ASSESSING THE EFFECTIVENESS OF SOCIAL SECURITY IN NIGERIA: COVERAGE GAPS, SOCIOECONOMIC IMPACTS, AND POLICY RECOMMENDATIONS FOR STABILITY

Enyinnaya Emmanuel Sike (), Adedeji Adegoke and Rauf I. Rauf ()
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Enyinnaya Emmanuel Sike: Head of Department, Social Security, Nigeria Social Insurance Trust Fund
Adedeji Adegoke: Executive Director Finance and Investment, Nigeria Social Insurance Trust Fund
Rauf I. Rauf: Department of Statistics, Faculty of Science, University of Abuja

European Journal of Accounting, Finance & Business, 2024, vol. 12, issue 3, 32-41

Abstract: This study examines the effectiveness of Social Security Programs (SSPs) in Nigeria, focusing on awareness levels, coverage gaps, socioeconomic impacts, and their role in addressing social security challenges. Using a mixed-methods approach and cross-sectional survey design, the research analyzes data from respondents in the Federal Capital Territory (FCT), Abuja, representing formal and informal workers, retirees, and vulnerable populations. Findings reveal significant limitations in SSP coverage, particularly for informal sector workers, due to barriers such as high costs and lack of awareness. While pension schemes demonstrate positive impacts on retirees’ financial stability, the overall effectiveness of SSPs in reducing poverty and unemployment remains limited. Security challenges persist because of insufficient youth-focused initiatives and administrative inefficiencies, though programs show potential for mitigating crime and enhancing public order when effectively implemented. Recommendations include expanding coverage to informal workers, improving administrative efficiency, increasing public awareness, and integrating youth empowerment initiatives into SSP frameworks.

Date: 2024
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