FirstBank, MREIF to boost homeownership

For many Nigerians, owning a home has remained an aspiration constantly delayed by rising property prices, high inflation and the burden of double-digit commercial lending rates. For years, these economic realities have made mortgage financing largely inaccessible, leaving millions trapped in the cycle of renting.

However, a new initiative is beginning to shift that narrative as FirstBank partners with the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) to expand access to affordable housing finance.

The partnership forms part of a N1 trillion Federal Government-backed mortgage intervention fund designed to make housing finance more accessible to Nigerians.

Through this collaboration, FirstBank aims to provide affordable, long-term mortgage facilities that can help more Nigerians transition from renting to owning their homes.

The initiative represents a major effort to address one of Nigeria’s biggest housing challenges—limited access to affordable mortgage financing.

A key highlight of the facility is its 9.75 per cent interest rate, which stands in sharp contrast to prevailing commercial lending rates that often exceed 25–30 percent.

Under the scheme, qualified Nigerians can access mortgage loans of up to N100 million, with repayment periods of up to 20 years. This structure significantly reduces repayment pressure and makes homeownership more financially achievable for many Nigerians.

The mortgage opportunity is structured to accommodate a broad spectrum of Nigerians. It is available to salary earners, entrepreneurs and Nigerians in the diaspora, creating a pathway for different groups to access housing finance.

Young professionals seeking to escape the burden of rent, business owners building long-term wealth, and diaspora Nigerians interested in property investment back home can all benefit from the programme.

With the introduction of the MREIF-backed mortgage facility, homeownership is gradually becoming more attainable for Nigerians who previously found mortgage financing out of reach.

For many prospective homeowners, the opportunity represents a significant step forward in addressing Nigeria’s housing deficit while empowering individuals to build long-term financial stability through property ownership.

For those who have been waiting for the right moment, the time to take that first step toward owning a home may finally have arrived.

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