Social Security as a Veritable Tool for Achieving Millennium Development Goals

Abstract

Social security is rooted in the need for solidarity and risk pooling by the society given that no individual can guarantee his or her own security. Every human being is vulnerable to risks and uncertainties with respect to income as a means of life sustenance. To contain these risks, everyone needs some form of social security guaranteed by the family, community and the society as a whole. Such socioeconomic risks and uncertainties in human life form the basis for the need of social security. This paper therefore examines the role of social security in achieving millennium development goals as well the challenges facing social security system in Nigeria. In the course of this work, secondary data were used throughout, and it was recommended, among other things, government should encourage and integrate the informal social security system with the formal system.