Nigeria added about 45000 people to its pension system between August and September to hit nearly 11 million registered savers but that barely scratches the surface when the country has around 70 million workers floating around. The stats from the National Pension Commission show less than 16 percent of Nigerian workers actually have formal retirement coverage.
Pension experts are saying the micro pension plan that launched back in 2019 to rope in street vendors and informal workers has not really done much to move the numbers. Lagos analyst Ladi Balogun thinks the program needs better incentives and street-level outreach, while TrustPension boss Aisha Sule wants mobile tech platforms to reach people who work outside traditional jobs.
PenCom director Omolola Oloworaran said the agency will keep pushing employer compliance and expanding access through voluntary plans aimed at self-employed folks across all regions of the country.
Pension experts are saying the micro pension plan that launched back in 2019 to rope in street vendors and informal workers has not really done much to move the numbers. Lagos analyst Ladi Balogun thinks the program needs better incentives and street-level outreach, while TrustPension boss Aisha Sule wants mobile tech platforms to reach people who work outside traditional jobs.
PenCom director Omolola Oloworaran said the agency will keep pushing employer compliance and expanding access through voluntary plans aimed at self-employed folks across all regions of the country.
