For millions of Nigerians, owning a home has long seemed like a distant dream, hampered by rising property costs, double-digit inflation, and high commercial lending rates. That narrative is shifting, thanks to a new initiative from FirstBank.
In collaboration with the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF), FirstBank has unveiled a mortgage scheme aimed at broadening access to affordable housing finance in Nigeria. The programme is supported by the Federal Government’s N1 trillion mortgage fund and is designed to provide long-term, low-interest credit for prospective homeowners.
Under the scheme, borrowers can access loans of up to N100 million at a highly competitive interest rate of 9.75% per annum, far lower than standard commercial rates. Repayment terms extend up to 20 years, allowing for manageable monthly payments and improved financial stability over the long term.
The MREIF mortgage facility is inclusive, targeting salary account holders, business owners, and Nigerians living abroad. Whether for young professionals seeking to escape the rent cycle, entrepreneurs aiming to secure assets, or diaspora Nigerians investing in property back home, the initiative opens doors that were previously closed to many.
According to FirstBank, the scheme represents a transformative opportunity in Nigeria’s housing finance landscape. With government backing and favourable terms, prospective homeowners can now realistically plan to acquire property without being constrained by prohibitive interest rates or short repayment timelines.
For those waiting for the right moment, the message is clear: the opportunity is now. The question is no longer whether homeownership is attainable, but whether Nigerians will seize it before the window of opportunity narrows.
