Methodology
Rates last reviewed 23 August 2026. Everything below is an assumption, not a measurement. If your quantity surveyor disagrees with a figure, they are probably closer than we are — override it in the tool.
MREIF scheme parameters
- Fixed interest rate: 9.75% p.a. for the full tenor.
- Maximum tenor: 20 years (salaried; shorter for self-employed).
- Minimum equity: 10% (maximum 90% LTV).
- Loan band: ₦10,000,000 – ₦100,000,000 (varies slightly by bank).
- Maximum age at maturity: 60 (some banks use 55).
- Income cap: repayment ≤ 40% of net income.
- Insurance assumed at 0.35% of property value per year, charged monthly.
- Closing costs: legal 5%, valuation 0.5%, consent 3% of price; bank management 1% and stamp duty 0.375% of the loan.
Sources: mreif.com.ng; arm.com.ng/mreif-faq; sterling.ng/mreif; firstbanknigeria.com; Stanbic IBTC MREIF FAQ. This site is not affiliated with MREIF, MOFI, ARM or any participating bank, and uses no logos. Everything the calculator produces is indicative, based on published terms; your bank will assess your application itself.
The ten drivers
We maintain ten price drivers rather than fifty-five line items. Everything else derives from them by coefficient, so a monthly update is a fifteen-minute job.
Cement (50kg bag)
per bag · Depot survey, Lagos Mainland · checked 23 August 2026
₦11,000 – ₦16,000likely ₦12,500
Reinforcement steel
per tonne · Steel merchant quotes, Lagos · checked 23 August 2026
₦1,150,000 – ₦1,600,000likely ₦1,350,000
9-inch block
per each · Block industry survey · checked 23 August 2026
₦750 – ₦1,000likely ₦850
6-inch block
per each · Block industry survey · checked 23 August 2026
₦600 – ₦850likely ₦700
Sharp sand (20t trip)
per trip · Haulier quotes · checked 23 August 2026
₦90,000 – ₦140,000likely ₦110,000
Granite (20t trip)
per trip · Quarry / haulier quotes · checked 23 August 2026
₦320,000 – ₦450,000likely ₦380,000
Roofing, installed
per sqm · Roofing contractor quotes · checked 23 August 2026
₦12,000 – ₦22,000likely ₦16,000
Floor / wall tiles
per sqm · Tile market survey · checked 23 August 2026
₦8,000 – ₦20,000likely ₦12,000
Skilled labour
per day · Artisan day rates · checked 23 August 2026
₦12,000 – ₦20,000likely ₦15,000
M&E — basic finish
per sqm · M&E subcontractor quotes · checked 23 August 2026
₦10,000 – ₦15,000likely ₦12,000
M&E — standard finish
per sqm · M&E subcontractor quotes · checked 23 August 2026
₦16,000 – ₦26,000likely ₦20,000
M&E — premium finish
per sqm · M&E subcontractor quotes · checked 23 August 2026
₦28,000 – ₦48,000likely ₦35,000
There is no reliable machine-readable source for Nigerian material prices, so nothing here is scraped. All updates are manual, from named sources, recorded with the date checked.
Quantity coefficients (assumptions, not measurements)
These coefficients are indicative for blockwork construction on a reasonably level site. Professional fees are taken at 6% and contingency at 10%.
Location multipliers
Add-ons and land costs
- Borehole & tank: ₦2,200,000 – ₦3,800,000, before the location multiplier.
- Solar & inverter: ₦4,000,000 – ₦9,000,000, before the location multiplier.
- Fence & gate: ₦5,500,000 – ₦11,000,000, before the location multiplier.
- Land acquisition: agency 10%, legal 5%, Governor's consent 3%, survey ₦700,000, levies ₦300,000.
What is excluded
- Site-specific ground works: piling, heavy filling, retaining walls.
- Furniture, appliances, landscaping and swimming pools.
- Utility connection deposits and community development levies.
- Finance costs during construction, and inflation over the build period.
- Any bank-specific fee not listed in the closing-cost assumptions above.
Freshness rule
One review date governs everything. If today is more than 42 days after that date, an amber banner appears on every page automatically and cannot be dismissed. It is the honesty mechanism, and it protects you on the months the owner slips.
Privacy
No calculation inputs are ever written to a database. Your income, age and property price stay in your browser: inputs are held in localStorage on your device and encoded into the share link itself. Only an email address is stored, and only if you type one in after seeing your result.