Social Insurance is Crucial for Every Nigerian Business – NSITF Boss

By Chinedu Echianu

Managing Director of the Nigeria Social Insurance Trust Fund, (NSITF), Barrister Oluwaseun Faleye, says social insurance is a necessity for all Nigerian businesses.

Faleye disclosed this in Enugu on Thursday at a sensitization program organised by the Fund for stakeholders from the Informal sector of the Nigerian economy on extending social protection to the sector.

“Social Insurance is not a privilege for big corporations. It is a necessity for every Nigerian business.” he said in his opening remarks.

The NSITF boss, who was represented by General Manager informal economy department, Mrs. Chika Onyewuchi, highlighted the importance of the Informal sector as the backbone and heartbeat of the Nigerian economy and went further to underscore the necessity for social protection for the sector, he said it was the most vulnerable sector “exposed to risks, economic shocks and without social protection.”

“The challenge before us is clear: we must connect the Informal sector to opportunities, protections, and systems that enable them not just to survive–but to thrive.” She posited.

Earlier in his remarks, Faleye explained that the Employee Compensation Act 2010 provided for the Employee Compensation Scheme and mandates all employers of labour in Nigeria to contribute 1% of the workforce salary to the Fund in lieu of just and transparent compensation in case of work-related injuries, diseases, disabilities and deaths. he said the Fund’s mandate includes promotion of workplace safety and health through risks assessment, sensitization and promoting best practices in occupational safety and health.

The sensitization program is in continuation of the Barrister Oluwaseun Faleye-led management of NSITF’s bid to expand the safety net to better provide succour and support for the Nigerian workers in time of need.

He said, ” We advocate safety in the workplace and as such, provide free workplace safety audits, safety training, awareness programmes, and compliance monitoring.”

Calling on stakeholders in the sector to enroll in the Employee Compensation Scheme, Faleye said, “when we protect workers, we empower businesses. When we empower businesses, we grow the nation.”

The training for businesses in the informal sector was organized by the NSITF in conjunction with Connect Loops Limited.