NSITF seals social security pact with Mexico

The Nigeria Social Insurance Trust Fund (NSITF) has signed a Memorandum of Understanding (MoU) with Mexico in the implementation of social security.

The NSITF and Mexico agreed to sign the pact when the Ambassador of Mexico to Nigeria, Alejandro Garcia Moreno paid a visit to the managing director of NSITF, Adebayo Somefun in Abuja recently.

Receiving the Ambassador and his entourage at the Corporate Headquarters of the Fund, Somefun, said the visit was an opportunity to collaborate with the Mexican government on how to overcome challenges in the implementation of social security initiatives in the country.

Somefun, who described the Instituto Mexicano del Seguro Social (IMSS) as the largest social security institution in Latin America, expressed the management’s interest in understudying how the institution has been able to power its social security system successfully.

He identified some similarities in the schemes run by Nigeria and Mexico, adding however, that while the latter’s scheme was obligatory and voluntary, it was mandatory in Nigeria.

He reiterated NSITF’s the readiness to learn from Mexico’s social security organisations.

Responding, the Mexican Ambassador said the social security system in Mexico, which was a fall out of the Mexican revolution in 1910, resulted in the commitment of the government to work for the people by having a cover for all working Mexicans.

“Two institutions were created, the Instituto Mexicano del seguro Social (IMSS), which provides retirement insurance for Mexicans in the private sector and the Reformed Mexican Social Security System, which provides retirement security for the public sector,” he said.

Moreno stated that the most important benefits in Mexico include public health, which is a free cover and housing for the workers, describing it as complete system.

He promised to work hand–in-hand and share experience, while looking forward to building a wonderful relationship with the fund.