Nigeria targets citizens in diaspora with mortgage scheme to begin by July

The Nigerians in Diaspora Commission (NiDCOM) and the Federal Mortgage Bank of Nigeria (FMBN) have announced plans to launch the diaspora mortgage scheme by July which would allow Nigerians in the Diaspora to become homeowners in the country.

The scheme was initially planned to be launched in February 2024 but was delayed by the FMBN leadership transition.

The mortgage scheme was planned for Nigerians in the United Kingdom, United States of America and Canada.

Shehu Usman Osidi, the new Managing Director and Chief Executive of FMBN said the scheme will create credible investment opportunities for Nigerians abroad and at home, at a meeting with Abike Dabiri-Erewa, the NiDCOM chairperson in Abuja on Saturday.

He further stated that the platform will improve Nigeria’s overall GDP through job creation and contribute to the patronage of Made-in-Nigeria products and services. He presented an amended draft of the memorandum of agreement between both parties, revealing that a six-man team, consisting of three members from both FMBN and NiDCOM, will spearhead the conclusion of the project.

Osidi stated that more test-runs will need to be done for the next three months to ensure a seamless and user-friendly portal, and expressed confidence that the project will be launched before the second half of the year as initially promised. He added that the scheme provides a platform where Diaspora Nigerians can access funding facilities for housing projects and is a recognition of the Diaspora’s efforts to Nigeria’s sustainability.

The World Bank reported that diaspora remittances to Nigeria were about $22 billion in 2023, accounting for 38% of remittance flows to the region. Though Nigeria’s fiscal policy committee claimed that more than 90 percent of that did not get to Nigeria and were externalised.