THE Nigeria Social Insurance Trust Fund (NSITF) has unveiled plan to bring the informal sector under the protective umbrella of the Employees Compensation Scheme (ECS).
The Managing Director of NSITF, Oluwaseun Faleye, disclosed this on Labour Lens, a labour-focused programme aired on TVC.
According to a statement by Nwachukwu Ngige, NSITF’s General Manager for Corporate Affairs, the initiative is part of the federal government’s poverty alleviation agenda.
Faleye emphasised the untapped potential of the informal sector, describing it as the “backbone of the economy.” He added that extending the ECS to artisans, traders, and small-scale service providers would not only safeguard livelihoods but also enhance national productivity.
“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 stated.
To achieve this, the NSITF plans to intensify its sensitization campaign, which began in 2024, across all geopolitical zones. Stakeholder engagements will also be prioritized to educate informal sector players on the benefits of the ECS.
Faleye acknowledged the challenges inherent in integrating the informal sector but assured that the Fund would adopt sector-specific strategies to ensure a seamless process. He revealed plans to re-engineer the Fund’s operations and workforce to make ECS accessible to all workers, regardless of their employment status.
In a New Year message, Faleye lauded NSITF staff for their pivotal role in the successes recorded in 2024. “We have made great strides, launched new initiatives, expanded our reach, and overcome obstacles that seemed insurmountable. Our collective effort has been instrumental in the Fund’s achievements, and I am proud of the impact we’ve made together,” he said.
He also reaffirmed the Fund’s commitment to innovation, manpower development, and fostering a culture of integrity, inclusivity, and continuous learning. “The growth of each staff member is integral to the wellbeing of the Fund. As we reposition for greater heights in 2025, we will continue to build a stronger, more resilient team,” he concluded.
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