The Federal Mortgage Bank of Nigeria (FMBN) and the Nigeria Social Insurance Trust Fund (NSITF) have announced plans to collaborate in unlocking affordable housing opportunities for Nigerian workers through their statutory contributions to both institutions.
The proposed partnership emerged following a meeting between the management teams of the two agencies at the headquarters of the Federal Mortgage Bank in Abuja.
Speaking during the visit, the Managing Director and Chief Executive of FMBN, Shehu Usman Osidi, said the collaboration aligns with the bank’s mandate to mobilise long-term funds for housing development and provide affordable mortgage financing to Nigerian workers through the National Housing Fund Scheme.
Osidi explained that the partnership could help strengthen housing financing mechanisms while expanding access to home ownership for workers across the country.
He further noted that historically, NSITF was among the institutions originally considered as shareholders in the ownership structure of the Federal Mortgage Bank when it was established as Nigeria’s apex mortgage finance institution.
According to him, the arrangement was designed to ensure that Nigerian workers, whose contributions power the National Housing Fund Scheme, have institutional representation within the country’s housing finance system.
Industry observers say stronger collaboration between housing and social insurance institutions could help address Nigeria’s housing deficit while improving welfare benefits available to workers.
