NSITF To Widen Reach To Informal Economy

The Nigerian Social Insurance Trust Fund (NSITF) has developed a comprehensive programme for the integration of the informal sector into the Employees Compensation Scheme (ECS).

NSITF Managing Director, Oluwaseun Faleye, confirmed this in a statement on Sunday by NSITF General Manager, Corporate Affairs, Nwachukwu Ngige.

Faleye said that the fund would tap into the immense potential of the informal economy in broadening access to its social safety net in line with the poverty alleviation agenda of the Federal Government.

He said that the national economy would benefit greatly if artisans, traders, and other small service providers were brought into the safety net of the ECS.

According to him, such a move will drive national productivity and combat poverty.

“The informal sector is the backbone of our economy. If we can cover this sector effectively, we will safeguard livelihoods and boost national productivity.

“The fund will double down on extensive sensitisation campaigns across all geopolitical zones which we already started in 2024,“ he said.

He added that more stakeholder engagements would be held in the regions to educate informal sector players on the benefits of the ECS.

Noting the unique challenges posed by the informal sector, Faleye said that the NSITF would develop strategies that considered the peculiarities, to tackle each with a simple and accessible process.

“To seamlessly achieve this, NSITF will re-engineer its operations as well as workforce to make the ECS available to all workers irrespective of status, “ he said.

Also, in an address to mark the New Year, Faleye lauded the staff of the NSITF for their roles in making possible the achievements recorded in 2024.

He said that the hard work, dedication and perseverance of the staff members were vital in building a stronger team, capable of delivering outstanding results,

He said: “Within a short time, we have made great strides, launched new initiatives, expanded our reach and overcame obstacles that seemed insuperable.

“Our collective effort has been instrumental in the success of the fund, and I am proud of the impact we have made together.”

Faleye explained that in repositioning the fund for greater heights in 2025, he would sustain investment in innovation.

On manpower development, he said the fund would create growth opportunities, both for individuals and the fund, at large.

He equated the individual staff’s growth to the well-being of the fund and underscored the quest for hard work.

“We will continue to build a culture that fosters integrity, inclusivity, well-being, continuous learning and improvement,” he said.