Partnership aims to channel workers’ statutory contributions into accessible mortgage opportunities.
The Federal Mortgage Bank of Nigeria (FMBN) and the Nigeria Social Insurance Trust Fund (NSITF) are exploring a strategic partnership aimed at expanding access to affordable housing for Nigerian workers.
The collaboration was discussed during a high-level meeting between the management teams of both agencies at the Federal Mortgage Bank headquarters in Abuja.
Managing Director and Chief Executive of FMBN, Shehu Usman Osidi, said the proposed alliance aligns with the bank’s core mandate of mobilising long-term funds for housing development while providing affordable mortgage financing through the National Housing Fund (NHF) Scheme.
Osidi explained that the partnership could create new opportunities for workers to access housing through their statutory contributions to both institutions.
He recalled that when the Federal Mortgage Bank was originally established as Nigeria’s apex mortgage finance institution, the Nigeria Social Insurance Trust Fund was among the organisations considered as potential shareholders in its ownership structure.
According to him, the idea was to ensure that Nigerian workers — whose contributions sustain the National Housing Fund Scheme — would have strong institutional representation within the country’s housing finance system.
However, Osidi noted that the structure evolved over time, particularly following the enactment of the Employees’ Compensation Act in 2010, which repositioned the NSITF as a specialised social insurance agency.
The law shifted the fund’s focus to workplace compensation, occupational safety, and broader employee welfare protection across Nigeria’s workforce.
Despite these institutional changes, Osidi said there remains strong potential for collaboration between the two organisations to address Nigeria’s housing challenges.
He explained that both agencies could work together to develop cooperative housing initiatives and structured mortgage access programmes designed specifically for Nigerian workers.
The proposed partnership, he added, would help unlock new pathways for workers to own homes while strengthening the broader housing finance system in the country.
