From Isaac Anumihe, Abuja
The Federal Government has disclosed that the over 20 million Nigerians in diaspora remit over $24 billion per annum.
Speaking when a delegation from African Descendants in Diaspora Union (AFRIDU) led by the union’s diplomatic administrator for Nigeria, Dr. Abraham Onwubuya, paid him a courtesy visit in Abuja, Minister of Housing and Urban Development, Architect Ahmed Musa Dangiwa stated that the amount is massive and crucial to catalysing development in all sectors of the nation’s economy.
Recall that African Descendants in Diaspora Union (AFRIDU), is a platform created to foster unity, solidarity, and empowerment among the African descents in the diaspora.
On the participation in housing market, he said that the programme is done in collaboration with Nigerians in diaspora.
“We are doing this in collaboration with Nigerians in Diaspora Commission (NIDCOM) and the two federal housing agencies that are under the supervision of our ministry which includes the Federal Mortgage Bank of Nigeria (FMBN) and the Federal Housing Authority (FHA)” he said.
He also recalled the launch of the Diaspora Mortgage Loan at the 6th Edition of the Nigeria Diaspora Investment Summit in September 2023, a loan designed to enable Nigerians living overseas participate in the National Housing Fund (NHF) Scheme in order to access up to N50 million to own their homes in Nigeria.
Accordingly, he explained that participants could access the loan via a National Housing Fund (NHF) loan, Rent-to-Own or the individual construction loan window, with affordable terms at best market rates which includes a single-digit interest rate of 9 per cent and a payback period of up to 10 years.
While stating that the Federal Mortgage Bank of Nigeria (FMBN) as part of the initiative would facilitate the construction of affordable housing units in major cities that meets the specifications of Nigerians in Diaspora, Dangiwa notified the union that the Federal Housing Authority (FHA) is also involved as part of the ministry’s sector wide effort to cater to the diaspora.
“They have undertaken to develop the Diaspora City Project under a Public Private Partnership (PPP) comprising the FHA, The Nigerians in Diaspora Commission (NIDCOM)’ the Federal Capital Territory (FCT) and the private sector” he said
The minister disclosed that the Diaspora City Project is situated at Maitama 2 Federal Capital Territory (FCT), with over 675 hectares of land, designed to have bungalows, semi-and detached duplexes, and mansions to reflect its inclusive essence;
“The FCT administration has committed to opening the road and providing the relevant infrastructure.
“Our overall goal is to ensure that as our brothers and sisters sojourn abroad, they also have a decent shelter over here in Nigeria to call their home” he further disclosed.
The minister expressed excitement about the upcoming International Global Investment Summit to be held in Abuja in October, noting that the event presents a unique opportunity to showcase the potential of the country and attract foreign direct investment in various sectors, including housing and urban development.
In his remarks, the leader of AFRIDU delegation, Onwubuya appealed for a chance to partner with the ministry in terms of investment in real estate, and also
requested the ministry’s assistance in providing them with lands to develop smart homes and cities across the country, for the African descendants in diaspora.
“This will be beneficial to Nigeria as a nation”he noted.
In a statement, Onwubuya further used the opportunity to invite the minister for the international gathering of the African descendants in diaspora slated between October 3 and 7, 2024, and particularly the Global Economic Investment Summit on October 5, 2024.