First City Monument Bank has partnered with the Ministry of Finance Real Estate Investment Fund to launch a N10bn mortgage financing scheme aimed at making homeownership more accessible to Nigerians.

The scheme offers home loans of up to N100m with repayment terms of up to 20 years at a single-digit interest rate, according to a statement from the bank on Thursday.

The partnership between FCMB and MREIF is a significant step towards addressing Nigeria’s housing challenge, which has a deficit of around 28 million units. Experts say the country needs 700,000 new homes each year and over N21tn in funding to close the gap.

Divisional Head of Personal Banking at FCMB, Adetunji Lamidi, said “Homeownership gives dignity and stability. It is one of the clearest ways a country shows it is making room for its people to thrive. That is what this partnership between FCMB and MREIF represents.”

The Ministry of Finance Real Estate Investment Fund was launched in 2024 to bridge the housing gap by providing long-term, affordable financing for aspiring homeowners nationwide.

MREIF is a ₦250bn fund managed by ARM Investment Managers, bringing public and private sector players together to tackle Nigeria’s housing gap, improve living standards, and boost jobs and economic activity in real estate and construction.

Lamidi commended the Federal Government’s foresight in establishing MREIF and acknowledged ARM Investment Managers’ support in deploying the fund. He reaffirmed FCMB’s commitment to delivering flexible, responsive, and human-centred financial solutions.

Executive Director at ARM Investment Managers, Mr Mounir Bouba, said, “We at ARM are delighted to enter this partnership with FCMB to advance the objectives of MREIF. We recognise FCMB’s strengths and ability to support both the demand and supply sides of the housing sector in Nigeria, making them an ideal partner for the MREIF scheme.”

The mortgage scheme is designed to meet the needs of Nigerians from all walks of life. Customers can access the funds they need through FCMB with repayment options that work for their income and lifestyle.

The partnership between FCMB and MREIF is a practical demonstration of the banks’ commitment to fostering inclusive, sustainable development and its mission to build a system that connects people, capital, and markets across all sectors of the Nigerian economy.

As Nigeria continues to grapple with its housing challenge, partnerships like the one between FCMB and MREIF offer hope for a brighter future. With affordable mortgage solutions, more Nigerians can now achieve their dream of homeownership, and the country can take a step closer to bridging its housing gap.