FG Reveals Plans to Set Up a Mortgage Scheme For Nigerians in the US, UK, & Canada
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 2025.
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.
FAQs
What is the new mortgage scheme announced by the Federal Government for Nigerians abroad?
The Federal Government has revealed plans to establish a mortgage scheme specifically targeting Nigerians living in the United States, United Kingdom, and Canada. The scheme aims to provide affordable home financing options to Nigerians in the diaspora, making it easier for them to purchase property in Nigeria.
Who is eligible to participate in this mortgage scheme?
Nigerians who are permanent residents or citizens living in the US, UK, or Canada are eligible to apply. Applicants must meet certain financial and credit requirements set by the scheme, including proof of income, a good credit history, and the ability to make regular mortgage payments.
How will the mortgage scheme work for Nigerians living abroad?
The scheme will offer flexible mortgage plans with competitive interest rates. Eligible applicants can apply online, submit required documentation, and receive approval based on their financial capacity. The government may also collaborate with Nigerian banks and financial institutions to facilitate the mortgage disbursement and repayment process.
When is the mortgage scheme expected to become available?
The Federal Government has indicated that the scheme is still in the planning and development stage. Specific timelines for the official launch will be communicated through government channels, and interested Nigerians abroad are encouraged to monitor announcements for application details and requirements.
