The Secretary to the Government of the Federation (SGF), Senator George Akume, has called on the Pension Industry Leadership Council (PILC) to scale up Nigeria’s Micro Pension Plan, adopt digital innovations, and offer incentives to bring informal sector workers—including artisans, traders, and small business owners—into the national pension net.
Speaking during the inaugural PILC meeting in Abuja, Akume said the time had come to broaden pension coverage beyond the formal workforce to enhance retirement security for millions of Nigerians and strengthen the country’s social stability.
“Expanding pension access to informal workers will not only promote inclusion but also enhance national economic resilience,” he stated.
Senator Akume outlined a number of strategies for deepening pension penetration in Nigeria, including expansion of the Micro Pension Plan to reach informal sector workers, introduction of tax reliefs and other incentives to encourage participation, deployment of digital payment platforms, mobile wallet systems, and biometric verification for seamless registration and payout and building trust by ensuring contributors’ savings are secure, well-managed, and yielding returns.
“Higher confidence in the pension system will translate to wider participation,” Akume emphasized.
The SGF also urged the PILC to explore how Nigeria’s growing pension assets—currently valued at over ₦17 trillion—can be strategically mobilized for national development. He recommended transparent investments in:
- Infrastructure bonds
- Affordable housing
- Renewable energy
- Small and Medium Enterprises (SMEs)
Akume called for collaboration with the Central Bank of Nigeria (CBN), Federal Ministry of Finance, and the Nigeria Sovereign Investment Authority (NSIA) to ensure these investments align with broader national priorities.
Pushing for the adoption of technology, Akume proposed a “Pension Industry Digital Innovation Agenda” that would modernize operations by Implementing a unified database for all contributors, Enabling mobile-based access to Retirement Savings Accounts (RSA) and Enhancing fraud detection and speeding up retirement benefit processing.
“Pensions must be viewed not just as retirement savings, but as a key component of a wider social protection ecosystem,” Akume added.
The Director General of the National Pension Commission (PenCom) and Chairperson of the PILC, Ms. Omolola Oloworaran, echoed the SGF’s sentiments. She reaffirmed the role of pensions as both a social protection pillar and a driver of sustainable economic growth.
Oloworaran noted that the Council is committed to expanding coverage to Nigeria’s vast informal workforce, and will work closely with stakeholders to implement the strategic roadmap outlined by the federal government.
