From Isaac Anumihe, Abuja
Federal Government is dangling the sum of N50 million housing mortgage on the diaspora Nigerians to enable them own homes in Nigeria.
Minister of Housing and Urban Development, Architect Ahmed Musa Dangiwa who made the disclosure at the Nigeria Disapora Investment Summit (NDIS) in Abuja, said that the scheme named Diaspora Housing Mortgage 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.
According to him, 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, he said, includes a single-digit interest rate of 9 per cent, and a payback period of up to 10 years.
“As part of the initiative, the Federal Mortgage Bank of Nigeria (FMBN) will facilitate the construction of affordable housing units in major cities that meets the specifications of Nigerians in diaspora.
“I want to say that the FMBN is not the only agency under the Ministry of Housing and Urban Development that is delving into catering to the housing needs of the diaspora. 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. The project is situated in Maitama 2, with over 675 hectares of land. The FCT administration has committed to opening the road and providing the relevant infrastructure. The Diaspora City project is designed to have bungalows, semi-and detached duplexes and mansions to reflect its inclusive essence.
“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.
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 Managing Director and Chief Executive Officer (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 actualise their dreams of owning affordable homes in Nigeria” he appealed.
Dangiwa also revealed that the government would establish National Land Commission to draw guidelines for the archaic Land Use Act.
“Currently, we have a situation where the Land Use Act, which was enacted in 1978 has no complementary institution set up alongside it to provide the necessary framework, guidelines, and regulations for operationalizing it. Under the Renewed Hope Agenda of President Bola Ahmed Tinubu, we aim to fix this systemic anomaly. We are working to establish a National Land Commission. Part of its work will be to outline clear implementation guidelines for the Land Use Act to chart a new path of effective land administration in the country.
“Last week, I met with the leadership of the Presidential Technical Committee on Land Reforms, Professor Peter Adeniyi, where I committed to incorporating the comprehensive work, they have done over 14 years in our land reform strategy. As the renowned land reform scholar said, experience shows that a nation can never develop if it does not conduct land reform. This will be done under the Renewed Hope Action Plan for Housing” he said. ENDS