Nigeria: 20m Nigerians in Diaspora Remit $24bn Yearly - Federal Govt

15 November 2023
Leadership (Abuja)
By James Kwen

The federal government yesterday acknowledged that over 20 million Nigerians in the Diaspora remit an average of more than $24 billion per annum.

It also said it was willing to support the initiatives of Nigerians in Diaspora in the housing and urban development space as well as encourage partnerships with them towards making a change in the sector.

The Minister of Housing of Urban Development, Arc. Ahmed Musa Dangiwa stated these at the 6th Nigeria Diaspora Investment Summit, convened by the Nigeria Diaspora Summit Initiative (NDSI) in collaboration with the Nigerians in Diaspora Commission (NiDCOM in Abuja yesterday.

Dangiwa said the Federal Government has in place the Diaspora Housing Mortgage Loan in collaboration with NiDCOM to enable Nigerians living overseas participate in the National Housing Fund (NHF) Scheme so they can access up to N50 million to own their homes in Nigeria.

He said participants can access the loan via a National Housing Fund (NHF) loan, Rent-to-Own or the Individual Construction loan window with affordable and best market rates, including a single-digit interest rate of 9%, and a payback period of up to 10 years.

The Minister also said, the Federal Housing Authority (FHA) has undertaken to develop the Diaspora City Project under a Public Private Partnership, comprising NiDCOM the Federal Capital Territory (FCT) and the private sector.

"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," he stated.

In her remarks, the chairman/CEO of NIDCOM, Hon. Abike Dabiri-Erewa said in the quest of the federal government to go far in repositioning the economy, there is a need to partner with the Diaspora in achieving these goals.

Dabiri-Erewa disclosed that President Bola Tinubu who just returned from attending the Saudi-Africa Summit, made efforts to underscore Nigeria's commitment to attracting more Diaspora Direct Investment, and expanding business partnerships.

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