The Managing Director of Federal Mortgage Bank of Nigeria (FMBN) Mr. Hamman Madu, has commended Nigerians in diaspora over foreign currencies remittances to the country, saying the monies have continued to help in boosting the nation’s economy over the years.
The mortgage banker gave the commendation at the opening session of the 3-Day 5th Nigeria Diaspora Investment Summit with the theme ‘Optimizing Investment Opportunities for National Development’ on Tuesday in Abuja.
Currently, available remittances data indicate that about 20 million Nigerians in the diaspora remitted over $20 billion to the country in the last one year.
To reciprocate their contributions to the nation’s economy, Madu hinted that government had decided to launch a special mortgage loan scheme for them before the end of this year to provide opportunities for them to own properties in the country.
According to him, the diaspora mortgage loan scheme which is an initiative of the bank, will help to bridge the housing deficit back in the country.
Madu expatiated: “The Federal Mortgage Bank of Nigeria has recognized that Nigerians in the diaspora have contributed significantly to their host communities and Nigerian economies.
“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 the mandate of Federal Mortgage Bank of Nigeria, that we developed a national housing fund product for Nigerians in the diaspora.
“This product will afford Nigerians in diaspora the opportunity to register with the National Housing fund Scheme, make monthly contributions and ultimately be able to access mortgage loans at reasonable rates in order to own their own houses back home without having to physically come to Nigeria before they can participate.
“The product is the Diaspora National Housing Mortgage fund. The long window offers the Nigerians in the diaspora mortgage loans to build or to develop houses or to buy and develop houses in Nigeria,’’ he added
Earlier in her remarks, the Coordinator/Chairman, Board of Trustees of Nigeria Diaspora Investment Summit, Dr. Badewa Adejugbe-Williams, explained that the event was flagged off in 2018 with the aim of exposing the diaspora to investment opportunities in Nigeria, thus attracting investment into the country.
She said: “I don’t have to speak to the choir, I don’t have to tell you the enormous attributions that diaspora Nigerians have brought into the nation by their remittances like taking care of the social and economic needs of their family members.
“To achieve this, a lot of things was channeled into structuring the NDIS as a platform where diaspora private business owners, notable sponsors and partners as well as government agencies to interact to explore investment opportunities and make business deals for the economic growth of our motherland”, Adejugbe-Williams added.
