Housing Ministry Assures Diaspora Union of Participation in Nigeria's Housing Market Ecosystem
..... commends Union’s interest in investing in housing development in the country
Minister of Housing and Urban Development, Arc Ahmed Musa Dangiwa has assured African Descendants in Diaspora Union (AFRIDU) of an enabling environment for diaspora participation in Nigeria’s housing market ecosystem by having in place the right frameworks for secured homeownership for Nigerians in Diaspora.
Dangiwa also expressed the commitment of the Ministry to work with the Union in order to achieve a shared vision of a prosperous and united Africa that would in turn create a better future for all citizens, both at home and abroad.
The Minister stated this when a delegation from AFRIDU led by the Union’s Diplomatic Administrator for Nigeria, Dr. Abraham Onwubuya, paid him a courtesy visit to his office in Abuja.
African Descendants in Diaspora Union (AFRIDU), is a platform created to foster unity, solidarity, and empowerment among the African descent in the Diaspora.
Dangiwa also acknowledged the importance of the diaspora to the government, adding that the over 20million Nigerians in Diaspora remitting an average of over $24bn per annum is a massive capacity, crucial to catalyzing development in all sectors of the Nation’s economy.
On the participation in housing market, he said “We are doing this in collaboration with the Nigerians in Diaspora Commission (NIDCOM) and the two federal housing agencies that are under the supervision of our Ministry which includes the Federal Mortgage Bank of Nigeria (FMBN) and the Federal Housing Authority (FHA)”
He also recalled the launch of the Diaspora Mortgage Loan at the 6th Edition of the Nigeria Diaspora Investment Summit in Sept 2023, a loan designed to enable Nigerians living overseas participate in the National Housing Fund (NHF) Scheme in order to access up to N50 million to own their homes in Nigeria.
Accordingly he explained that Participants could access the loan via a National Housing Fund (NHF) loan, Rent-to-Own or the Individual Construction loan window, with affordable terms at best market rates which includes a single-digit interest rate of 9%, and a payback period of up to 10 years.
While stating that the Federal Mortgage Bank of Nigeria (FMBN) as part of the initiative would facilitate the construction of affordable housing units in major cities that meets the specifications of Nigerians in Diaspora, Arc. Dangiwa notified the Union that the Federal Housing Authority (FHA) is also involved as part of the Ministry’s sector wide effort to cater to the Diaspora.
In his words, “They have undertaken to develop the Diaspora City Project under a Public Private Partnership comprising the FHA, The Nigerians in Diaspora Commission (NIDCOM) the Federal Capital Territory (FCT) and the private sector”.
He disclosed that The Diaspora City project is situated at Maitama 2 FCT, with over 675 hectares of land, designed to have bungalows, semi-and detached duplexes, and mansions to reflect its inclusive essence; “The FCT administration has committed to opening the road and providing the relevant infrastructure”, he further disclosed.
According to the Minister, Our overall goal is to ensure that as our brothers and sisters’ sojourn abroad, they also have a decent shelter over here in Nigeria to call their home”
The Minister expressed excitement about the upcoming International Global Investment Summit to be held in Abuja in October, noting that the event presents a unique opportunity to showcase the potential of the Country and attract foreign direct investment in various sectors, including housing and urban development.
On their part, the leader of the AFRIDU delegation Dr. Abraham Onwubuya on behalf of members of the Union appealed for a chance to partner with the Ministry in terms of investment in real estate, and also
requested the Ministry’s assistance in providing them with lands to develop smart homes and cities across the country, for the Africans descendants in diaspora.
According to him, “this will be beneficial to Nigeria as a Nation”.
Dr. Onwubuya further utilized the opportunity to invite the Honourable Minister for the International gathering of the African descendants in diaspora slated to hold between the 3rd - 7th of October 2024, and particularly the Global Economic Investment Summit on the 5th of October, 2024.
