FG’s Diaspora Mortgage Loan Signals New Era in Nigeria’s Housing Market
Nigeria’s housing sector may be on the cusp of a major transformation as the federal government’s Diaspora Mortgage Loan scheme opens a new financing channel for Nigerians living abroad, potentially
The Federal Mortgage Bank of Nigeria (FMBN) has launched a new Diaspora Mortgage Loan scheme in London, marking a potential shift in Nigeria's housing market. This initiative aims to tap into billions of dollars in remittances from Nigerians living abroad and inject capital into the country's housing market. The FMBN, in collaboration with the Nigerians in Diaspora Commission (NiDCOM) and the Central Bank of Nigeria (CBN), introduced the loan product to enable eligible Nigerians living abroad to access mortgage financing for properties in Nigeria.
The loan offers financing up to N100 million, with an interest rate of 9 percent per annum and a repayment period of up to 10 years. The digital platform allows Nigerians in the diaspora to register and make contributions remotely, making the process simpler and more accessible. This loan opens a new channel for diaspora investment, stimulating demand for professionally developed housing and creating opportunities for developers, Primary Mortgage Banks, and financial institutions.
The launch highlights FMBN's broader transformation towards improving efficiency, expanding housing finance, enhancing customer experience, and embracing digital technology.
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