L-R: Muhammad Abdu, Executive Director, Loans and Mortgage Services; Shehu Osidi, MD/CEO, Federal Mortgage Bank of Nigeria (FMBN); Nigerian Ambassador to the United Kingdom; Abdullahi Ata, Minister of State for Housing and Urban Development; Shuaib Belgore, Perm Sec, Min of Housing and Urban Development, and Abike Dabiri-Eruwa, Chairperson, Nigerians in Diaspora Commission (NiDCOM)
For millions of Nigerians living outside the country, owning a home in Nigeria is a personal and financial aspiration, but buying or building property from abroad can be challenging due to distance, documentation, property verification, financing constraints and concerns about transparency. In response to those challenges, a Diaspora Mortgage Loan has been designed and launched, providing finance up to ₦100 million at an interest rate of 9 percent per annum and a maximum repayment tenor of 10 years. This can increase activity across the construction value chain and create opportunities for developers, primary mortgage banks, financial institutions and housing sector professionals, CHUKA UROKO reports
Over the years, Nigeria has had a housing finance story that is anything but interesting, which explains why the country is burdened with low homeownership levels at 25 percent and a growing housing deficit estimated at 28 million units.
