More than 75 million Nigerians in the informal sector risk retiring without pensions or savings due to extremely low coverage under the country’s pension system, according to the National Pension Commission.
More than 75 million Nigerians working in the informal sector are likely to retire without any form of pension or retirement savings, the Director-General of the National Pension Commission, Omolola Oloworaran, has said. She made the disclosure on Monday in Abuja while speaking at the presentation of a licensed accredited pension agent certificate to Awabah, the first company accredited under the commission’s new pension agent framework.
Oloworaran noted that Nigeria’s pension reforms have largely benefited workers in the formal sector, leaving the majority of informal workers outside the pension safety net. Citing data from the National Bureau of Statistics, she said over 90 per cent of Nigeria’s workforce operates in the informal economy, yet pension coverage among this group remains at about 0.25 per cent.
She said the implication is that millions of market traders, artisans, farmers, transport operators, technicians and small business owners retire without savings, pensions or any form of social protection. Oloworaran said,”According to the National Bureau of Statistics, over 90 per cent of Nigeria’s workforce operates in the informal sector. This includes more than 75 million Nigerians—market traders, artisans, farmers, technicians, transport operators, small business owners, and young entrepreneurs—who power the economy every day. Yet, as of today, pension coverage for this group stands at just 0.25 per cent.
“In practical terms, we can round that down to zero. This means that most of these workers retire with nothing—no savings, no pensions, and no safety net.”
NEWS NOW:
