Nigeria’s Contributory Pension Scheme (CPS) recorded a total of 10,928,039 Retirement Savings Account (RSA) holders in September 2025, up from 10,882,661 in August, according to the latest summary report from the National Pension Commission (PenCom) obtained by The Nation.
The figure represents a steady rise in pension enrolment, reinforcing the CPS as Nigeria’s most dependable long-term savings and retirement plan.
Low Penetration Remains a Challenge
Despite the growth, coverage remains limited relative to Nigeria’s estimated 70 million-strong workforce, meaning fewer than 16 per cent of workers are currently included in the formal pension system. Experts attribute this gap largely to difficulties in enrolling the informal sector and ensuring compliance among small and medium-sized enterprises (SMEs).
“We’ve made some progress, but a large portion of the labour force remains outside the pension net,” noted Lagos-based pension analyst Mr Ladi Balogun. He added that the Micro Pension Plan, launched in 2019 to cover artisans, traders, and informal workers, requires stronger incentives and greater grassroots engagement to expand its reach.
Digital Solutions Key to Inclusion
Aisha Sule, CEO of TrustPension Ltd, stressed that increasing enrolment goes beyond awareness campaigns. “Mobile and technology-driven platforms are critical for reaching the informal sector, where the majority of workers are. Digital integration, ease of contribution, and trust are essential,” she said.
PenCom’s Commitment
PenCom Director-General, Mrs Omolola Oloworaran, reaffirmed the commission’s commitment to improving compliance, encouraging voluntary contributions, and strengthening retirement income security.
“The CPS must evolve beyond a narrow formal-sector focus,” she said. “The success of this national reform depends on its implementation in every state, local government, and across the informal sector. Every naira deducted must be remitted, every contribution properly accounted for, and every worker assured that their future is secure.
Our strategic inclusion initiatives, including the Personal Pension Plan, target self-employed and informal workers, with nationwide sensitisation programmes across all six geopolitical zones.”
