First Bank of Nigeria, in partnership with the Federal Ministry of Finance through the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF), has launched an affordable mortgage financing initiative aimed at expanding access to home ownership for Nigerians.
The programme offers eligible Nigerians access to government-backed mortgage loans at a single-digit interest rate of 9.75 per cent per annum, with financing of up to ₦100 million for residential property acquisition.
The initiative seeks to address one of the major barriers to home ownership in Nigeria—limited access to affordable long-term housing finance. Rising property prices, high lending rates and stringent mortgage requirements have continued to place home ownership beyond the reach of many Nigerians.
Under the scheme, qualified applicants can access mortgage financing on favourable terms, creating a more affordable pathway from renting to owning homes.
According to First Bank, the partnership supports the Federal Government’s broader efforts to bridge Nigeria’s housing deficit, deepen mortgage penetration and promote financial inclusion through innovative housing finance solutions.
The bank noted that the programme combines affordability, accessibility and long-term sustainability, enabling more Nigerians to purchase homes without the burden of expensive commercial lending rates.
First Bank reaffirmed its commitment to supporting national development by providing financial products that improve the quality of life of citizens and stimulate economic growth.
Industry stakeholders have described the initiative as a significant step towards strengthening Nigeria’s housing finance ecosystem and increasing access to affordable mortgages for low- and middle-income earners.
The mortgage financing programme is expected to help more Nigerians transition into home ownership while supporting growth across the housing, construction and real estate sectors.
Interested applicants can obtain more information and begin the application process through First Bank’s mortgage platform.
