First Bank of Nigeria has launched a new mortgage financing initiative that will allow eligible Nigerians to access home loans of up to N100 million at a single-digit interest rate of 9.75 per cent.
The bank announced the development in partnership with the Federal Ministry of Housing as part of efforts to improve access to affordable homeownership across the country.
According to FirstBank, the mortgage programme is designed to reduce the financial pressure many Nigerians face when trying to purchase residential properties, especially amid rising housing costs and limited access to affordable financing.
“The initiative offers eligible Nigerians access to government-backed mortgage financing at a competitive 9.75 per cent interest rate, with funding of up to N100m,” the bank said in a statement released on Tuesday.
The lender explained that the scheme is targeted at individuals and families seeking a more practical route to owning homes instead of remaining long-term renters.
Nigeria’s housing deficit has remained a major challenge for years, with millions of citizens unable to afford homes due to high property prices, inflation, and expensive commercial loan rates. Mortgage financing in Nigeria has also remained out of reach for many middle-income earners because of double-digit interest rates and short repayment structures.
FirstBank said the new collaboration with the Federal Ministry of Housing is expected to address some of those barriers by creating a financing structure that combines affordability and long-term sustainability.
“Through this collaboration, FirstBank and the Federal Ministry of Housing are helping bridge that gap by creating a practical solution that combines accessibility, affordability, and long-term financial sustainability,” the statement read.
The bank also linked the initiative to its broader commitment towards national development and economic inclusion.
“FirstBank remains committed to supporting national development and improving the quality of life for Nigerians through innovative financial solutions that empower individuals and communities,” the bank added.
Industry observers believe the initiative could improve housing access for working Nigerians if properly implemented, especially for first-time homebuyers struggling with rising rent costs in major cities.
Beyond homeownership, the scheme is also expected to support activity within Nigeria’s housing and construction sectors by increasing demand for residential properties and related services.
FirstBank has advised interested Nigerians to visit its mortgage portal for application details and eligibility requirements.
