Nigeria's Pension Coverage Reaches 9.1% in 2026

The Access to Financial Services in Nigeria survey revealed that pension coverage in Nigeria increased to 9.1% of the adult population in 2026, up from 7.8% in 2023. Despite this improvement, approximately nine out of ten Nigerian adults lack formal pension arrangements.

Omolola Oloworaran, Director-General of the National Pension Commission, stated that while the rise in pension participation is encouraging, it underscores the significant retirement security challenges in Nigeria. Many workers in the informal sector, including traders, farmers, and mechanics, earn incomes without adequate retirement savings.

Oloworaran advocated for financial inclusion that extends beyond bank accounts to include pension products. She proposed a Personal Pension Plan and a pension inclusion model to encourage consistent savings among informal workers.

Additionally, she suggested creating a pension inclusion map to identify gaps based on various demographics. Foyinsolami Akinjayeju, CEO of Enhancing Financial Innovation and Access, noted that pension penetration remains weak despite broader financial service expansion.