Experts Warn Nigeria Losing Billions by Excluding Informal Sector from Pensions and Insurance

Financial experts have raised concerns that Nigeria is forfeiting vast long-term savings and investment capital because most of its estimated 70 million informal sector workers lack access to pension and insurance schemes. Only about 26.3% of informal workers currently participate in these plans, despite comprising 92% of the employed population. Industry voices called for simplifying enrollment processes, adopting digital technology, and creating micro pension fund administrators embedded in communities to increase coverage.

Written by Adeyemi Adewale