FG Reveals Plans to Set Up a Mortgage Scheme For Nigerians in the US, UK, & Canada

FG’s Plan to Set Up Mortgage Scheme For Nigerians Living Abroad

The Nigerian government has announced its intention to create a mortgage scheme specifically for Nigerians residing in the United States, United Kingdom, and Canada. The Minister of Housing and Urban Development, Arch. Ahmed Dangiwa, shared this initiative, stating that the mortgage scheme is scheduled to be launched in February 2024.

The Objective of the Diaspora Mortgage Housing Scheme

During a meeting at the minister’s office in Abuja, Chairman of the Nigerians in Diaspora Commission, Hon. Abike Dabiri-Erewa, and other officials were present when Arch. Dangiwa outlined the objective of the Diaspora Mortgage Housing Scheme. He emphasized that the goal is to provide a decent shelter for Nigerians living abroad upon their return to Nigeria.

Implementation of the Diaspora City Project

As part of the Federal Housing Authority’s (FHA) tripartite mandate, the Diaspora City Project is a collaboration involving NIDCOM, FHA, and FCT. Minister Dangiwa revealed that the project is located at Maitama 2, Abuja, covering an extensive 675 hectares of land.

Promoting Economic Contributions to Nigeria

The Diaspora Mortgage Scheme and the upcoming Diaspora smart city in Kabusa, Maitama, FCT have generated excitement among Nigerians living abroad. With approximately 20 million Nigerians in the Diaspora contributing over $24 billion annually to the Nigerian economy, this initiative aims to provide housing solutions for Nigerians abroad and encourage economic contributions to their homeland.