WorldStage– The Director-General (D-G) of National Pension Commission (PenCom), Ms Omolola Oloworaran, has said that the Personal Pensions Plan (PPP) is a critical pillar for building Nigeria’s long-term economic resilience.
Oloworaran said this during the inauguration of “8Awabah” the first Accredited Pension Agent (APA) in Abuja on Monday.
She said that many workers in the informal sector currently lacked retirement security.
The D-G said that financial resilience was not built at retirement but through early savings, planning, trust and access.
She said that Nigeria stood at a similar crossroads in 2004, when the Pension Reform Act (PRA) transformed the country’s retirement landscape.
“Before 2004, pensions were promises without funding, retirees suffered indignity and old age became synonymous with anxiety.
“That reform replaced uncertainty with structure and discipline,” she said.
The D-G said that pension assets had grown to over N27 trillion, with more than 10 million contributors, placing Nigeria among countries with the strongest pension systems in Africa and globally.
Citing data from the National Bureau of Statistics, she said that the gains of the reform largely benefitted formal sector workers, leaving a significant gap.
Oloworaran said that over 90 per cent of Nigeria’s workforce operated in the informal sector.
According to her, the figure represents more than 75 million artisans, traders, farmers, transport operators and small business owners who currently retire without savings or social protection.
“This gap is not only a social challenge, it is a national vulnerability.
“A country can not be strong when millions grow old in poverty,” she said.
The D-G said that PPP was a vital economic infrastructure.
She said that rather than charity, they mobilise domestic capital, protect families, support growth and strengthen economic stability.
“To address the gap, in September 2025 we introduced regulations establishing accredited agents and rebranded the Micro Pension Plan as the PPP to broaden its appeal nationwide.
”The accredited pension agents will serve as the bridge between the pension system and the informal economy by taking pension services directly to markets, farms, workshops and rural communities.
”The technology will be central to achieving scale, enabling digital onboarding, micro-contributions, real-time account access and low-cost service delivery,” Oloworaran said.
The D-G, also said that pension contributions werere tax-deductible, encouraging Nigerians to save for retirement while retaining more of their income.
She said that Awabah was the first accredited pension agent in the country, which showed development as a demonstration of leadership and conviction.
“Pioneers do not wait for the future, they build it. Awabah is not just participating in this reform, it is pioneering it.
”The accredited pension agent model will also create jobs, with thousands of young Nigerians trained as pension ambassadors across the country.
“This reform is about jobs today, savings tomorrow and security for life. Every contributor enrolled is poverty prevented, and every account opened is dignity secured,” she said.
Oloworaran said that the initiative aligned with President Bola Tinubu’s inclusive growth agenda, which seeks to ensure that economic reforms translate into protection and dignity for all citizens.
The Chief Executive Officer (CEO) of Awabah, Mr Tunji Andrews, said that the company was launching resilience mandate.
Andrews said that nationwide rollout of the accredited agent network was designed to formalise the workforce for financial security.
”When we started Awabah, we were driven by a single obsessive idea, that no African worker should be one mishap away from poverty.
”We looked at the continent and did not see a narrative of lack.
“We saw the most productive workforce in the world; skilled artisans, tireless traders and a vibrant creator who drives our economy every single day.
”However, we also saw a gap, while their productivity was, their protection was nearly non-existent,” he said.
Andrews said that through the ValuBah bundle, the company proven that for as little as N3,000 a month personal pension bundled with health insurance, accident cover and life insurance could be provided.
“Now, everyone from the security guard to the business owner is protected, making financial protection highly accessible to all,” he said.
The CEO said that PenCom had proven to be an architect that built the railing that allows innovation, while commending all partners for their constant support.
