LONDON/ABUJA — In a landmark move designed to transform the real estate landscape and bridge the country’s housing deficit, the Federal Government of Nigeria, through the Federal Mortgage Bank of Nigeria (FMBN), has officially launched the highly anticipated National Housing Fund (NHF) Diaspora Mortgage Scheme.
The product was officially unveiled in London on Friday, August 7, 2026, marking a new dawn for Nigerians living overseas who wish to safely invest in the Nigerian property market.
The project, successfully driven by the Managing Director and Chief Executive of FMBN, Shehu Usman Osidi, alongside the Nigerians in Diaspora Commission (NiDCOM) chaired by Hon. Abike Dabiri-Erewa, provides a trusted, government-backed route to homeownership. It is designed to finally eliminate the severe risks, scams, and heartbreak many diaspora citizens face when trying to build or buy homes through relatives or unverified developers.
How Nigerians in the Diaspora Can Key Into It
Nigerians living abroad can now seamlessly finance and purchase homes in Nigeria without stress. Here is how the Diaspora Mortgage Scheme works and what beneficiaries stand to gain:
- Generous Loan Amounts: Eligible applicants can access up to ₦50 million to purchase, build, or renovate homes in Nigeria.
- Favorable Interest Rates: The mortgage is offered at a highly affordable, single-digit interest rate of 9% per annum.
- Convenient Repayment: Borrowers are granted a comfortable payback period (tenor) of up to 10 years.
- Application & Eligibility: To key in, diaspora citizens must register with the NHF and make monthly contributions in foreign currency (such as USD) for a continuous period of 12 to 24 months before they are eligible to borrow.
- Flexible Windows: Beneficiaries can access the funds through the standard NHF loan, the Rent-to-Own window, or the Individual Construction loan window.
The process is fully digitized, meaning applicants can apply online, pick a housing product, and track their progress from anywhere in the world.
Can Nigerians at Home Also Benefit?
While this newly launched Diaspora Mortgage Scheme is strictly tailored to capture the foreign earnings of Nigerians living abroad, Nigerians at home are absolutely not left out. In fact, citizens residing within Nigeria already enjoy an even more subsidized version of the National Housing Fund (NHF).
For home-based Nigerians contributing to the NHF:
- Lower Interest Rate: Local contributors enjoy an incredibly low interest rate of just 6% per annum on their mortgages.
- Extended Repayment Period: They are granted a much longer repayment tenor of up to 30 years.
- Rent-to-Own Opportunities: Home-based Nigerians can also access FMBN’s Rent-to-Own arrangement. This allows citizens to move into an FMBN-funded property by filling out an application and paying a minimal acceptance fee (as low as ₦50,000 to ₦60,000 to the developer), after which they pay off the home in monthly or yearly installments just like regular rent.
A Boost for the Nigerian Economy
Beyond housing, the scheme serves a massive macroeconomic purpose. The World Bank previously estimated diaspora remittances to Nigeria at about $22 billion. By directing a fraction of these funds into the real estate sector, the Federal Government hopes to attract immense foreign capital, which will in turn stabilize the economy.
Furthermore, the surge in housing developments is expected to create thousands of jobs and increase the patronage of “Made-in-Nigeria” building materials and services, thereby improving the nation’s overall GDP.
For more breaking news, in-depth analysis, and updates on how to apply for these housing schemes, stay logged on to ABT NEWS at www.abtnews.net.
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