In a strategic push to expand the reach and impact of Nigeria’s pension system, the Pension Fund Operators Association of Nigeria (PenOp) has stepped up its policy advocacy efforts, urging lawmakers and regulators to drive reforms that will ensure broader participation—particularly from workers in the informal sector.
At a recent media briefing, PenOp President Christopher Bajowa emphasized that legislative support and regulatory flexibility are critical to the sustained growth of the Contributory Pension Scheme (CPS), which currently covers primarily formal sector employees.
“Pension security should not be the preserve of those in structured employment,” Bajowa asserted. “Our advocacy is centered on inclusivity—unlocking access, simplifying the enrollment process, and enhancing the portability of pension accounts across various employment types.”
PenOp is actively engaging with the National Assembly, the National Pension Commission (PenCom), and other key stakeholders to push for policies that will bring artisans, gig economy workers, and self-employed individuals into the pension net. The association is also championing the rollout and adoption of micro pension schemes, leveraging digital technology to ease onboarding and boost participation.
As part of its broader strategy, PenOp is calling for the introduction of tax incentives and legal frameworks that will encourage small and medium-sized enterprises (SMEs) to consistently register their employees and remit pension contributions.
Through targeted public sensitization campaigns and stakeholder collaboration, PenOp aims to close Nigeria’s pension coverage gap and build a more inclusive retirement savings culture—ensuring long-term financial security for all working Nigerians, regardless of sector.
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