In a bid to help Nigerians in diaspora, the Federal Government has reached an agreement to start a Diaspora Mortgage Loan Scheme.
According to Hamman Madu, the managing director of the Federal Mortgage Bank, the program would be introduced before the year is over.
He contends that it will provide Nigerians who are overseas the chance to own property without having to physically return.
‘Optimizing investment potential for national development’ is the focus of the current three-day fifth Nigeria Diaspora Investment Summit where Madu gave a speech.
He said, “The Federal Mortgage Bank of Nigeria has recognised that Nigerians in the diaspora contribute significantly to their host communities and Nigeria economies.
“Money remitted back home has helped to stabilise our country. According to the Federal Government statistics, there are over 20 million Nigerians in the diaspora and the last one year, money remitted back home is in excess of $20bn.
“You invest in your family, friends and the country leading to a huge economic transformation. It is in view of the foregoing and in order to broaden its own mandate of Federal Mortgage Bank of Nigeria, that we developed a national housing fund product for Nigerians in the Diaspora.”