FCMB N10bn mortgage scheme, in partnership with MREIF, offers loans up to ₦100m at single-digit rates to help Nigerians achieve affordable homeownership

FCMB N10bn mortgage scheme is the latest initiative aiming to ease Nigeria’s housing crisis.

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First City Monument Bank, in partnership with the Ministry of Finance Real Estate Investment Fund (MREIF), has launched this powerful program to provide affordable home loans to Nigerians.

The scheme offers mortgage financing of up to ₦100 million with up to 20 years to repay at single-digit interest rates, making homeownership more accessible for many.

This effort directly addresses Nigeria’s estimated 28 million housing unit deficit.

Experts say the country needs 700,000 new homes annually and over ₦21 trillion to meet housing demand.

Adetunji Lamidi, FCMB’s Divisional Head of Personal Banking, described the initiative as “a way to give dignity and stability to Nigerians,” stressing that housing is a fundamental human need.

MREIF, a ₦250 billion fund managed by ARM Investment Managers, was created to offer long-term, affordable housing finance by combining public and private resources.

ARM’s Executive Director, Mounir Bouba, said, “FCMB’s track record and reach make them an ideal partner to help us deliver the goals of the MREIF.”

FCMB N10bn mortgage scheme is not only a lifeline for individuals but also a stimulus for the real estate and construction industries.

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As this partnership unfolds, more Nigerians can finally turn the dream of owning a home into reality.