PenCom DG Launches Pension Reform Targeting 75 Million Informal Workers in Nigeria

Omolola Oloworaran, the Director-General of the National Pension Commission (PenCom), unveiled a pension reform initiative targeting 75 million informal workers in Nigeria. The reform involves accrediting pension agents like Awabah to enroll contributors into pension plans, marking a new phase in Nigeria's pension system.

Oloworaran highlighted the need to address the significant gap in pension coverage, especially for the informal sector workers who contribute to Nigeria's economy daily without adequate retirement savings. The pension assets in Nigeria exceed N27 trillion, with 10 million retirement savings accounts, primarily among salary workers.

The accreditation of pension agents is seen as a strategic move to extend pension coverage to the informal sector, leveraging technology to reach workers nationwide. Ugodr Obi Chukwu, CEO of Nairametr, emphasized the economic implications of expanding pension coverage beyond the formal sector, enhancing social protection and long-term financial security for informal workers.