The Federal Mortgage Bank of Nigeria (FMBN) has introduced a new mortgage financing scheme that will allow Nigerians living abroad to access up to N100 million to buy or build homes in Nigeria.
The initiative, known as the National Housing Fund (NHF) Diaspora Mortgage Loan, offers eligible Nigerians abroad mortgage loans at an interest rate of nine per cent per year, with a repayment period of up to 10 years.
The scheme was officially launched in London as part of efforts by the Federal Government to encourage Nigerians in the diaspora to invest more in the country’s housing sector.
One of the major features of the new mortgage programme is that applicants will not need to travel to Nigeria to complete the registration and application process. Eligible Nigerians can register for the NHF scheme online, complete their Know-Your-Customer requirements digitally, make their contributions remotely and begin the process of securing a mortgage.
The FMBN said the initiative was created to address some of the challenges Nigerians abroad face when trying to purchase property in Nigeria.
Many diaspora Nigerians have expressed interest in owning homes in the country but have encountered problems such as fraudulent property deals, unreliable agents, abandoned housing projects and difficulties accessing trusted mortgage financing.
The new scheme is expected to provide a more formal and regulated alternative for Nigerians abroad who want to invest in real estate at home.
Speaking at the launch, the Minister of Housing and Urban Development, Dr Muttaqha Rabe Darma, represented by the Minister of State for Housing and Urban Development, Yusuf Ata, said the initiative would strengthen the connection between Nigeria and its citizens living overseas.
He explained that the mortgage programme was designed to rebuild confidence among diaspora Nigerians by providing a transparent and institutional system for homeownership.
The FMBN Managing Director and Chief Executive Officer, Shehu Usman Osidi, described the initiative as an important step in expanding affordable housing opportunities beyond Nigeria’s borders.
According to him, the programme is more than a mortgage product because it is also intended to attract long-term investment into Nigeria’s housing industry.
Osidi said Nigerians abroad would now be able to participate in the NHF scheme without making repeated trips to Nigeria. The digital system is expected to make registration, documentation and contributions easier and more convenient.
He added that increased investment from Nigerians abroad could have wider benefits for the Nigerian economy. More housing investments could boost construction activities, support property developers, create jobs and increase the availability of mortgage financing.
The initiative could also help attract foreign exchange into Nigeria by encouraging diaspora Nigerians to channel part of their earnings into productive investments in the domestic economy.
The Chairman and Chief Executive Officer of the Nigerians in Diaspora Commission, Abike Dabiri-Erewa, also welcomed the scheme, describing it as an organised opportunity built around investment, trust and a sense of belonging.
She encouraged Nigerians living abroad to take advantage of the platform now that government agencies have created a formal structure for diaspora participation in Nigeria’s housing market.
The Central Bank of Nigeria also supported the development of the product, particularly its risk management framework, according to the Director of the Development Finance Institutions Department, Mairami Ali Baba.
The FMBN has assured potential applicants that the scheme will be managed with transparency, professionalism and accountability.
With the new mortgage window, Nigerians living abroad now have a regulated route to pursue homeownership in Nigeria while contributing to the growth of the country’s housing and construction sectors.
