MAN, NACCIMA, NECA, NASME, NASSI reject 3% pension hike

By Victor Ahiuma-Young

The Organized Private Sector of Nigeria, OPSN, has rejected the Federal Government’s proposed increase in mandatory pension contributions, warning that the move could trigger job losses, business closures, slower wage growth and higher inflation across the country.

The umbrella body, comprising the Manufacturers Association of Nigeria (MAN), the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), the Nigeria Employers’ Consultative Association (NECA), the Nigerian Association of Small and Medium Enterprises (NASME), the Nigerian Association of Small Scale Industrialists (NASSI) and 25 sectoral employer associations, described the proposal as a “Greek gift” to Nigerian workers, arguing that while it appears beneficial on the surface, it could ultimately hurt businesses, workers and the wider economy.

Recall that the proposed 3% additional employer pension contribution was announced on Tuesday, July 21, 2026, by the Director-General of the National Pension Commission, PenCom, Ms. Omolola Oloworaran, during the Commission’s Second Quarter 2026 Press Briefing held at the State House in Abuja.

PenCom’s proposal