For many Nigerians, the dream of owning a home has long remained out of reach due to high property costs and expensive lending rates. However, First Bank of Nigeria Limited is seeking to change that narrative through a new mortgage initiative designed to improve access to affordable housing finance.
The bank, in partnership with the Ministry of Finance Incorporated Real Estate Investment Fund, MREIF, has introduced a mortgage facility aimed at enabling Nigerians to secure property ownership through long-term, low-cost financing.
Backed by a ₦1 trillion intervention fund, the initiative is targeted at addressing Nigeria’s housing deficit by providing eligible applicants with access to up to ₦100 million in mortgage loans.
The facility offers a repayment tenor of up to 20 years at an interest rate of 9.75 per cent per annum, significantly lower than prevailing commercial lending rates in the country.
Industry observers note that the reduced interest rate could ease the financial burden on borrowers, making homeownership more attainable for a broader segment of the population.
The mortgage scheme is open to a wide range of applicants, including salary earners, business owners, and Nigerians in the diaspora seeking to invest in property back home.
The development is part of broader efforts to stimulate the housing sector, expand financial inclusion, and provide sustainable pathways for wealth creation through property ownership.
Analysts say initiatives such as the MREIF-backed mortgage scheme could help shift more Nigerians from the cycle of rent dependency toward long-term asset ownership, particularly if awareness and uptake continue to grow.
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