By Johnbosco Agbakwuru

ABUJA —MANAGING Director of  the Nigeria Social Insurance Trust Fund, NSITF,  Barr. Oluwaseun Faleye, on Thursday, said that social insurance was a necessity for all Nigerian businesses.

Faleye disclosed this at a sensitisation program organised by the Fund for stakeholders from the Informal sector of the Nigerian economy on extending social protection to the sector, at  the Golden Royale Hotel, Enugu.

In his remarks at the event, Faleye said: “social Insurance is not a privilege for big corporations. It is a necessity for every Nigerian business.”

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.

He underscored the necessity for social protection for the sector,  adding that it was the most vulnerable sector “exposed to risks, economic shocks and without social protection.”

He further said: “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.

Faleye explained that the Employee Compensation Act 2010 provided  for the Employee Compensation Scheme and mandates all employers of labour in Nigeria to contribute one percent of the workforce salary to the Fund in lieu of just and transparent compensation in case of work-related injuries, diseases, disabilities and deaths.

According to him, the Fund’s mandate includes promotion of workplace safety and health through risks assessment, sensitisation and promoting best practices in occupational safety and health.

The  sensitisation program is in continuation of the Barrister Oluwaseun  Faleye-led management of NSITF 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 Coinnect Loops Limited.