The National Pension Commission (PenCom) in Nigeria has revealed that over 75 million workers in the informal sector may retire without any form of pension or retirement savings. This alarming statistic was shared by the Director-General of PenCom, Omolola Oloworaran, during a presentation in Abuja for the accreditation of a new pension agent framework. The framework aims to improve the pension landscape in Nigeria, particularly for groups currently underrepresented in pension coverage.

Oloworaran pointed out that Nigeria's pension reforms primarily benefit those in the formal sector, leaving an overwhelming majority of informal workers without access to this vital safety net. According to data from the National Bureau of Statistics, more than 90 percent of the Nigerian workforce operates within the informal economy, and only about 0.25 percent of this group has any pension coverage. This lack of pension provision poses significant challenges for millions of individuals who rely on their employment for their day-to-day survival.

The implications of these findings are profound, highlighting the urgent need for comprehensive reforms to extend pension coverage to informal sector workers. Many market traders, artisans, farmers, transport operators, technicians, and small business owners face precarious retirements without savings. As the conversation around pension reform continues, stakeholders must consider innovative solutions that address the needs of the entire workforce, ensuring that financial security in retirement becomes a reality for all Nigerians, not just those within formal employment.