…Says Informal Sector Plays a Significant Role in Economic Growth

By Gift Chapi-Odekina, Abuja

The Managing Director and CEO of the Nigeria Social Insurance Trust Fund (NSITF), Mr. Oluwaseun Faleye, has announced that the organisation is expanding its social insurance scheme to include workers in the informal economy, recognizing their critical contribution to Nigeria’s overall economic activity.

Mr. Faleye made this statement during a visit by the Chairman of the Nigeria Union of Journalists (NUJ), Federal Capital Territory (FCT) Chapter, Comrade Grace Ike, and her executive team to the NSITF headquarters in Abuja.

As part of this initiative, NSITF plans to collaborate with NUJ FCT to launch an awareness campaign, provide workplace safety training, and carry out risk assessments for workers in both formal and informal sectors.

Speaking on NSITF’s efforts, Mr. Faleye emphasized the organisation’s commitment to streamlining the claims and compensation process, making it easier for workers and their families to access benefits.

“We are continuously making progress. We are working to speed up payments, simplify registration, and expand our inspection and coverage efforts to bring more workers under the scheme.”

Highlighting the importance of covering informal sector workers, he added: “The informal economy represents a significant portion of Nigeria’s workforce. While the formal sector is structured and easier to reach, our focus must be on extending coverage to informal workers. Through our expanded regional offices and services, we are making genuine efforts to reach as many people as possible. That’s why partnerships like this are essential.”

Mr. Faleye expressed appreciation for the NUJ FCT’s interest in partnering with NSITF, recognizing the media’s role in public awareness and advocacy.

“Journalists play a vital role in shaping public understanding of critical issues. This partnership will help us communicate the benefits of social insurance effectively and encourage wider participation.”

He noted that the collaboration will enhance transparency and accountability, ensuring that accurate information about NSITF’s services reaches the public.

“If this partnership succeeds in the FCT, it will serve as a model for nationwide collaboration with journalists.”

Mr. Faleye stressed the importance of workplace safety, particularly for journalists who often face risks in their profession.

“Journalism can be dangerous, with reporters traveling to high-risk areas. It is crucial that journalists and their unions advocate for NSITF compliance within their organizations to ensure they have access to compensation and social security benefits.”

He urged the NUJ to work closely with employers to ensure that workers are covered under the Employees’ Compensation Scheme, adding that:

“When workers know they are protected under NSITF, they can go to work with confidence, knowing that if anything happens—such as an accident—they and their families will be taken care of.”

In response, Comrade Grace Ike, Chairman of the NUJ FCT Council, commended NSITF’s leadership in providing social safety nets for workers.

“We appreciate your efforts in promoting workplace safety and occupational health standards. Our visit today reaffirms our commitment to raising public awareness about NSITF’s crucial role in providing social security and compensation for Nigerian workers.”

She highlighted NSITF’s evolution from a Provident Fund Scheme to a comprehensive Social Insurance Scheme, particularly through the Employees’ Compensation Scheme, which guarantees fair compensation for work-related injuries and disabilities.

Comrade Ike emphasized the importance of educating both employers and employees about their rights and obligations under the Employees’ Compensation Act.

“This partnership will help ensure that more people understand the benefits and responsibilities associated with NSITF coverage. We propose joint public awareness campaigns and media initiatives to enhance access to NSITF services.”

She added that collaborating with NSITF would contribute to a more informed and protected workforce in Nigeria.

In his closing remarks, Mr. Faleye encouraged feedback on NSITF’s services, reaffirming the organization’s commitment to continuous improvement.

“We value your input on how we can enhance our engagement with the public. Together, we can ensure that more Nigerian workers are protected under the social insurance scheme.”

The collaboration between NSITF and NUJ FCT will focus on public awareness, safety training, and risk assessment initiatives, ensuring that more workers—both in the formal and informal sectors—are adequately covered and protected.