The Nigeria Social Insurance Trust Fund (NSITF) is set to expand the Employee Compensation Scheme (ECS) beyond the formal private sector to cover all tiers of government, a move expected to benefit small and medium‑sized enterprises (SMEs) by safeguarding employees and reducing business risks.
Under President Bola Ahmed Tinubu's #RenewedHope Agenda, the initiative aims to ensure no worker is left without social protection, creating a more secure and productive labour force.
At a strategic retreat in Lagos, attended by the Joint Committee on Employment, Labour & Productivity, labour representatives, and private sector stakeholders, NSITF leadership emphasised that broader ECS coverage will give SMEs greater confidence to scale operations, attract talent, and maintain continuity during workplace incidents.
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This expansion is also expected to encourage more SMEs to formalise operations in order to access the scheme's benefits. The retreat focused on reimagining social insurance to meet the realities of today's economy, with a shared goal of aligning labour protection policies to business growth.
Stakeholders agreed that a stronger NSITF will help SMEs thrive by reducing workforce vulnerabilities, fostering stability, and building investor trust in Nigeria's employment environment.
