to manufacture building materials locally.
“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 per cent, and a payback period of up to 10 years.
“So, today, I want to say that I am excited to be the Minister of Housing and Urban Development to launch the Diaspora Mortgage Scheme, which I initiated as the MD/CE of the Federal Mortgage Bank of Nigeria on this auspicious occasion. Indeed, I consider it a positive twist of fate and I want to use this opportunity to urge Nigerians in the diaspora to seize the opportunity the Scheme affords them to actualize their dreams of owning affordable homes in Nigeria.
“I believe it is important to communicate and assure the Diaspora that Nigeria is open for business in the housing and urban development space. That His Excellency, President Bola Ahmed Tinubu, has a bold vision for the sector and is committed to backing it up with the necessary political will to break down all barriers that discourage investment in the sector.
“A notable part of our housing sector reforms that is of particular interest to the Diaspora interested in investing in the housing and real estate sector is land reforms. What we envision is a streamlined land administration that cuts through the bureaucratic bottlenecks and systemic inefficiencies to ensure cost effective and efficient access to land for both individuals and investors in our country.”