Over 84,000 Nigerians have signed up for the Micro Pension Plan (MPP), according to information released by the National Pension Commission (PenCom), while reaffirming its continuous effort to drive awareness of the plan for the informal sector.
This was revealed to reporters at the present Lagos International Trade Fair, which is being organized by the Lagos Chamber of Commerce and Industry, by Dauda Ahmed, the head of PenCom’s Micro Pensions Department.
While adding that the new pension scheme is an initiative of the Commission’s five-year strategic plan, which aims to achieve an inclusive and expanded coverage of the pension industry with a goal to ensure that participants in the informal sector have the opportunity to save for their retirement, Ahmed noted that the Commission has interacted with potential participants and educated them on the importance and benefits of the micro pensions plan.
Over 84,000 Nigerians have registered for the Micro Pension Plan, adding that enrollments have significantly increased over the past two months.
According to Ahmed, 90% of Nigerian workers are employed in the informal sector, and most lack retirement benefits. He also noted that as life expectancy rises, there is an increased risk of poverty and old age.
However, he pointed out that the micro pension program ensures retirees’ independence and financial security in addition to raising their standard of living when they retire in the future.
Celebrities, accountants, architects, lawyers, artists, traders, stylists, farmers, and more can now have the opportunity to plan towards their retirement through pension thanks to the micro pension plan, he reiterated.