FirstBank, in collaboration with the MOFI Real Estate Investment Fund (MREIF), has highlighted opportunities for Nigerians to access affordable mortgage financing as part of efforts to reduce the country’s housing deficit and improve access to homeownership.

The financial institutions made this known during a home loan webinar themed, “Beyond Rent: The Path to Home Ownership Leveraging FirstBank-MREIF Home Loan Scheme to Build Long-Term Wealth.”

The webinar was aimed at informing Nigerians in both the formal and informal sectors about available mortgage opportunities and how they can use the scheme to finance homeownership.

Under the FirstBank-MREIF home loan scheme, eligible applicants can access mortgages with repayment periods of up to 20 years at a fixed interest rate of 9.75 per cent per annum, subject to applicable terms and eligibility requirements.

The webinar also highlighted the broader opportunities provided through MREIF, an initiative of the Ministry of Finance Incorporated, which seeks to expand access to long-term mortgage financing and address Nigeria’s housing deficit.

The fund ultimately aims to mobilise up to N1 trillion to expand mortgage access and support housing development across the country.

Speaking during the webinar, FirstBank’s Head of Personal Banking, Chukwuka Okonkwo, said the partnership was designed to broaden access to mortgage financing and contribute to closing Nigeria’s housing deficit.

Okonkwo said FirstBank’s extensive branch network and digital lending platforms provided the bank with the capacity to support Nigerians seeking to own homes.

He said the bank had also established partnerships with developers across several states after conducting research to identify properties that qualify for mortgage financing.

According to him, the bank intends to extend the mortgage opportunity to Nigerians in the diaspora and provide an end-to-end homeownership solution.

He said the partnership with MREIF would help ensure that the scheme reaches Nigerians across several states.

FirstBank’s Head of Security Documentation and Transactional Support, Legal Services, Uzoamaka Ihegazie, also explained the measures the bank takes to protect customers through proper property documentation.

She said the bank verifies property ownership and land documentation before financing is provided.

According to her, the process includes obtaining the Certificate of Occupancy, charting the survey plan to establish that the land is properly allocated for residential purposes and conducting title verification.

She said these documentation and verification processes were necessary to protect customers and prevent ownership-related problems after they take possession of their properties.

Also speaking, Executive Director, Sales and Investment, Leadway Pensure, Oluwafemi Adebayo, commended FirstBank for providing Nigerians with an opportunity to access mortgage financing.

He said access to homeownership was particularly important for Nigerians preparing for retirement, while also highlighting the possibility of using Retirement Savings Account pension schemes to procure property and create wealth.

The National Coordinator of MREIF, Sani Yakubu, said the fund was established to address Nigeria’s housing deficit by making long-term, low-cost mortgages available to average citizens while also stimulating activity in the construction sector.

Yakubu said many Nigerians had already benefited from the initiative and encouraged more eligible Nigerians to apply.

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The MOFI Real Estate Investment Fund (MREIF) has provided more than N140 billion in mortgage financing to over 2,000 Nigerians since it began operations in March 2025.

The Federal Government-backed housing finance initiative has expanded its reach across the country. Mortgage beneficiaries now span 27 states, according to Olubiyi Adekunbi, Head of Real Estate Investment at ARM Investment Managers.

Adekunbi disclosed the figures during a FirstBank webinar titled “Beyond Rent: The Path to Home Ownership Leveraging FirstBank-MREIF Home Loan Scheme to Build Long-Term Wealth.”

MREIF Mortgage Disbursements Begin in 2025

MREIF began mortgage disbursements in April 2025. By August 2026, more than 2,000 people had received financing through the scheme.

Adekunbi said the fund has maintained a relatively fast application process. He added that applicants do not need personal connections to move their applications through the system.

The quickest mortgage transaction under the programme took less than three weeks, he said. However, applicants must submit the required documents and complete all due diligence checks before approval.

Adekunbi said eligible applicants could potentially complete the process and secure a home within a month.

Mortgages Available Across 27 States

Lagos and Abuja account for the largest share of applications under the scheme. However, MREIF has extended mortgage financing to properties in 27 states across Nigeria’s six geopolitical zones.

Properties in Ogun, Oyo, Enugu, Kano and Kaduna can qualify for financing. Applicants must provide valid land titles and clear ownership records for the properties.

The scheme also serves Nigerians living abroad, provided they meet the required eligibility and documentation conditions.

Adekunbi said the average age of applicants stands at 43. Mortgage repayment periods generally take retirement age into account.

Most loans are structured around a retirement age of 60. Some professionals, including lecturers and judges, may qualify for different arrangements because of their higher retirement ages.

Nigeria Needs More Housing Finance

The MREIF expansion comes as Nigeria continues to face a major shortage of housing.

Sani Yakubu, MREIF National Coordinator at the Ministry of Finance Incorporated (MOFI), said Nigeria needs to build at least 700,000 housing units each year to address the housing gap.

He said the country currently produces about 100,000 units annually. The difference between required and actual housing production highlights the scale of the supply challenge.

Yakubu linked part of the problem to limited access to affordable mortgage finance. Developers also face difficulties raising capital and obtaining proper land documentation.

He said MREIF aims to support existing financial institutions rather than replace them. The fund, he explained, is intended to help strengthen the mortgage market and increase access to long-term housing finance.

Government Provides N150bn for First Tranche

The first N250 billion tranche of the MREIF programme received N150 billion from the Federal Government.

Private-sector investors contributed the remaining N100 billion. The tranche forms part of the wider N1 trillion MREIF programme registered with the Securities and Exchange Commission.

Nigerian professionals developed the fund structure. Vetiva Capital Management serves as financial adviser, while STL Trustees acts as trustee and First Nominees serves as nominee.

The funding model is designed to attract additional capital into Nigeria’s real estate and mortgage sectors. Greater availability of long-term finance could help more households move from renting to home ownership.

MREIF Mortgage Terms

MREIF offers mortgages of up to N100 million at an interest rate of 9.75%. Eligible borrowers can repay the loans over periods of up to 20 years.

Applicants must provide at least 10% equity toward the property purchase. Contributors to the Contributory Pension Scheme can also use up to 25% of their Retirement Savings Account balance to meet the equity requirement.

MREIF caps its mortgage exposure at N100 million per property. Buyers seeking properties above that value must fund the balance through other sources.

These may include personal savings, approved pension withdrawals or other available funding.

MREIF Reports N14.49bn Profit

The mortgage expansion follows MREIF’s reported financial performance for the first half of 2026.

The fund recorded N14.49 billion in profit before tax for the six months ended June 30, 2026. It generated total income of N17.48 billion during the period.

Interest income from financial assets measured at amortised cost contributed N8.10 billion. Cash and cash equivalents generated a further N6.21 billion.

After a withholding tax charge of N250.5 million, profit after tax stood at N14.24 billion.

FirstBank Partnership Expands Mortgage Access

The latest figures also follow FirstBank’s partnership with MREIF to expand access to mortgage financing.

Under the partnership, eligible Nigerians can seek mortgage loans of up to N100 million. The initiative is part of broader efforts to increase access to home financing and support home ownership.

MREIF’s growing disbursement figures show the potential role of long-term mortgage finance in Nigeria’s housing market. However, expanding access will also require adequate housing supply, clear land titles and financing that households can sustain over the life of their loans.

For Nigeria’s housing sector, the continued rollout of MREIF could help connect homebuyers with longer-term finance while giving developers greater access to capital. The fund’s ability to expand beyond major markets will also be important as the country seeks to increase home ownership and narrow its housing supply gap.

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Housing sector stakeholders have called on the Federal Government to declare a state of emergency on rising building costs, warning that escalating construction expenses are making homeownership increasingly unaffordable and slowing housing delivery across Nigeria. They argue that tackling the cost of building, rather than regulating rents, is the most sustainable way to address the country’s housing crisis.

Former President of the Real Estate Developers Association of Nigeria (REDAN), Dr. Aliyu Wamakko, said the sharp increase in the prices of cement, steel, roofing materials, electrical fittings, labour, transportation, and financing has significantly raised the cost of housing development. According to him, developers are finding it increasingly difficult to deliver affordable homes under current market conditions.

Wamakko explained that high rental prices are largely a consequence of expensive housing production rather than the root cause of the housing affordability challenge. He maintained that efforts to control rents without reducing construction costs could discourage investment in the real estate sector and worsen the housing shortage.

He urged the Federal Government to introduce targeted policies aimed at lowering construction costs, including support for local production of building materials, improved access to affordable housing finance, better transport infrastructure, stable energy supply, and incentives for large-scale housing development. He noted that reducing the cost of production would encourage developers to build more homes and improve housing affordability.

Industry stakeholders also emphasised the need for reforms in land administration, mortgage financing, and infrastructure development to stimulate private sector investment in housing. They argued that increasing housing supply through lower development costs would have a greater long-term impact on affordability than direct intervention in rental prices.

Experts believe that coordinated government action to reduce construction costs, strengthen housing finance, and encourage local manufacturing of building materials will be critical to closing Nigeria’s housing deficit, improving access to affordable homes, and supporting sustainable growth in the real estate sector.

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The Federal Government has handed over completed housing units to beneficiaries under its Rent-to-Own Scheme in Abuja, reaffirming its commitment to expanding affordable homeownership and reducing Nigeria’s housing deficit through innovative housing finance initiatives. The homes were developed by Brains & Hammers Limited with funding from the Federal Mortgage Bank of Nigeria (FMBN) under the Renewed Hope Housing Programme.

Speaking during the symbolic presentation of keys, the Minister of Housing and Urban Development, Dr. Muttaqha Rabe Darma, said the initiative reflects President Bola Tinubu’s commitment to making decent and affordable housing accessible to more Nigerians. He described homeownership as a central pillar of the administration’s Renewed Hope Agenda and pledged that all approved beneficiaries under the Rent-to-Own Scheme would receive the keys to their homes before the end of the year.

The minister noted that the scheme provides an affordable pathway to homeownership, particularly for low- and middle-income earners who may not be able to afford the large upfront payments required to purchase homes outright. He added that the programme is designed to ease the burden of rising rents in major cities such as Abuja and Lagos while improving the welfare and living standards of Nigerians.

Managing Director and Chief Executive Officer of FMBN, Shehu Usman Osidi, explained that the delivery of the housing units, known as Bungalow City, experienced initial allocation challenges after part of the estate was assigned to security agencies. He said the bank established a joint technical committee with Brains & Hammers Limited to resolve the issues, ensuring that every profiled beneficiary received a home.

Osidi reaffirmed FMBN’s commitment to supporting the Federal Government’s affordable housing agenda through accessible mortgage financing and strategic partnerships with private developers. He said the bank would continue to expand opportunities for Nigerians to own homes through flexible financing models capable of addressing the country’s housing deficit.

Speaking on behalf of the beneficiaries, Sanusi Seidu Dantsoho expressed appreciation to the Federal Government and FMBN for providing many Nigerians with the opportunity to become homeowners. He pledged that residents would work together to maintain a peaceful, orderly, and well-managed estate while encouraging the government to sustain similar affordable housing programmes across the country.

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The Family Homes Funds Limited (FHFL) has identified the absence of reliable housing data as one of the biggest obstacles to effective housing planning, policymaking, and regulation in Nigeria. The organisation said accurate and up-to-date data is essential for addressing the country’s housing deficit and guiding sustainable urban development.

Speaking at the Stakeholders’ Validation Workshop on the National Housing Data Programme in Abuja, FHFL Executive Director of Operations, Dr. Emeka Inegbu, described data as the foundation of successful housing development. He noted that governments and investors cannot make informed decisions without credible information on housing demand, supply, demographics, land availability, and infrastructure.

According to Inegbu, the lack of reliable housing data has continued to hamper policy formulation, investment planning, and regulatory oversight within Nigeria’s housing sector. He explained that countries with well-developed housing information systems are better positioned to attract investment, improve housing finance, and implement effective housing programmes.

He called for stronger collaboration among government agencies, financial institutions, developers, professional bodies, and research organisations to establish an integrated national housing database. Such a system, he said, would support evidence-based policymaking, improve market transparency, strengthen mortgage financing, and enhance confidence among local and international investors.

FHFL also stressed that credible housing data would improve urban planning, infrastructure development, land administration, and affordable housing delivery by enabling policymakers to accurately assess housing needs and allocate resources more effectively. The organisation maintained that digital data systems would also reduce inefficiencies and improve coordination across the housing value chain.

Industry stakeholders agreed that developing a comprehensive national housing data framework is essential for reducing Nigeria’s housing deficit, attracting investment, and creating a more transparent and efficient real estate market capable of supporting long-term economic growth.

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The Federal Mortgage Bank of Nigeria (FMBN) has said its newly developed National Mortgage Registry will strengthen transparency, improve access to mortgage information, and restore confidence in Nigeria’s real estate market. The digital platform, which has been approved by the National Council on Housing, is designed to serve as a central repository for mortgage transaction records across the country.

Speaking at a stakeholders’ workshop on the validation of the National Housing Data Programme Report and the proposed National Housing and Built Environment Regulation Policy in Abuja, FMBN Managing Director and Chief Executive Officer, Shehu Usman Osidi, disclosed that the registry has reached a major milestone and is ready for deployment. He explained that stakeholder engagement, data collection, cleansing, and validation are currently underway before the system becomes fully operational.

According to Osidi, the registry will provide a reliable digital database of mortgage transactions, enabling financial institutions, regulators, and other stakeholders to verify mortgage information more efficiently. He said the initiative is expected to strengthen risk management, improve transparency, reduce fraud, and increase investor confidence in Nigeria’s housing finance sector.

The FMBN boss noted that the success of the mortgage registry will depend on collaboration among federal and state governments, land registries, financial institutions, mortgage banks, developers, professional bodies, and other industry stakeholders. He added that the project complements the National Housing Data Programme by providing credible information to support housing policy, investment decisions, and mortgage financing.

Osidi reiterated that reliable housing and mortgage data are essential to addressing Nigeria’s housing deficit and expanding access to affordable homeownership. He maintained that a transparent mortgage system will improve confidence among investors, lenders, developers, and prospective homeowners while supporting sustainable growth in the real estate sector.

Industry stakeholders described the National Mortgage Registry as a significant step towards modernising Nigeria’s housing finance ecosystem. They believe the platform will improve mortgage documentation, enhance property transaction security, strengthen consumer protection, and promote greater accountability across the real estate industry.

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A former President of the Real Estate Developers Association of Nigeria (REDAN), Dr. Aliyu Wamakko, has urged the Federal Government to declare a state of emergency on rising building costs instead of focusing on rent regulation, arguing that the country’s housing affordability crisis is fundamentally driven by the high cost of housing production.

Speaking in Abuja, Wamakko said soaring prices of construction materials, land acquisition, labour, infrastructure, and financing have significantly increased the cost of developing residential properties, making it impossible for developers to offer affordable rental housing. He maintained that high rents are a consequence of expensive housing production rather than the primary cause of the housing crisis.

According to him, the prices of cement, steel reinforcement, roofing materials, electrical fittings, plumbing supplies, and other essential construction inputs have risen sharply in recent years, while labour and financing costs have also increased substantially. He noted that developers cannot recover their investments if rental prices are artificially suppressed without addressing these underlying production costs.

Wamakko called on the Federal Government to prioritise policies that reduce the cost of building materials, expand access to affordable long-term financing, strengthen local manufacturing, improve energy supply, lower transportation costs, and encourage large-scale housing development. He argued that such measures would increase housing supply and naturally reduce rental prices over time.

He warned that attempts to regulate rents without tackling the economic realities of housing development could discourage private investment in the real estate sector and worsen the country’s housing shortage. Instead, he advocated market-driven solutions supported by government policies that lower construction costs and stimulate investment in affordable housing.

Housing experts have consistently maintained that reducing construction costs, expanding mortgage financing, simplifying land administration, and increasing infrastructure investment are essential to improving housing affordability and addressing Nigeria’s estimated housing deficit. They believe that boosting housing supply remains the most sustainable strategy for easing pressure on rental prices while supporting long-term economic growth.

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Nigeria’s housing and real estate sector contributed more than ₦77 trillion to the nation’s economy in 2025, underscoring its growing importance as one of the country’s largest economic drivers. The disclosure was made by the Minister of Housing and Urban Development, Muttaqha Rabe Darma, during a stakeholders’ validation workshop on the National Housing Data Programme and the National Housing and Built Environment Regulation Policy in Abuja.

The minister explained that following the rebasing of Nigeria’s Gross Domestic Product (GDP), the real estate services sector alone accounted for approximately ₦41 trillion, representing 13.4 per cent of GDP, while the combined contribution of real estate and construction exceeded ₦77 trillion in 2025. He noted that despite the sector’s significant economic value, persistent challenges such as weak regulation, inadequate mortgage financing, and unreliable housing data continue to limit its full potential.

Darma described the validation workshop as a critical stage in the development of two major policy documents that will be presented to the Federal Executive Council (FEC). He urged stakeholders to provide constructive input to strengthen the proposed National Housing and Built Environment Regulation Policy and the National Mortgage Industry Policy before their adoption.

According to the minister, the proposed regulatory framework will introduce licensing requirements for developers and estate agents, escrow protection for homebuyers’ funds, stronger professional standards, improved construction quality, enhanced land administration, urban renewal safeguards, and the establishment of a National Housing Industry Regulatory Commission to improve oversight across the housing sector.

He also announced that the proposed mortgage policy seeks to reform the Federal Mortgage Bank of Nigeria (FMBN), establish a National Housing Finance Authority, expand access to the National Housing Fund for workers in the informal sector, and create a stronger framework for diaspora housing investment. In addition, the ministry disclosed that Nigeria’s housing deficit has been estimated at about 15 million units using internationally recognised methodologies, including the World Bank Adequate Housing Index and the UN-Habitat Household Crowding Index.

Speaking at the event, Permanent Secretary Dr. Shuaib Belgore said fragmented housing data and weak regulatory enforcement have constrained effective planning, housing quality, and investor confidence. Meanwhile, the Managing Director of FMBN, Shehu Usman Osidi, announced that the bank has completed the development of a National Mortgage Registry, a digital platform designed to centralise mortgage transactions and improve transparency within Nigeria’s housing finance system.

Stakeholders believe that stronger regulation, credible housing data, improved mortgage access, and enhanced consumer protection will be essential to unlocking greater investment in the housing sector, reducing the housing deficit, and strengthening the industry’s contribution to Nigeria’s long-term economic growth.

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Nigeria’s housing sector could become one of the strongest drivers of economic transformation if it is positioned as an industrial development strategy rather than simply a social welfare programme. Experts argue that expanding housing delivery has the potential to stimulate manufacturing, create millions of jobs, deepen local supply chains, and accelerate the country’s ambition of becoming a $1 trillion economy.

According to industry analysts, addressing Nigeria’s housing deficit should go beyond constructing residential units. They contend that every housing project should strengthen domestic industries by encouraging the production of locally manufactured building materials, developing technical skills, supporting indigenous contractors, and promoting technology transfer. Such an approach would ensure that housing investments generate long-term economic value beyond the buildings themselves.

The report emphasised that partnerships with international developers and investors should be structured to build Nigeria’s industrial capacity rather than create dependence on foreign expertise. Large-scale housing programmes, it noted, should leave behind stronger local companies, skilled workers, improved manufacturing capability, and sustainable construction technologies that enable the country to scale future housing delivery independently.

Stakeholders also highlighted the importance of integrating housing policy with broader economic development objectives. Increased investment in infrastructure, affordable mortgage financing, land administration reforms, and industrial production would not only improve access to housing but also stimulate economic activity across multiple sectors, including cement, steel, logistics, finance, and professional services.

Experts believe that housing remains one of the few sectors capable of creating employment across every stage of the value chain, from raw material production and construction to transportation, retail, and property management. They argue that a well-designed national housing strategy could significantly expand the middle class by creating higher incomes and improving homeownership opportunities.

They concluded that Nigeria’s path to a $1 trillion economy will depend not only on building more homes but on using housing as a catalyst for industrialisation, wealth creation, innovation, and inclusive economic growth. By transforming housing into a productive economic sector, the country can generate lasting benefits that extend far beyond reducing its housing deficit.

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Nigeria’s Real Estate Investment Trusts (REITs) are emerging as a stronger alternative to direct property ownership in Lagos, with some listed real estate investment vehicles recording significant gains despite high interest rates and economic uncertainty.

According to market data, Union Homes Real Estate Investment Trust recorded a year-to-date return of more than 35 per cent as of the end of June 2026, while UPDC REIT gained over 41 per cent. The performance reflects growing investor interest in listed property assets and their potential to provide exposure to Nigeria’s real estate market without the financial and operational demands of owning physical property.

The report noted that infrastructure development is also influencing property values and rental returns in Lagos. Properties located within the operational catchment areas of the Lagos Blue Rail Line have reportedly generated gross rental yields of between six and seven per cent, compared with approximately four to 4.5 per cent for similar properties outside the rail corridor.

The growing value of properties around major transport infrastructure highlights the potential of transit-oriented development to reshape Lagos’ housing market. With the Blue Line and Red Line already operational and the proposed Green Line expected to expand the city’s rail network, investors are increasingly paying attention to locations that could benefit from improved accessibility and rising property demand.

However, the article noted that some high-end residential properties in Lagos may offer relatively low rental returns when compared with government securities. For example, luxury properties in Lekki Phase 1 were estimated to generate net yields of about three per cent, while Treasury bill yields remained significantly higher as of June 2026. This suggests that some premium property investments depend heavily on future capital appreciation and protection against naira depreciation rather than rental income alone.

REITs provide investors with an opportunity to participate in the property market without directly purchasing land or managing tenants. The investment vehicles also offer greater accessibility, with some available at entry levels as low as ₦5,000, while their income-distribution requirements make them attractive to investors seeking regular returns.

The report concluded that Nigeria’s listed property investment instruments could provide a more accessible and liquid route into the country’s growing housing market. However, stronger market research, improved investor awareness, and better connections between infrastructure development, housing demand, and capital market investments will be necessary to unlock the sector’s full potential.

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