Protect Workers to Unlock Growth, NSITF Tells Employers, Government

.... As Faleye, DG NSITF urges employers and government to prioritise worker protection as a critical strategy for boosting enterprise competitiveness and driving inclusive economic growth.

The Managing Director and Chief Executive Officer of the Nigeria Social Insurance Trust Fund (NSITF), Barr. Oluwaseun Faleye, has urged employers and government to prioritise worker protection as a critical strategy for boosting enterprise competitiveness and driving inclusive economic growth.

Speaking on Monday at the 5th Annual Summit of the Nigeria Employers' Consultative Association (NECA) in Abuja, Faleye said sustainable economic reforms can only succeed when the interests of businesses and workers are advanced simultaneously through strong stakeholder collaboration.

He noted that while Nigeria is implementing key economic reforms, businesses are increasingly expected to embrace Environmental, Social and Governance (ESG) principles, making it imperative for government, employers and labour to work together in shaping a resilient economy.

According to him, organisations that invest in the safety and welfare of their workforce are better positioned to improve productivity, attract investments and remain competitive in an evolving business environment.

"The left hand washes the right, and the right hand washes the left," he said, stressing that shared responsibility among stakeholders is essential for national development.

Faleye described the Employees' Compensation Scheme as a cornerstone of Nigeria's social protection framework, saying it provides a safety net for workers while enabling employers to operate within a stable and predictable compensation system.

He cautioned that the gains of ongoing reforms would be limited unless deliberate efforts are made to ensure that workers are adequately protected and that economic growth benefits all segments of society.

The NSITF boss also applauded NECA for providing a platform for dialogue between policymakers, employers and labour leaders, expressing optimism that the summit would produce practical recommendations to strengthen businesses and support Nigeria's economic transformation.

The summit, themed "Leveraging Reforms and ESG for Enterprise Competitiveness and Inclusive National Growth," attracted key stakeholders from the public and private sectors to deliberate on strategies for improving the country's business environment.