Social Security Initiatives and Economic Empowerment on Value of Life in Nigeria
Social security, a globally approved scheme, is aimed at empowering the society economically which invariably enhances their quality of life, amongst other reasons and benefits. In Nigeria, like other nations around the world, the scheme has come in various forms with different nomenclatures over time. This paper discusses the current social security scheme in Nigeria with a flash back on previous efforts to be in tune with the global community so as to be considered as responsible nation. It examines the effectiveness of these schemes as an instrument meant to address the issue of poverty, inequality and economic empowerment in the country. The paper argues that social security scheme in Nigeria is falling short as a response to the needs of the poor and suggested a number of policy recommendations for consideration by government to strengthen the nascent social security scheme agenda in the country. It also points out that the current policies are inadequate and cannot guarantee security in the actual sense hence the need for an holistic approach encompassing all those who are vulnerable most especially the unemployed, the aged and those whose idle hands can be detrimental to the tranquility of the country. The paper draws on a desk – based review of secondary literature on social security scheme and personal experience of individuals.
Keywords: Social Security, Quality of Life, Poverty, Inequality, Economic Empowerment.