The steady rise reflects growing participation in the CPS, which remains Nigeria’s most dependable long-term savings and retirement mechanism.
Despite the progress, pension penetration remains considerably low relative to Nigeria’s estimated 70 million-strong workforce. With less than 16 per cent of workers enrolled, experts say this underlines persistent challenges in attracting the informal sector and ensuring compliance among small and medium-scale enterprises (SMEs).
Pension analyst, Mr. Ladi Balogun, highlighted the need for deeper engagement, noting that the Micro Pension Plan has yet to achieve its intended scale.
Another industry chief, Aisha Sule, CEO of TrustPension Ltd, emphasised the need for digital, mobile-driven solutions to boost enrolment.
Director-General of PenCom, Mrs. Omolola Oloworaran, reaffirmed the Commission’s commitment to expanding coverage, strengthening compliance and encouraging voluntary contributions.
She stressed that the success of the CPS depends on expanding beyond the formal sector:
“This national reform must work in every state, local government, and across the informal sector. Every naira deducted must be remitted. Every contribution must be accounted for. Every worker must feel secure about their future.”
PenCom said nationwide sensitisation and targeted outreach to self-employed and informal workers will remain central to reform efforts.
