An Assessment of Social Insurance As A Strategy for Enhancing Social Protection Effectiveness in Nigeria.

  • A.B. SHOGUNRO Department of Actuarial Science & Insurance, Faculty of Management Sciences, University of Lagos
  • S.M. OLANIYAN Department of Actuarial Science & Insurance, Faculty of Management Sciences University of Lagos.
  • PHILOMINA. I UDOBI-OWOLOJA Department of Finance, Faculty of Management Sciences University of Lagos.
  • D.O. BABALOLA Department of Actuarial Science & Insurance, Faculty of Management Sciences University of Lagos.
Keywords: Social-insurance, Social protection


Nigeria's economic development has not been sufficient to significantly lessen inequality and poverty. While the Gini coefficient, an economic statistic used to evaluate income and wealth inequality, is high, the poverty level has worsened over the past 20 years and is still continuing to rise. To reduce the country's high rates of susceptibility and poverty, the government has worked to create with its development partners social safety measures, one of which is social security. Based on this, the study's goal is to evaluate social security as a strategy to improve the efficacy of Nigeria's social protection using primary data collected through the distribution of a questionnaire that was specifically tailored to the study's aims and objectives. The target audience for the study consists of all the insurance firms that are based in Lagos, Nigeria, and are currently conducting businesses there, with an adequate and suitable sample size calculated using the technique developed by Cochran in 1977. While frequency counts and percentages were employed to explain the demographic data in descriptive statistics, mean, and standard deviation of the respondents, inferential statistics—one sample t-test and regression—were utilized to address the research inquiries and test the study's hypotheses that were developed. The findings show that implementing social insurance systems reduces the risk for the poor and has a profoundly favourable impact on the scope of social protection coverage. The study, therefore, advised strengthening the institutional governance elements of social protection programs and educating program members to keep implementers accountable. The design and execution of programs should also focus on equity.


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How to Cite
SHOGUNRO, A., OLANIYAN, S., UDOBI-OWOLOJA, P. I., & BABALOLA, D. (2023). An Assessment of Social Insurance As A Strategy for Enhancing Social Protection Effectiveness in Nigeria. Global Journal of Accounting, 8(2), 1-15. Retrieved from