The Managing Director and Chief Executive Officer of the Nigeria Social Insurance Trust Fund (NSITF), Barrister Oluwaseun Faleye, has emphasized the need for stronger collaboration among government institutions, employers and workers to promote sustainable economic growth and improve workforce protection across Nigeria.
Faleye made the appeal on Monday in Abuja while delivering a goodwill address at the fifth Annual Summit of the Nigeria Employers’ Consultative Association (NECA), where stakeholders gathered to examine strategies for enhancing enterprise competitiveness amid ongoing economic reforms.
Speaking on the summit’s theme, “Leveraging Reforms and ESG for Enterprise Competitiveness and Inclusive National Growth,” Faleye described the discussions as particularly relevant at a time when businesses are adjusting to changing economic conditions and policy reforms.
He noted that companies across the country are embracing innovation and adapting to emerging realities in a bid to remain competitive while delivering broader social value.
Drawing on a popular Nigerian proverb that emphasizes mutual support, the NSITF chief stressed that meaningful national development can only be achieved through cooperation among key stakeholders.
According to him, government, employers and employees each have distinct responsibilities, but shared commitment and trust are essential to achieving inclusive progress. He added that the NSITF views worker welfare and business success as complementary objectives rather than competing interests.
Faleye said organizations that prioritize the safety and wellbeing of their employees are better positioned to build resilient and sustainable businesses, while a protected workforce is more productive and motivated.
He also highlighted the importance of the Employees’ Compensation Scheme, describing it as a vital component of Nigeria’s social protection framework. The scheme, he said, provides support for workers affected by workplace injuries or occupational hazards while giving employers greater confidence to operate within a fair and predictable system.
As the country continues to implement economic reforms, Faleye urged policymakers and business leaders to ensure that growth remains inclusive and that workers are not excluded from the benefits of national development.
He commended NECA for sustaining the annual summit, expressing optimism that the two-day event would produce practical recommendations capable of improving enterprise competitiveness and supporting Nigeria’s economic development.
The NECA Summit brings together business leaders, policymakers and labour stakeholders each year to deliberate on policies and emerging issues affecting Nigeria’s business environment and the wider economy.
