FIRSTBANK URGES GOVERNMENT INTERVENTION TO DRIVE DOWN HOME PRICES

FirstBank has called on the Federal and State Governments to implement targeted interventions to address the high cost of housing and make homeownership more accessible to Nigerians.

The bank’s leadership emphasised that rising building material costs, inflation, and limited access to affordable financing have pushed home prices beyond the reach of many middle and low-income earners. They advocated for policy measures such as tax incentives for developers, improved access to long-term mortgage financing, and investment in local production of building materials.

FirstBank noted that a well-functioning housing sector could stimulate economic growth, create jobs, and contribute to national development. The bank pledged continued support for mortgage products and partnerships aimed at bridging the housing deficit.

Real estate experts and stakeholders welcomed the call, stressing the need for collaborative efforts between the government, financial institutions, and private developers to tackle the challenge. They believe that strategic interventions could significantly reduce the cost of home construction and ownership.

The bank’s position highlights the growing concern over housing affordability and its impact on the broader economy.