The Nigeria Social Insurance Trust Fund (NSITF) has developed a comprehensive programme to integrate the country’s informal sector into the Employees Compensation Scheme (ECS).
According to a statement signed by the General Manager, Corporate Affairs of the Fund, Mr. Nwachukwu Ngige, the aim is to broaden access to its social safety net in line with the poverty alleviation agenda of the federal government.
The Managing Director of the NSITF, Mr. Oluwaseun Faleye, said the Fund would tap into the immense potential of the informal economy in the country.
“The national economy would benefit greatly if artisans, traders, and other small service providers are brought into the safety net of the ECS. Such would drive national productivity and combat poverty.
“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.
“The fund will double down on extensive sensitization campaign across all geopolitical zones which we already commenced in 2024,” he said.
Faleye said more stakeholder engagements will be held in the regions to educate informal sector players on the benefits of the ECS.
While acknowledging the unique challenges posed by the informal sector, he said that the NSITF will develop strategies that consider its peculiarities to tackle each with a simple and accessible process.
To seamlessly achieve this, he stated that the NSITF will re-engineer its operations as well as its workforce to make the ECS available to all workers irrespective of status.
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He also commended the staff of the organisation for their roles in making possible the achievements recorded in the year 2024.
In an address to mark the New Year, Faleye said, “Within a short time, we have made great strides, launched new initiatives, expanded our reach and overcame obstacles that seemed insuperable.
“Our collective effort has been instrumental in the success of the fund, and I am proud of the impact we have made together.”
On manpower development, the Managing Director said the Fund would create growth opportunities both for individuals and the Fund at large.
He equated the growth of the individual staff to the well-being of the Fund and underscored the quest for hard work.
“We will continue to build a culture that fosters integrity, inclusivity, well-being, continuous learning and improvement,” he added.
In its bid to cater to employees’ welfare in the event of work-related accidents and injuries, the Nigerian government established the Nigeria Social Insurance Trust Fund (NSITF) in 1993, the only government institution backed up by law to ensure that the Employees’ Compensation Scheme is adhered to by all.
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