FG to champion social security schemes for informal economy

The Federal Government has expressed it preparedness to champion social security schemes for the informal economy to harness and maximise its benefits for all stakeholders in the sector.

Minister of State for Labour and Employment, Prof. Stephen Ocheni, in his keynote address at the workshop on the sensitisation of the informal economy on social security schemes in Nigeria, noted that the informal economy (also known as informal sector) is a major part of the Nigerian economy, and provides goods and services to millions of Nigerians.

Ocheni affirmed that the workshop on the sensitisation of the informal economy on social security schemes in the country is imperative as it is a major provider of employment, since many Nigerians are unable to secure work in the formal sector of the economy.

“The informal economy is often neglected despite its importance. This is so because it comprises activities that are not fully regulated by authorities in government, and despite that these activities are legal, only conducted in irregular manner,” Ocheni said.

In addition, the minister of state stressed that inspite of the adverse characteristics of the informal economy, the economy still remains an important source of livelihood for individuals, families and communities.

While lamenting the negative impact of neglect of the sector on the growth of the economy, he said that an urgent solution to address the absence of the social security coverage for the informal sector, which is an  anomaly  that contributes negatively to the exposure of workers to precarious and dangerous work situation capable of affecting the workers  life’s aspirations and goals, is already being addressed through an all inclusive policy of Economic Recovery and Growth Plan ( ERGP). This, he said, involves both the private and the public sector in line with the change agenda of the present administration of President Muhammadu Buhari.

In his address, the permanent secretary, Bolaji Adebiyi, represented by his technical adviser, Mr. Emmanuel Igbinosun, stated that the date chosen for the workshop at the period when the country  economy is on the path to recovery from economic  recession  was very apt and timely.

Earlier, the director-general of Nigeria Employers Consultative Association,  Mr. Olusegun Oshinowo, said that one of the fundamental objectives and principles that underpin the policy of the Nigerian government towards its people is security and welfare of the people.

According to him, Nigeria presently lacks in social welfare based on collective remedies against adversity and deficiencies, ranging from pensions to disability compensation, death benefits as well as free/quasi health care and education.