The Nigeria Social Insurance Trust Fund (NSITF) has emphasized the importance of early retirement planning for Nigerian workers. According to Mr. Oluwaseun Faleye, Managing Director of NSITF, retirement security is shaped during working life and depends on various factors, including workplace safety, protection of earning capacity, and compensation for occupational injuries.
Faleye made these remarks at the 2026 National Pre-Retirement Summit in Abuja, themed “Own Your Retirement: From Planning to Action”. The summit featured a policy dialogue on effective social protection for Nigerian workers. He stressed that individual planning cannot replace institutional responsibility for workers’ protection, highlighting the need for a comprehensive approach to retirement security.
The Employees’ Compensation Scheme (ECS) provides compensation for occupational injuries, diseases, disability, and death, alongside medical care, rehabilitation, and support for affected workers. Faleye noted that NSITF had enrolled over 7.8 million workers under the scheme, up from 7.6 million in July 2026.
NSITF has also reduced the average claims processing time, with a turnaround time of 10 days, down from 14 days. The Fund has demonstrated its commitment to faster compensation and improved service delivery, with the first batch of five Treasury-funded MDA beneficiaries paid on August 4, 2026.
However, Faleye emphasized that registration alone does not guarantee protection, urging employers to ensure compliance through regular contributions, accurate worker documentation, and timely payment of benefits. He stressed the need for a visible and compassionate claims administration process, designed around the beneficiary’s experience.
To prevent occupational hazards and protect workers’ health and earning capacity, NSITF plans to strengthen workplace inspections, accident investigations, safety advocacy, and rehabilitation programs. Faleye emphasized the importance of shared responsibility in retirement security, with the state, institutions, employers, and workers all playing a role.
The NSITF Managing Director reiterated the Fund’s commitment to expanding coverage, strengthening compliance, and improving institutional coordination. He emphasized that retirement security must translate into tangible protection for workers and their dependants, ensuring a secure future for Nigerian workers.
Key points
- NSITF urges Nigerian workers to plan for retirement early, emphasizing that retirement security begins during active working years.
- The Employees’ Compensation Scheme provides compensation for occupational injuries, diseases, disability, and death, alongside medical care and rehabilitation.
- NSITF has enrolled over 7.8 million workers under the scheme and reduced average claims processing time to 10 days.
