RSA enrolment nears 11 million

• Pension coverage remains low amid Nigeria’s expanding workforce

Nigeria’s Contributory Pension Scheme (CPS) has recorded a total of 10,928,039 Retirement Savings Account (RSA) holders in September 2025, rising from 10,882,661 in August.

This was shown in the latest summary report from the National Pension Commission (PenCom) and obtained by The Nation.

The figure marks a steady increase in pension enrolment, further establishing the CPS as Nigeria’s most reliable long-term savings and retirement plan.

Despite the growth, penetration remains significantly low, especially when compared to Nigeria’s estimated 70 million-strong workforce.

This means less than 16 per cent of Nigerian workers are currently covered under the formal pension system.

Experts said this figure reflects the challenges in onboarding the informal sector and enforcing compliance among small and medium enterprises (SMEs).

“We’ve made some progress, but clearly, a large portion of the labour force remains outside the pension net,”said.

A Lagos-based pension analyst, Mr. Ladi Balogun said the Micro Pension Plan needs stronger incentives and more grassroots engagement to drive inclusion.

The Micro Pension Scheme, introduced in 2019 to include artisans, traders, and other informal workers, has yet to achieve the scale necessary to significantly move the needle, he stated.

Another CEO of TrustPension Ltd, Aisha Sule said they must go beyond awareness and adopt mobile and tech-driven platforms to reach Nigeria’s informal sector, where the real numbers lie.

She noted that digital integration, ease of contribution, and trust will be key.

The Director-general, PenCom, Mrs. Omolola Oloworaran has also reiterated its commitment to strengthening enforcement and encouraging voluntary contributions to boost overall pension assets and retirement income security.

Speaking on improving contributor numbers and broadening worker coverage under the Scheme, she emphasised that the CPS must evolve beyond a narrowly formal‑sector focus

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“The success of this national reform rests on its implementation in every state, local government, and across the informal sector.

“We will continue to enforce employer compliance. Every naira deducted must be remitted. Every contribution must be properly accounted for. Every worker must be assured their future is secure.

“Our strategic inclusion through the Personal Pension Plan and informal‑sector access will continue. It is part of our expansion initiatives targeting self‑employed and informal workers, and nationwide sensitisation programmes across all six geopolitical zones”, she posited.