PenCom launches Personal Pension Plan to cover Nigeria’s informal sector

Nigeria’s pension regulator has committed to extending retirement coverage across informal employment sectors through a redesigned enrollment framework targeting artisans, traders, agricultural workers and freelance professionals. Director General Omolola Oloworaran acknowledged that between 70 million and 80 million citizens operate outside formal workforce structures, leaving most without access to structured retirement arrangements despite earlier micro pension initiatives launched in 2019, attracting only 200,000 participants.

The commission rebranded its program as the Personal Pension Plan, establishing eligibility for self-employed individuals aged 18 and older while permitting flexible contribution schedules through mobile money platforms and digital wallets. Head of Corporate Communications Ibrahim Buwai outlined provisions allowing participants to withdraw half of their deposited funds for contingencies while accumulating long-term savings through the remaining balance.

Oloworaran urged media partnerships to promote awareness among small business owners and informal sector workers, emphasizing digitized administration features providing instant transaction acknowledgment and real-time account access designed to strengthen system transparency and participant trust.