…says poor pension awareness slows informal sector enrolment
The National Pension Commission (PenCom) has acknowledged that Nigeria’s Personal Pension Plan (PPP) is yet to gain significant traction among informal sector workers, attributing the slow uptake to low pension awareness and limited financial literacy despite sustained efforts to expand pension coverage.
Speaking at the third Pension Industry Leadership Council (PILC) meeting and press conference in Abuja on Tuesday, Omolola Oloworaran, director-general of PenCom, said the commission had made pension inclusion one of its top priorities but admitted that enrolment under the voluntary scheme remains below expectations.
According to her, PenCom had hoped to bring one million women into the Personal Pension Plan but is still far from achieving that target, underscoring the challenge of extending pension coverage beyond Nigeria’s formal workforce.
“I was hoping that we would get one million women on board, but we haven’t gotten close to that. The numbers are still very low, which is why I spoke about awareness and pension literacy,” Oloworaran said.
