Labour Minister Dingyadi Applauds NSITF MD Faleye for Transforming Social Insurance Fund

By Chinedu Echianu

The Minister of Labour and Employment, Dr. Muhammad Dingyadi, has commended the Managing Director of the Nigeria Social Insurance Trust Fund (NSITF), Barrister Olúwaṣeun Faleye, for steering a significant turnaround of the agency just one year after his appointment.

Speaking during his keynote address at the opening of a two-day retreat for the National Assembly Joint Committees on Labour, Employment and Productivity, held in Lagos on Monday, Dingyadi described the transformation under Faleye’s leadership as commendable and impactful.

“NSITF is a key agency under the Ministry of Labour and Employment and has witnessed a positive turnaround since the management team came on board last year,” the Minister said. “Aside their vigorous drive for expansion of enrollment into the Employee Compensation Scheme, the MD has breathed new life into the promotion of occupational safety and health and driven the prompt payment of claims.”

Dingyadi also praised the NSITF management for initiating the retreat with the theme: “Building a Sustainable Future: Strengthening Social Security and Enhancing Labour Productivity in Nigeria.” He said the theme reflects the urgent need for reform in the country’s social security framework.

“The Nigerian social security system requires strategic reforms to expand coverage, improve benefits and ensure the sustainability of our social insurance programmes,” he added.

In his welcome address, Barrister Faleye emphasized the importance of synergy between the legislature and NSITF, describing the retreat as a platform for deepening understanding of social security issues, especially the workings of the Employee Compensation Scheme.

“This event signifies openness between the legislature and the Fund to collaborate on critical issues to advance the social welfare of Nigerians,” Faleye said.

He acknowledged the country’s current socioeconomic crossroads, where challenges such as economic growth, youth unemployment, workplace safety, and social protection converge. According to him, the welfare of Nigerian workers — the cornerstone of national development — must remain a top priority.

He called on participants, including representatives from the Nigeria Labour Congress (NLC) and the Nigeria Employers Consultative Association (NECA), to see the retreat as an opportunity to reshape governance and policy direction in line with the core values of “safety, justice, inclusion, and impact.”

“The next two days would provide us all the opportunity to interrogate our policy, refine our strategies and recommit ourselves to delivering a scheme that is effective, transparent and trusted,” he said.

While acknowledging that the NSITF has made strides in delivering on its mandate through the Employees Compensation Scheme, Faleye admitted that enforcement and awareness — particularly at subnational levels — require stronger attention. He stressed that legislative backing will be key to mainstreaming social safety nets for a resilient economy and improved workers’ welfare.