LR: Mr. Lukman Mustapha, ED Loans & Mortgeages, FMBN, Sen. Gbenga Ashafa, MD/CEO, FHA, Arc. Ahmed Musa Dangiwa, Hon. Minister of Housing & Urban Development, Hon. Abike Dabiri, Chairman, Nigeria Diaspora Commission.
By FRCN
The federal government has launched the Diaspora Mortgage Scheme to enable Nigerians abroad to participate in the National Housing Fund Scheme to own a house in Nigeria.
At the launch of the programme during the 6th edition of the Nigeria Diaspora Investment Summit in Abuja, the Minister of Housing and Urban Development, Mr Ahmed Dangiwa said part of the scheme includes a single-digit interest rate of nine percent and a payback period of up to 10 years.
Mr Dangiwa appreciated the Nigerians in the Diaspora Commission for their support in the establishment of the scheme.
The minister, who spoke on the theme of the event, “New Vistas, Aspirations, and New Vision: The Diaspora and National Development” said Nigeria’s shortfall in the supply of quality housing stock presents a good opportunity for investors.
Mr Dangiwa maintained that the adoption of the Model Mortgage Foreclosure Law, which has been enacted by only four states in the country, provides contemporary provisions on the creation, registration, and enforcement of mortgages, along with remedies like foreclosure and the enforcement of mortgages on real properties and related purposes in Nigeria.
He noted that the ministry, in collaboration with the Nigerians in Diaspora Commission and the Federal Capital Territory Administration, was poised towards the establishment of the Diaspora City Project in Abuja with over six hundred hectares of land.
Mr Dangiwa further said the ministry was planning to set up manufacturing hubs in each of the nation’s six geopolitical zones through public-private partnerships as part of measures to create an enabling environment for investors to lower costs, create jobs, and grow the local economy.
The minister added that the ministry would also establish a National Land Commission to implement guidelines for the Land Use Act to chart a new path for effective land administration in the country.