Diasporans Remits $20 Billion to Nigeria

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The Federal Government has agreed to launch a Diaspora Mortgage Loan Scheme for Nigerians living in other countries. The scheme, according to the Managing Director of the Federal Mortgage Bank, will be launched before the end of 2022.

This will allow Nigerians living abroad to own property in Nigeria without physically returning home. “The Federal Mortgage Bank of Nigeria has recognized that Nigerians in the diaspora contribute significantly to their host communities and the economy of Nigeria,” he said.

“Money sent home has helped to stabilize our country.” According to Federal Government statistics, there are over 20 million Nigerians in the diaspora. And money remitted back home has exceeded $20 billion in the last year.

“You invest in your family, friends, and country, resulting in a massive economic transformation.” In light of the foregoing, and in order to broaden the Federal Mortgage Bank of Nigeria’s mandate, we created a national housing fund product for Nigerians in the Diaspora.”

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