Millions of informal Nigerian workers have long lacked access to secure retirement options.
Market traders, artisans, farmers, and motor park attendants work daily but save very little.
Now, this is beginning to change with Awabah, the nation’s first Accredited Pension Agent (APA).
Informal Workers Left Behind
On Monday, PenCom launched the executive event, attended by newsmen, marking a new reform chapter.
Moreover, Director-General of PenCom, Omolola Oloworaran, said the next frontier of reform targets 75 million workers.
She explained, “Over 93% of our workforce is informal, leaving millions without pensions or financial safety.”
Jobs And Opportunities
Importantly, Awabah’s mission goes beyond retirement savings; it also creates jobs and economic opportunities.
Furthermore, Accredited Pension Agents will use technology to reach markets, villages, workshops, and farms nationwide.
These agents aim to bring informal workers into the pension system for the first time.
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In addition, CEO of Nairametrics, Ugodre Obi-Chukwu, emphasised that personal pensions strengthen capital formation.
He said, “Micro-pensions mobilise funds from the informal economy while providing long-term security for workers.”
Similarly, CEO of Awabah, Tunji Andrews, explained their guiding principle: “No African worker should face poverty from one mishap.”
Modernising Pension Access
Meanwhile, PenCom introduced the Data Recapture Self-Service Platform (PENCAP), allowing workers to update their biodata online.
This platform improves data accuracy, reduces barriers, and helps informal workers participate in pensions more easily.
Although pension assets exceed ₦27 trillion and 10 million accounts exist, salaried employees receive most benefits.
Consequently, PenCom now shifts focus to integrating informal workers into the national pension system.
Through initiatives like Awabah and PENCAP, Nigeria aims to turn daily earners into long-term contributors, securing their future.
Ultimately, these reforms build a truly inclusive pension system, ensuring no worker remains behind.
