RESETTING SOCIAL SECURITY AGENDA

The Nigeria Social Insurance Trust Fund (NSITF) is emerging as a leading institution for social security and employee compensation in Africa, two years into the leadership of Director General Oluwaseun Faleye. The Fund has reportedly improved its processes, leading to more employer registrations and timely compensation for beneficiaries, positioning itself as a key component of President Ahmed Tinubu’s Renewed Hope Agenda.

The NSITF's core mission is to prevent destitution among Nigerian workers following workplace injuries, occupational diseases, or death, and to support their dependents. Faleye's administration has prioritized clearing backlogs of claims and implementing new standard operating procedures to expedite verification and payments, aiming to provide "dignity in times of distress."

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dignity in times of distress.

Beyond compensation, the NSITF has intensified sensitization efforts across formal and informal sectors, ensuring employers comply with the Employees’ Compensation Act and educating workers about their social protection rights. The Fund's reforms are framed within the federal government's vision of job creation, poverty reduction, and inclusive growth, with a senior management official stating, "Social security is not welfare. It is an investment in productivity."

Under Faleye, the NSITF has expanded its reach, enrolling over 7.8 million employees into its Employee Compensation Scheme (ECS). It has disbursed billions of naira to affected workers and dependents across various sectors and rehabilitated over 100 employees who suffered severe injuries. Crucially, the NSITF has extended the ECS to cover the informal sector, offering a vital social safety net to millions of artisans, traders, and gig workers.

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Social security is not welfare. It is an investment in productivity.