The Federal Mortgage Bank of Nigeria (FMBN) has opened a new mortgage financing window that allows Nigerians living abroad to access up to N100 million in home loans at nine per cent interest.
The new National Housing Fund (NHF) Diaspora Mortgage Loan, officially launched in London over the weekend is designed to enable eligible Nigerians in the diaspora to register under the NHF scheme, complete their Know-Your-Customer (KYC) requirements digitally, make contributions remotely and secure mortgage financing without travelling to Nigeria.
The initiative, according to the FMBN, is aimed at tackling one of the biggest obstacles confronting Nigerians abroad who seek to own property at home-lack of a secure, credible and institutionalised mortgage channel.
Under the scheme, eligible contributors can access up to N100 million, subject to affordability and other applicable requirements, at an interest rate of 9 per cent per annum and a maximum repayment period of 10 years.
The launch, which was attended by senior government officials, mortgage finance operators and representatives of Nigerians in the United Kingdom, marks a significant expansion of FMBN’s mortgage financing mandate beyond Nigeria’s borders.
Speaking at the event, the Minister of Housing and Urban Development, Dr. Muttaqha Rabe Darma, represented by the Minister of State for Housing and Urban Development, Hon. Yusuf Ata, said the initiative would strengthen the relationship between Nigeria and its citizens abroad while creating a more secure platform for diaspora participation in the country’s housing sector.
The Minister noted that many Nigerians living abroad had long desired to own homes in Nigeria but were discouraged by fraudulent property transactions, abandoned projects, unreliable intermediaries and inadequate financing arrangements.
He said the Diaspora Mortgage Loan was introduced to restore confidence by placing diaspora homeownership within a credible institutional framework.
‘The NHF Diaspora Mortgage Loan represents the federal government’s commitment to restoring confidence through credible institutions, transparent processes, and secure financing,’ the Minister said.
He urged Nigerians abroad to seize the opportunity provided by the scheme, declaring: ‘Register. Contribute. Participate. Invest. Own your home.’
The managing director/chief executive of FMBN, Shehu Usman Osidi, described the launch as a major development in Nigeria’s housing finance landscape, stressing that the initiative was designed to extend affordable homeownership opportunities to Nigerians irrespective of their location.
Osidi said the product was not merely another mortgage facility but an expansion of FMBN’s efforts to deepen mortgage financing and mobilise long-term investment into the housing sector.
‘Today, we are not merely unveiling another mortgage product. We are opening a new chapter in Nigeria’s housing finance landscape, a chapter that extends the opportunity of affordable homeownership beyond our borders and strengthens the enduring bond between Nigeria and her citizens across the world,’ he said.
According to him, the Diaspora Mortgage Initiative will enable Nigerians abroad to participate in the NHF scheme remotely, eliminating the need for frequent trips to Nigeria to complete the mortgage process.
He explained that the digital process would allow eligible Nigerians abroad to register, complete their KYC documentation and make NHF contributions remotely before accessing mortgage financing.
Also speaking, the chairman/CEO of the Nigerians in Diaspora Commission (NiDCOM), Dr. Abike Dabiri-Erewa, described the initiative as a structured opportunity anchored on ‘investment, belonging and trust.
Dabiri-Erewa said the product would provide Nigerians abroad with a safer and more organised channel for investing in Nigeria’s real estate sector.
She urged the diaspora community to respond positively to the initiative, saying the government and its agencies had provided the institutional platform and it was now time for Nigerians abroad to participate.