Nigeria’s pension assets have grown to N23.33 trillion at the end of the first quarter of 2025, showing a 19 per cent year-on-year increase. This is based on the latest data released by the National Pension Commission (PenCom). The industry has witnessed consistent growth since the beginning of the year, with the fund rising from N22.51 trillion in December 2024 to N22.86 trillion in January 2025. It further rose to N23.27 trillion in February and then added N61.91 billion in March to reach N23.33 trillion.
Despite the growth in the size of the fund, the number of Retirement Savings Account (RSA) holders remains under 11 million. As of March 2025, total RSA registration stood at 10,689,846, which is a 3.98 per cent increase compared to the same period in 2024. This has raised concerns about the slow rate of participation in the Contributory Pension Scheme, especially from workers in the informal sector.
In a bid to close this gap, PenCom is intensifying efforts to attract informal sector workers into the pension system. The Director-General of the commission, Omolola Oloworaran, said there is a need to develop strategies to include the over 77 million informal workers in Nigeria. She made this call while speaking at the inaugural Pension Industry Leadership Retreat held in Lagos. The event, which had the theme “Sustainable Retirement – Strategic Blueprint for Economic Development and Inclusion”, was attended by key players in the pension industry and government officials.
According to Oloworaran, “We would look for opportunities to incentivise the informal sector to participate in the pension scheme.” She noted that fewer than 10,000 informal sector workers are currently active under the scheme, despite their large population.
The Lagos State Governor, Babajide Sanwo-Olu, also supported the call to include informal workers. He was represented at the event by the Commissioner for Finance, Abayomi Oluyomi. Oluyomi said, “Our work is far from complete. Retirement security must extend beyond formal employment to include the informal sector, the market traders, the artisans, and the good economic workers who form the backbone of our economy.”
He added that economic inclusion would only be achieved if Nigeria creates innovative pension solutions that are easy to use, trustworthy, and sustainable for all classes of workers.
To make pension contributions easier and more efficient, PenCom has launched a new digital platform called the Pension Contribution Remittance System (PCRS). The platform is designed to ensure that employers can remit pension contributions for their workers from anywhere, using approved payment service providers. Starting from June 1, 2025, all employers are required to use this system for making contributions.
PenCom has listed the following providers for the new platform: Paypen by Netline Limited, Pencentral by Chamsaccess Limited, Pensphere by Pethahiah Rehoboth Int’l Limited, Penremit by Cyberspace Limited, Pensol by Uniswitch Technology Limited, Penco by Gemspay Solutions Limited, Awabah by Awabah Remit Services Limited, Epcoss by Nigeria Inter-bank Settlement Systems Plc, and Interswitch by Interswitch Group.
According to PenCom, “With the Pension Contribution Remittance System, your employees’ pension remittance is hassle-free, 100 per cent digital, and all that is required is to select your preferred payment solution service providers now and start remitting.”
The commission explained that the new platform ensures that uploaded pension remittance schedules are accurate and that employee details are verified with PenCom before processing. It added that the platform is free to use and comes at no additional cost to employers.
As Nigeria continues to expand its pension coverage, the regulator is confident that digital tools and targeted strategies will help deepen participation, especially among informal workers. The steady growth in pension assets shows investor confidence, but the challenge of low inclusion among millions of workers remains a priority for the commission going forward.
