84.9 Million Informal Workers Face Retirement Without a Safety Net

Nigeria’s National Pension Commission (PenCom) is stepping up efforts to extend retirement coverage to self-employed and informal-sector workers, an estimated 84.9 million of whom lack pension protection. Figures presented at PenCom’s annual media conference in Lagos show that only 242,690 informal workers had enrolled in the Personal Pension Plan by July 2026, representing coverage of 0.29%. The plan allows flexible contributions, but irregular earnings, limited awareness, distrust of financial institutions and access barriers hamper participation. PenCom says progress should be measured by the consistency and frequency of contributions and account balances, not just the number of accounts opened.