LAGOS, NIGERIA — In a bold move to dismantle the financial hurdles facing prospective homeowners, FirstBank of Nigeria has announced a landmark partnership with the Ministry of Finance Incorporated (MOFI) Real Estate Investment Fund (MREIF).
The collaboration introduces a N1 trillion mortgage intervention specifically designed to provide affordable, long-term credit.
At a time when commercial lending rates often hover between 25% and 30%, this initiative offers a game-changing 9.75% single-digit interest rate, making the dream of owning a home a reality for millions of Nigerians.
Redefining Affordability in a High-Interest Market
The MREIF mortgage facility is structured to provide maximum relief to borrowers. Key features of the scheme include single-digit interest, extended tenour, high loan ceiling, and low entry barrier.
An Inclusive Pathway to Wealth Creation
Unlike traditional mortgage products that often target a narrow demographic, the FirstBank MREIF loan is built for broad inclusivity.
It targets salary earners, entrepreneurs, and the diaspora.
“This is more than just a loan; it is an economic and social revolution. By offering single-digit rates in a double-digit inflation environment, FirstBank is effectively empowering a new generation of asset owners,” noted industry observers.
Driving National Growth
Beyond individual homeownership, the N1 trillion fund is expected to stimulate the broader economy.
By providing an off-take guarantee for developers, the initiative encourages new construction projects, creates jobs in the building sector, and helps bridge Nigeria's estimated 28 million-unit housing deficit.
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