PenCom Widens Pension Net to Diaspora, Self-Employed Nigerians

The National Pension Commission has expanded the reach of Nigeria’s Contributory Pension Scheme to include Nigerians living abroad, self-employed persons and workers in the informal sector.

The Director-General of PenCom, Omolola Oloworaran, disclosed this on Tuesday at the commission’s 2026 Customer Service Week seminar in Abuja, where she outlined reforms being implemented under the Pension 2.0 initiative.

Oloworaran, who was represented at the event by PenCom’s Head of Surveillance, Abdulrahman Saleem, said Pension 2.0 was designed around innovation, inclusion and integrity, with a focus on improving access to retirement savings and strengthening confidence in the pension system.

One of the major reforms is a new guideline governing Retirement Savings Accounts in foreign currencies. The framework allows Nigerians working abroad or for foreign companies to participate in Nigeria’s Contributory Pension Scheme, potentially making pension coverage more accessible to members of the Nigerian diaspora.

PenCom is also seeking to expand coverage among self-employed Nigerians and informal-sector workers through the Personal Pension Plan.

The commission says the plan is intended to remove barriers that have kept large numbers of workers outside formal pension arrangements. Under the existing framework, eligible self-employed persons and employees of organisations with fewer than three workers can voluntarily maintain Retirement Savings Accounts with licensed pension fund administrators.

To support wider adoption, PenCom has developed a framework for accredited pension agents who will market and promote the Personal Pension Plan across the country, particularly among underserved communities.

The commission has also introduced revised corporate governance guidelines for pension fund operators and recapitalisation requirements aimed at strengthening the financial resilience of the industry and protecting pension assets.

The reforms come as PenCom seeks to increase pension participation among Nigerians. Recent figures indicate that only about one in 10 Nigerian adults currently participates in formal pension arrangements, despite participation increasing from 7.8 per cent in 2023 to 9.1 per cent in 2026.

Oloworaran said the commission would continue improving digital platforms, communication and customer service to ensure contributors and retirees can access pension services more efficiently.

She described Pension 2.0 as a broader transformation of pension administration aimed at making the system more inclusive, responsive and accessible to Nigerians regardless of where they work or their employment status.