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March 6, 2026
A new mortgage initiative launched by FirstBank of Nigeria in partnership with the Ministry of Finance Incorporated through the MOFI Real Estate Investment Fund (MREIF) is offering Nigerians access to home loans at a single-digit interest rate of 9.75%, providing what stakeholders describe as a lifeline for prospective homeowners facing high borrowing costs.
The mortgage programme is backed by a ₦1 trillion housing intervention fund aimed at expanding access to affordable housing finance and narrowing Nigeria’s persistent housing deficit.
For many Nigerians, homeownership has remained difficult due to high lending rates. Commercial bank mortgages often carry interest rates between 25% and 30%, making long-term housing finance unaffordable for most households.
The new mortgage facility, however, offers loans at 9.75% per annum, significantly below prevailing market rates. The scheme allows qualified applicants to borrow up to ₦100 million with repayment periods extending up to 20 years, lowering monthly repayment burdens.
Housing finance analysts say this structure could help many Nigerians transition from renting to owning homes by spreading the cost of property over a longer period.
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Taiwo Oyedele has called on Nigerian entrepreneurs to strengthen financial documentation and maintain accurate business records in order to fully benefit from the country’s ongoing tax reforms.
Speaking on the implementation of Nigeria’s new fiscal policies, Oyedele emphasised that proper record-keeping is critical for businesses seeking to take advantage of tax incentives and improved compliance frameworks introduced under the reform programme. According to him, entrepreneurs who maintain clear financial records will be better positioned to access available tax benefits and comply with regulatory requirements.
The advice comes as Nigeria begins implementing sweeping tax reforms designed to simplify the country’s fiscal system and improve revenue collection.
The Central Bank of Nigeria (CBN) withdrew ₦13.41 trillion from Nigeria’s financial system in January 2026, marking one of the most aggressive liquidity management operations in recent months. The development was revealed in the January Monetary and Credit Statistics released by the Financial Markets Dealers Association (FMDA).
The large-scale liquidity withdrawal reflects the apex bank’s continued efforts to manage inflationary pressures, stabilise the foreign exchange market, and maintain tighter monetary conditions across the banking sector.
According to FMDA data, the amount absorbed from the financial system is significantly higher than the ₦2.77 trillion withdrawn during the same period in 2025, highlighting the scale of the Central Bank’s tightening strategy.
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The Lekki Deep Sea Port has emerged as Nigeria’s leading port in cargo handling for 2025, according to the 2025 Operational Performance Report released by the Nigerian Ports Authority (NPA).
The report, presented by the Managing Director of the NPA, Abubakar Dantsoho, shows that the Lagos-based port handled the largest share of cargo among Nigerian ports during the year, underscoring its growing importance in the country’s maritime trade network.
The performance signals a structural shift in Nigeria’s port operations, with the relatively new deep-sea facility rapidly gaining prominence over older ports.
