By Stella Odueme
The Managing Director and Chief Executive of the Nigeria Social Insurance Trust Fund (NSITF), Mr Oluwaseun Faleye, has called on Nigerian entrepreneurs to prioritise workers' safety and welfare as part of efforts to build sustainable and globally competitive businesses.
Faleye said enterprise growth must go hand in hand with adequate protection for employees, stressing that businesses could not achieve long-term success at the expense of workers' wellbeing.
He made the call on Monday while delivering a goodwill message at the 2026 Grow Nigerian Conference in Lagos, organised by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).
The three-day conference, themed “The Next Frontier for Innovation, Policy and Market Access,” was held at the Ecobank Pan African Centre, Victoria Island, with participation from government representatives, development partners, industry leaders and entrepreneurs.
Commending SMEDAN and its Director-General, Mr Charles Odii, for sustaining the initiative, Faleye said the conference provided an important platform for discussions on moving Nigerian businesses beyond start-up stages to productive, resilient and job-creating enterprises.
He noted that micro, small and medium enterprises (MSMEs) remained critical to Nigeria's economic transformation, describing them as employers, innovators and major contributors to the livelihoods of families and communities.
However, he identified high energy costs, inflation, foreign exchange pressures, inadequate infrastructure, limited access to affordable finance and logistics challenges as major obstacles confronting businesses.
According to him, the focus should extend beyond encouraging business creation to establishing an environment where enterprises can survive, expand and compete effectively.
Faleye stressed that the welfare of workers must form an integral part of enterprise development, noting that employees' skills, commitment and labour were essential to business success.
He explained that the NSITF administers the Employees' Compensation Scheme under the Employees' Compensation Act, 2010, which provides compensation, medical care, rehabilitation and income replacement for workers who suffer occupational injuries, diseases, disability or death.
He further clarified that the scheme is funded through employers' contributions of one per cent of their total monthly payroll, rather than deductions from employees' salaries.
The NSITF chief executive maintained that protecting workers was also beneficial to businesses, as a safe and secure workforce enhances productivity, motivation and organisational commitment.
He expressed concern over limited awareness of the scheme among small businesses, calling for increased sensitisation, simplified procedures and stronger institutional collaboration to improve participation.
Faleye also warned that the expansion of digital platforms, e-commerce and logistics services must not leave workers economically active but socially unprotected.
To address the challenge, he proposed a stronger partnership between NSITF and SMEDAN to integrate workers' protection and occupational safety into entrepreneurship development programmes.
He suggested joint awareness campaigns for MSMEs, incorporation of workplace safety into business training, engagement with business associations and the provision of accessible registration and compliance support.
Faleye also urged the Federal Government to ensure that the proposed National MSME Policy incorporates decent work, occupational safety and social protection as essential components of enterprise development.
He reaffirmed NSITF's commitment to supporting Nigerian businesses through effective implementation of the Employees' Compensation Scheme and the promotion of safer workplaces.
He urged entrepreneurs and relevant stakeholders to work together towards building productive businesses that protect their workforce and contribute to national economic growth.