FirstBank, NiDCOM’s New Platform Targets Safer Homeownership For Nigerians Overseas

The Nigerians in Diaspora Commission (NiDCOM) has partnered with FirstBank to facilitate diaspora banking services for Nigerians abroad. On Friday, the commission launched the Diaspora Home and Abroad platform.

The housing platform was launched during the sixth edition of National Diaspora Day (NDD). The theme of this year’s edition is: Optimising Formidable Diaspora Potential For National Development And Growth.

According to the commission, the housing platform was designed to provide Nigerians living abroad with safe, reliable, and accessible housing options.

Speaking during an interview with journalists on the sidelines of the launch at the Banquet Hall, presidential villa, Abuja, the commission’s chairman, Abike Dabiri-Erewa, emphasised the importance of optimising the contributions of the Nigerian diaspora toward national development

She highlighted that Nigerians in diaspora are eager to contribute and have valuable expertise that can significantly benefit the country, adding that “the launch of a new platform, in partnership with First Bank, aims to address common challenges faced by the diaspora, particularly in securing safe and credible housing investments.

“This initiative is designed to prevent fraud when purchasing property, thereby providing peace of mind for those seeking to invest in Nigeria.”

The chief executive officer of FirstBank Group, Olusegun Alebiosu, represented by the head of Brand Strategy and Financial Planning, Abimbola Meshinoye, said, “The theme speaks not only to possibility, but to urgency. With over 17 million Nigerians in the diaspora, our nation is gifted with a formidable community of professionals, entrepreneurs, scholars, investors and innovators who continue to distinguish themselves in diverse sectors across the globe; from science to technology, from finance to the creative industries, and from medicine to policy and diplomacy.”

He said, “The Nigerian diaspora has become an essential force in our national development journey, contributing over $20 billion in annual remittances and playing a pivotal role in enhancing our international reputation and deepening socio-economic ties with other nations. But beyond remittances, the diaspora represents a wellspring of knowledge, values, investment, and goodwill that, if optimally harnessed, can fast-track our path to inclusive growth and global competitiveness.”

He pointed out that for the diaspora to fully contribute to nation building, there must be credible institutions, efficient infrastructure, financial inclusion, and a sustainable ecosystem of trust and opportunity, saying that “this is why FirstBank continues to invest in platforms that empower Nigerians globally, including support for diaspora bonds, knowledge transfer initiatives, youth mentorship, schemes and capital inflows targeted at critical sectors like infrastructure, energy, health, agriculture and education.”

Also, the head of Technology, Transfer, Innovation and Investment, NIDCOM, Hon Abdulrahman Terab, noted that the primary challenge for the diaspora has been the lack of reliable platforms for housing access.

He explained that “many individuals have faced difficulties after sending money for housing, only to encounter scams, resulting in a loss of resources. Recognising the diaspora’s economic significance, he stressed the need to create an attractive environment for investments in the housing sector, which many in the diaspora view as a viable connection to their homeland and a future retirement plan.”

According to him, the initiative seeks to facilitate home purchases for Nigerians living abroad and foster confidence in Nigeria’s financial and transaction systems.

“With a diaspora population of around 70 million, the potential for direct investment is substantial.”
Terab compared Nigeria’s appeal to that of other countries, noting that “while Senegal and Ghana have attracted some diaspora members, Nigeria is fundamentally the preferred destination for many African diasporas Ultimately, this initiative aims to establish a secure and streamlined process for diaspora members, encouraging them to invest back into their home country.”