In its bid to cut down the 17 million housing deficit in Nigeria, reduce corrupt practices and ensure adequate use of foreign exchange sent home by Nigerians in other countries, The Punch is reporting that the Federal Government has commenced moves aimed at using part of the billions of dollars remitted annually by Nigerians in Diaspora for the development of houses across the country.
The initiative, which is spearheaded by the Federal Housing Authority, in collaboration with the Independent Corrupt Practices and other related Offences Commission, also has a target of providing a sustainable forex inflow of at least $10bn annually into the Nigerian economy.
According to the FHA, government’s intention is to use funds sent back home for the construction of what could be termed Diaspora cities in different locations across the country.
It stated that over 15 million Nigerians were in Diaspora and that individual remittances hit $21bn in 2013, adding that with a secured housing programme in place, it could be as much as $35bn.
Speaking on the significance of using Diaspora funds for housing development, the Chairman of the ICPC, Mr. Ekpo Nta, stated that a lot of Nigerians living abroad were often defrauded whenever they sent money home for the construction of houses or for other forms of investment.