NSITF plans expansion of employee compensation in 2025
The Nigeria Social Insurance Trust Fund (NSITF) has unveiled plans to extend its Employees’ Compensation Scheme (ECS) to cover the informal sector in 2025. This initiative is part of the Fund’s broader strategy to enhance the scope of its social safety net and contribute to the federal government’s efforts in poverty reduction.
The Managing Director of NSITF, Oluwaseun Faleye, made this announcement during an interview on Labour Lens, a programme dedicated to labour matters on TV Continental, which aired on Sunday.
Faleye emphasised that the integration of artisans, traders, and small service providers into the ECS would significantly contribute to boosting national productivity and economic stability.
He stated, “The informal sector is the backbone of our economy. If we can effectively cover this sector, we will not only protect livelihoods but also enhance national productivity.”
He added that the Fund would ramp up its awareness campaigns across all geopolitical zones, which began in 2024. Furthermore, stakeholder engagements would be increased to educate informal sector workers on the benefits of the ECS, which offers protection against work-related injuries and occupational hazards.
Acknowledging the unique challenges within the informal economy, Faleye assured that NSITF would tailor its strategies to address these issues, ensuring simple and accessible processes for all. He also indicated that the Fund would restructure its operations and workforce to ensure ECS coverage reaches every worker, irrespective of their employment status.
Reflecting on the achievements of 2024, Faleye praised the dedication and hard work of NSITF staff, acknowledging that their collective efforts had led to the successful launch of new initiatives, an expansion of the Fund’s reach, and the overcoming of significant challenges.
“In a short time, we have made significant progress. Together, we have had a meaningful impact on the lives of workers across Nigeria. I am incredibly proud of what we have accomplished, and the role our staff played in making this possible,” he said.
Looking forward to 2025, Faleye reaffirmed NSITF’s commitment to innovation and investing in human capital. He stressed the importance of fostering a culture of integrity, inclusivity, and continuous learning to strengthen both the organisation and its workforce.
“We will create opportunities for both individual and organisational growth. The success of our employees is directly linked to the success of the Fund,” Faleye concluded.
