First City Monument Bank (FCMB) has partnered with the Ministry of Finance Real Estate Investment Fund (MREIF) to boost homeownership in Nigeria. The ₦10 billion scheme offers mortgage loans up to ₦100 million, with 20-year repayment terms at single-digit interest rates.
MREIF, a ₦250 billion fund created in 2025 and managed by ARM Investment Managers, brings public and private sectors together to close the housing gap.
At the signing in Lagos, FCMB’s Adetunji Lamidi said, “Homeownership gives dignity and stability. Finance should be a stepping stone, not a hurdle.”
ARM’s Mounir Bouba called FCMB the ideal partner, highlighting its role in supporting both demand and supply in Nigeria’s housing sector.
Nigeria’s housing deficit stands at 28 million units. Experts estimate the nation needs 700,000 new homes each year and over ₦21 trillion in funding. The partnership is expected to speed up MREIF’s mission of making affordable housing a reality.
