The National Pension Commission has revealed that 12,241 Retirement Savings Account holders from the informal sector have contributed about N967.19m between 2020 and the third quarter of 2024 under the Micro Pension Plan.
This was disclosed in its newly introduced Pension Industry Performance Dashboard, which offers a comprehensive, user-friendly overview of historical vital pension statistics.
The Pension Reform Act 2014 expanded coverage of the Contributory Pension Scheme to the self-employed and persons working in organisations with less than three employees.
The Micro Pension Plan was launched in 2019 to provide retirement savings for people working in the informal sector.
According to a recent study by Jobberman Nigeria in partnership with the Mastercard Foundation, the informal sector accounted for 76.7 per cent of employed Nigerians, highlighting the critical importance of the sector to Nigeria’s economy.
The PenCom dashboard revealed that since inception to Q3 2024, the total micro pension registration count stood at 164,031.
“Specifically, the number of informal sector workers with funded RSAs was 12,241. From 2020 to Q3 2024, the number of funded RSA registrations increased by 5,971, and the total amount saved in the RSAs of Micro Pension Participants was N967.19m as of Q3 2024, which represented a growth of N878.07m from the 2020 figure of N89.13m,” part of the dashboard read.
