The dream of homeownership in Nigeria just got easier for Nigerians living abroad as the Federal Housing Authority (FHA) and the Nigerians in Diaspora Commission (NiDCOM) have announced a new collaboration to streamline the mortgage application process for diaspora Nigerians.
The Managing Director of the Federal Housing Authority, Oyetunde Ojo, on Friday, revealed that 22 states have already been supervised to initiate the Diaspora City Project while acknowledging the support from state governors.
Ojo stated this when the Chairman of the NiDCOM, Abike Dabiri-Erewa, led her team to the FHA Headquarters in Abuja.
He stated that the project aims to offer top-notch facilities and that extending the project to all states reflects the preferences of many Nigerians abroad who wish to invest in their home states.
Ojo also mentioned that the FHA’s mortgage bank would provide services to help diaspora Nigerians acquire quality and affordable homes.
“The MD added that about 22 states have been supervised within one month to kickstart the Project. Also, he appreciated the state governors for their cooperation and solidarity,” as contained in a statement signed by Gabriel Odu of the Public Relations Unit, NiDCOM on Friday.
Dabiri-Erewa emphasised the project’s alignment with President Bola Tinubu’s Renewed Hope Agenda, which seeks to provide superb and affordable housing for all Nigerians.
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She said, “This project will enable Diaspora Nigerians to own quality houses in the country; a vision that is aligned with the Renewed Hope Agenda of President Bola Tinubu for superb and affordable housing for everyone”.
This initiative aims to address a significant barrier for Nigerians overseas who wish to invest in property back home. Previously, the mortgage application process for this demographic could be complex and time-consuming.
Key Aspects of the Partnership:
• Data Sharing and Verification: NiDCOM will collaborate with strategic government agencies to gather and verify data on Nigerians living abroad. This will expedite the verification process for mortgage applications.
• Focus on State Preferences: The FHA will prioritize projects aligned with the preferences of diaspora Nigerians. This includes ensuring access to top-notch facilities and catering to the desire for ownership in their home states.
• Seamless Application Process: The partnership aims to create a more user-friendly and efficient application process for diaspora Nigerians.
Potential Impact:
The FHA-NiDCOM collaboration has the potential to unlock significant investment in Nigeria’s housing sector. Diaspora remittances are a vital source of foreign currency for the country, and this initiative could incentivize Nigerians abroad to invest in real estate.
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