FirstBank mortgage scheme offers single-digit interest loans to tackle Nigeria’s housing deficit and create jobs across the construction sector

The FirstBank of Nigeria Limited, in partnership with the Ministry of Finance Incorporated and ARM Investment Managers, has launched a single-digit mortgage scheme aimed at addressing Nigeria’s significant housing deficit and stimulating economic growth.

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Unveiled in Abuja, the initiative provides affordable 20-year mortgages at approximately 9.75 per cent interest, requiring only a 10 per cent deposit.

FirstBank’s Managing Director and CEO, Olusegun Alebiosu, described the programme as a “social and economic revolution” capable of enabling home ownership for Nigerians while generating widespread employment in the construction sector.

Alebiosu highlighted the long-term impact, noting that the difference between borrowing at current double-digit rates and single-digit mortgages would give beneficiaries significant financial leverage.

He added that the scheme would employ carpenters, bricklayers, painters, and other artisans, creating a sustainable boost for the construction industry.

Sani Yakubu, National Coordinator of the MOFI Real Estate Investment Fund, said the initiative is private-sector driven, transparent, and structured for long-term sustainability.

The fund, recently launched on the Nigerian Exchange with an initial N250 billion tranche, is supervised by the Securities and Exchange Commission and rated as an A-grade tradable investment.

Yakubu explained that FirstBank’s nationwide reach will ensure wide accessibility, with over 1,100 mortgage applicants already supported.

The fund offers off-take guarantees to developers and is refinanced by the Nigerian Mortgage Refinance Company, ensuring long-term security and policy protection.

Kai Orga, Managing Director of ARM Investment Managers Limited, added that the partnership would simplify mortgage approvals, reducing processing times to four to six weeks while expanding financial inclusion and home ownership across Nigeria.

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The FirstBank mortgage scheme represents a concerted effort to tackle Nigeria’s housing shortage estimated at 20 to 28 million units while fostering economic inclusion and creating jobs across the housing and construction value chain.