The Nigeria Social Insurance Trust Fund (NSITF) has unveiled a robust plan to integrate the informal sector into its Employees’ Compensation Scheme (ECS), broadening access to its social safety net in alignment with the federal government’s poverty alleviation agenda.
According to a statement by General Manager, Corporate Affairs, Nwachukwu Ngige, the Managing Director of NSITF, Oluwaseun Faleye, disclosed this during a recent interview on Labour Lens, a labour administration programme aired on TV Continental (TVC).
Faleye emphasized the critical role of the informal sector in Nigeria’s economy and the potential benefits of extending the ECS to artisans, traders, and small-scale service providers.
“The informal sector is the backbone of our economy. If we can cover this sector effectively, we will not only safeguard livelihoods but also boost national productivity,” Faleye said.
He highlighted the ongoing sensitization campaigns across Nigeria’s geopolitical zones, which commenced in 2024, as part of efforts to raise awareness about the ECS. Additionally, more stakeholder engagements are planned to educate informal sector players on the scheme’s benefits.
Tailored Strategies for Inclusion
Acknowledging the challenges of integrating the informal economy, Faleye assured that the NSITF is developing strategies tailored to the sector’s unique characteristics. These include simplified and accessible processes to encourage participation.
“To achieve seamless inclusion, the Fund will re-engineer its operations and workforce, ensuring that the ECS becomes available to all workers, regardless of their employment status,” he added.
Celebrating 2024 Milestones
Faleye also praised NSITF staff for their dedication in achieving significant milestones in 2024.
He noted, “Within a short time, we have made great strides, launched new initiatives, expanded our reach, and overcome obstacles that once seemed insurmountable. Our collective effort has been instrumental in the success of the Fund, and I am proud of the impact we have made together.”
He underscored the importance of manpower development, stating that opportunities for growth would be created for both individual staff and the Fund at large.
“We will continue to build a culture that fosters integrity, inclusivity, well-being, continuous learning, and improvement,” Faleye assured.
The Managing Director reaffirmed his commitment to sustaining investments in innovation, promising that 2025 would usher in even greater achievements for the NSITF as it aims to reposition the Fund for greater impact.