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…As Fund pays N6.6bn in compensation to 103,000 workers
By Merit Ibe
The Lagos Chamber of Commerce and Industry (LCCI) has noted the vital role of the Nigeria Social Insurance Trust Fund (NSITF) in strengthening the country’s business landscape and fostering a resilient, people-centered economy.
The chamber made the remark yesterday at the ongoing Lagos International Trade Fair, during the NSITF special day.
President of the Chamber, Gabriel Idahosa, noted that NSITF’s contribution to the Nigerian economy goes beyond protection, but also provides the foundation upon which enterprises can thrive.
“Recently, the Fund disbursed over N6.6 billion in compensation to more than 103,000 beneficiaries, a tangible demonstration of its support for workers and, by extension, business productivity.
NSITF provides coverage to more than 183,000 employers and 7.6 million employees nationwide, an impressive scale that underscores its growing impact within the formal economy.”
He empahsised that the informal sector is not being left behind, as the Fund’s recent sensitisation drive on the Employees’ Compensation Scheme (ECS) in Anambra State’s industrial hub highlights a renewed effort to bring artisans, traders, transporters, and small business owners under the national social security net.
“Social protection must extend beyond offices; it must reach every worker contributing to Nigeria’s productive strength.”
In her remarks, the Managing Director and Chief Executive, NSITF, Oluwaseun Mayomi Faleye pointed out that at the Fund, support is not a passive gesture, but is active, deliberate and deeply human.
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“It is what we provide when a worker is injured, what we extend when uncertainty threatens a family’s stability and what we build each time we choose social protection over neglect.”
Faleye, who was represented by Nkiru Ede Ogunnaike, noted that the benefits compensation of the fund is not just a policy, but a promise.
“A promise that no worker will be left behind when life takes an unexpected turn,” adding that the promise is upheld through a powerful alliance and the tripartite structure that defines the Fund.”
According to her, the structure includes the employer, who contributes and complies, ensuring that workers are protected; the employee, whose safety, dignity, and well-being are at the heart of our mission and the government, who provides the legal framework and oversight that makes this system fair, transparent, and sustainable.
“These three pillars, government, employers, and employees form the foundation of a resilient social protection system. When they work in harmony, they create a reliable safety net delivered through the Employees’ Compensation Scheme (ECS), a system designed to protect workers against accidents, injuries, occupational diseases, or death arising out of or in the course of employment.”
Faleye said NSITF represents a community of shared responsibility where strength is measured by the protection provided for one another.
“A community where no worker is left unprotected and no employer is left without institutional support.*
“Let us not forget that behind every claim processed, every compensation paid and every policy implemented, there is a human story.
“Our role is not merely administrative, it is deeply transformational. We are the bridge between hardship and healing, we will continue to modernize our systems, improve our outreach and deepen our impact, we must carry this message forward: Benefits compensation is not charity, it is justice! It is empowerment! It is nation-building.”
She further urged all stakeholders to join hands to build a culture of compliance, compassion, and accountability to ensure that every Nigerian worker, regardless of their sector or status, feels the strength of the Fund’s support.
