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 unlocking billions of dollars in remittances for home ownership and injecting fresh capital into the country’s housing market, Emmanuel Addeh writes.
The Federal Mortgage Bank of Nigeria (FMBN) recently opened a new chapter in Nigeria’s housing finance story with the successful launch of its Diaspora Mortgage Loan in London, United Kingdom.
The landmark event marked the formal introduction of a housing finance solution designed specifically to enable eligible Nigerians living abroad to access mortgage financing for residential properties in Nigeria. More importantly, it demonstrated the Bank’s determination to expand the reach of formal housing finance beyond conventional geographical and customer boundaries.
The launch, undertaken in collaboration with the Nigerians in Diaspora Commission (NiDCOM) and with the technical and regulatory assistance of the Central Bank of Nigeria (CBN), is now the latest move by FMBN to expand access to homeownership for Nigerians. The product was conceived to provide Nigerians in the diaspora with a safe, transparent and sustainable pathway to homeownership in Nigeria, while strengthening their economic and emotional connection with the country.
