KEY POINTS
- NSITF plans to expand the ECS to Nigeria’s informal sector.
- Awareness creation activities will inform the workers on ECS opportunities and availability.
- 2024 achievements set the stage for expanded coverage in 2025.
The Nigeria Social Insurance Trust Fund (NSITF) has announced plans to include the informal sector in its Employees’ Compensation Scheme (ECS) by 2025. This move aligns with the federal government’s poverty alleviation agenda and aims to extend social safety nets to a broader segment of Nigeria’s workforce.
Speaking in an interview on Labour Lens, a program aired on TV Continental specifically for issues of labor, the NSITF Managing Director, Oluwaseun Faleye highlighted the need to enroll artisans, traders, and small service providers into the scheme.
“The informal sector is the backbone of our economy,” Faleye said. “If we can effectively cover this sector, we will not only safeguard livelihoods but also boost national productivity.”
Awareness creation campaigns to increase the reach of ECS
Faleye explained that the Fund has set ambitious goals to scale up its awareness creation efforts in all the geo-political regions.
Moreover, these efforts, which began in 2024, will include stakeholder engagements to educate informal sector participants about the ECS and the policy on ways of preventing workplace accidents and other risks.
On the same note, Faleye acknowledged that the informal economy has its set of complexities, therefore, NSITF would ensure that it makes its processes more accessible.
He said that they will reorganize the Fund in a way that the Fund’s operations and human resources will adapt to the program, to facilitate seamless ECS coverage for all workers, regardless of their employment status.
“Our approach will be tailored to address the specific needs of the informal sector,” Faleye noted. “We are committed to ensuring that all workers can benefit from the protection offered by the ECS.”
2024 successes form the foundation for 2025 targets
Looking back to the achievements of the Fund in 2024, Faleye appreciated the efforts of NSITF employees for the implementation of the new projects and the increase in the organization’s coverage.
According to Punch, he acknowledged the challenges overcome during the year and reaffirmed the organization’s commitment to innovation and manpower development as part of its vision for 2025.
“In a short time, we have achieved remarkable strides,” Faleye said. “The hard work of our team has made a meaningful impact on the lives of workers across Nigeria.”
However, as the organization progresses, Faleye added that the organizational culture should embrace integrity, diversity and knowledge acquisition.
Besides, he emphasized the significance of fostering capacity enhancement of NSITF with the acknowledgment that the growth of the organization and its people are inseparable.
“We are focused on building a stronger NSITF that delivers outstanding results,” he said.
