…MD Seun Faleye Committed to Safeguarding livelihoods while boosting productivity
The Nigeria Social Insurance Trust Fund (NSITF) has unveiled plans to include the informal sector in its Employees’ Compensation Scheme (ECS), a move aimed at strengthening its social safety net and supporting the federal government’s poverty alleviation agenda.
NSITF’s Managing Director, Seun Faleye, announced the initiative during an interview on Labour Lens, a TV Continental programme focused on labour issues. According to Faleye, incorporating artisans, traders, and small service providers into the ECS will play a pivotal role in protecting livelihoods and improving the nation’s economic output.
“The informal sector is the backbone of our economy,” Faleye stated. “If we can effectively cover this sector, we will not only safeguard livelihoods but also boost national productivity.”
Faleye outlined the Fund’s plans to intensify its sensitisation campaigns across all six geopolitical zones, which commenced in 2024. Stakeholder engagements will also be expanded to educate informal workers on the benefits of ECS coverage, including protection against work-related injuries and occupational hazards.
Recognising the unique challenges of the informal economy, he assured that the NSITF would implement simple and accessible processes to ensure seamless integration. He added that the Fund’s operations and workforce would be restructured to make ECS coverage inclusive for all workers, irrespective of their employment status.
Faleye applauded the accomplishments of 2024, attributing the success of several new initiatives and the Fund’s expanded reach to the hard work and dedication of NSITF staff.
“In a short time, we have achieved remarkable strides. Together, we have made a meaningful impact on the lives of workers across Nigeria. I am immensely proud of our achievements and the role our staff played in making them possible,” Faleye said.
Looking ahead to 2025, Faleye reaffirmed the NSITF’s commitment to innovation, workforce development, and fostering a culture of integrity and inclusivity.
“We will create opportunities for both individual and organizational growth. The growth of our employees directly correlates with the success of the Fund,” he emphasized. “As we look forward to 2025, we remain focused on building a stronger NSITF that delivers outstanding results.”
This initiative signals a major step toward extending social protection to millions of workers in Nigeria’s informal sector, ensuring that no one is left behind in the quest for economic stability and prosperity.