Nigeria’s housing crisis has persisted for decades, leaving millions without adequate shelter. However, a beacon of hope emerges through a bold initiative designed to provide a long-term solution to this challenge. Anchored on the innovative Diaspora City model, this project combines cutting-edge blockchain technology with structured financing to transform the real estate landscape for low-to-middle-income earners.
The Diaspora City model works by bridging the gap between housing demand and affordability.
Here’s how it unfolds: each housing unit costs ₦40 million, and funding is split between the National Housing Fund (NHF), which provides ₦20 million at a low 6% interest rate, and HX Africa, which covers the remaining ₦20 million at 19% interest. This structure lowers entry barriers, allowing ordinary Nigerians access to high-quality homes without overwhelming financial strain.
A pivotal element is the tokenized method powered by HX Africa. By leveraging blockchain technology, the system ensures transparency and liquidity, enabling contributors to track payments and ownership progress. Beyond affordability, the project brings dignity and security to families who once viewed homeownership as an impossible dream.
The project also strengthens community bonds, with REICO Multipurpose Cooperative Society mobilizing funds and fostering collective ownership. Market women, artisans, and other low-income groups can now pay in structured instalments through Moniepoint’s POS system, making contributions as small as ₦5,523 daily.
This model not only addresses the housing shortage but also boosts economic activities, creating jobs in construction, technology, and logistics. It’s more than just a housing project—it’s a movement toward a more inclusive Nigeria, where everyone has a shot at homeownership.