Minister of State Labour and Employment, Prof. Stephen Ocheni has affirmed his Ministry‘s readiness to champion the value of social security schemes for the informal economy in order to harness and maximise it’s benefits for all stakeholders in the informal Sector.
Ocheni stated this recently in his keynote address at the workshop on the sensitisation of informal economy on social security schemes in Nigeria.
According to him “the informal economy (also known as informal sector) is a major part of the Nigerian economy, and provides goods and services to the millions of Nigerians’’
Speaking further, Ocheni affirmed that the workshop on the sensitization of informal economy on social security schemes in the country is imperative as it is a major provider of employment since many Nigerians are unable to secure work in the formal sector of the economy’’.
The informal economy is often neglected despite it’s importance. This is so because it comprises activities that are not fully regulated by authorities in government, and despite that these activities are accord legal, only conducted in irregular manner, Ocheni emphasized.
In addition, the Honourable Minister of state stressed that inspite of the adverse characteristics of the informal economy, the economy still remains an important source of livelihood for individuals, families and communities’’.
While lamenting on the negative neglect of the sector to the growth of the economy he said that an urgent solution to address the absence of the social security coverage for the informal sector, which is an anomaly that contributes negatively to the exposure of workers to precarious and dangerous work situation capable of affecting the workers life’s aspirations and goals, is already being addressed through an all-inclusive policy of Economic Recovery and Growth Plan (ERGP) involving both the private and the public sector in line with the change agenda of the present administration of President Muhammadu Buhari, GCFR.
In his address, the Permanent secretary, Bolaji Adebiyi ably represented by his Technical Adviser, Mr. Emmanuel Igbinosun stated that the date chosen for the workshop at this material time in Nigerian political history when the country ‘s economy is on the path to recovery from daunting experience of economic recession was very apt and timely.
Earlier, in his separate goodwill message, the Director-General of Nigeria Employers Consultative Association Mr. Olusegun Oshinowo acknowledged that ‘’ one of the fundamental objectives and principles which underpin the policy of the Nigerian Government towards it’s people is security and welfare of the people which is based on collective remedies against adversity and deficiencies , ranging from pensions to disability compensations, death benefits as well as free/quasi healthcare and education’’ he said.