The National Pensions Commission (PenCom) appealed on Friday to artisans, traders, and other self‑employed individuals to enroll in its Micro Pension Plan, emphasizing that it offers a functional retirement solution. Abdulqadir Dahiru, Head of Corporate Communications at PenCom, made the appeal while addressing journalists at the Enugu Trade Fair complex. He highlighted the plan’s importance for Nigerians in the informal sector and for those employed in organisations with fewer than three workers, noting that about 90 percent of Nigeria’s workforce belongs to the informal sector and lacks pension protection. With life expectancy rising, the risk of old‑age poverty is increasing.
The Micro Pension Plan provides a simple, flexible, and secure way for informal‑sector workers to register and contribute toward their retirement. Dahiru explained that artisans, traders, and even a woman selling fried bean cake (akara) can join the scheme and agree on a periodic contribution that matches their earnings. Contributors may withdraw up to 40 percent of their savings for emergencies, while the remaining 60 percent stays invested for retirement. In this way, the plan functions both as a savings vehicle and a financial safety net for daily needs.
PenCom is actively encouraging enrollment by sensitising communities, marketplaces, public gatherings, associations, and trade‑fair venues across the country. Dahiru also urged Nigerians to take advantage of PenCom’s residential mortgage scheme for Retirement Savings Account (RSA) holders. He recalled that the Central Bank of Nigeria has approved at least 34 mortgage banks to collaborate with PenCom and pension fund operators, enabling contributors to use their RSA balances for mortgage financing. To be eligible, contributors must have accumulated at least five years (60 months) of mandatory employer and employee contributions under the Contributory Pension Scheme. The commission remains determined to implement this scheme so that RSA holders can own homes at retirement.
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