2025: NSITF To Widen Compensation Scheme To Informal Sector

The Nigeria Social Insurance Trust Fund (NSITF) said it would broaden its Employee Compensation Scheme (ECS) to include more employees in the informal sector in 2025.

According to the managing director, Oluwaseun Faleye, the move aims to drive national productivity and align with the federal government’s poverty alleviation agenda.

Faleye revealed this while speaking on a TVC programme.

To achieve this, he stated that the fund will intensify its sensitisation campaigns across all geopolitical zones, an initiative that began in 2024.

Additionally, he hinted at NSITF’s plans to engage stakeholders in the informal sector to educate them on the benefits of the ECS.

He harped on the critical role of the informal sector, comprising artisans, traders, and small service providers in the nation’s economic development.

Faleye acknowledged the challenges of integrating the informal sector into the scheme but highlighted plans to develop tailored strategies that address its peculiarities. This includes simplifying processes to make the ECS accessible to all workers, regardless of employment status.

He noted that NSITF intends to re-engineer its operations and workforce to ensure seamless execution and enable a more inclusive approach to its services.

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

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 fund’s success, and I am proud of the impact we have made together.”