PenOp urges inclusion of informal sector in micro pension scheme

Pension Fund Operators Association of Nigeria (PenOp)

Chief Executive Officer (CEO), Pension Fund Operators Association of Nigeria (PenOp), has called for more awareness creation to bring the informal sector into the Micro Pension Plan.

The PenOp CEO spoke virtually at a Retreat/ Maiden Magazine unveiling of Pension Correspondents Association of Nigeria (PenCAN) held in Abuja on Thursday.

According to him, the culture of savings must be at the front burner to ensure Nigerians have something to fall back on when they are old.

Agudah said it was relevant for the Contributory Pension Scheme (CPS) in the 21st century.

“Nigeria has about 60 per cent of its citizens in the informal sector that have not enrolled in the CPS and do not have any retirement plan at all.

“As such, stakeholders in the pension industry must keep engaging with the informal sector and create awareness by not only diseminating information, but putting it in a way people can receive it, understanding it and be interested in joining,” he said.

The CEO said that the Micro pension was very important owing to the fact that it was private sector driven and transparent.

He said that if the informal sector which forms a large chunk of the country’s population does not have anything to fall back on, they would be a liability to the country.

According to him, with the Micro pension Scheme which is managed by professionals, it will provide as a buffer for them as they age.


Agudah said that though the CPS was not perfect, but it had proven overtime to be of help to of great support to the elderly who make deliberate efforts for their retirement.

He urged the association to keep the advocacy drive in the pension sector and complement the efforts of the operators and regulator to ensure a safe and transparent pension sector.

Earlier in her remarks, the President of PenCAN, Enehuwa Musa highlighted the relevance of media participation in awareness creation in the pension industry.

She also reiterated the association’s commitment to partner with stakeholders in driving growth in the sector.



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