PenCom targets one million informal women for pension

The National Pension Commission has launched an ambitious drive to enrol one million women into the Personal Pension Plan, aiming to extend financial security to Nigeria’s vast informal sector. The initiative was unveiled by PenCom Director-General, Ms Omolola Oloworaran, during an outreach campaign held to commemorate International Women’s Day on Tuesday at Mile 12 Market, Lagos. Addressing market women and entrepreneurs, she highlighted the urgent need to protect those who fuel the economy but lack formal retirement benefits. The campaign, themed “Give to Gain – Save Small Today, Gain Big Tomorrow”, targets market traders, farmers, and artisans, offering a week-long matching contribution window from March 9 to 13, 2026. During this period, the Commission will match personal contributions up to N20,000. Oloworaran said, “Nigerian women wake up very early in the morning, sometimes as early as 3 am or 4 am, to open their shops, run their market stalls, farm the land and support their families. “Despite contributing so much to the economy, many women in the informal sector live their lives without financial protection for their retirement years.” Emphasising the accessibility of the plan, Oloworaran explained that the structure is designed to accommodate irregular income patterns. “That means when you save, we also add to your savings. It is a direct investment in the dignity and financial independence of the Nigerian woman,” she added. Addressing potential concerns about the security of the funds, the PenCom chief reiterated the robustness of the current framework. “The pension industry has been in existence since 2004, and it has proved to be safe and secure. We are targeting one million women to register under this scheme within the year. Some people think it is a high target, but considering the size of the informal sector workforce, it is achievable,” she stated. The outreach programme will extend to all geopolitical zones, with PenCom urging women to serve as ambassadors for the scheme. At the Lagos leg of the programme, the Commission engaged 132 women from associations including the Lagos State Tailors and Fashion Designers Association, the Nigerian Association of Hairdressers and Cosmetologists, and the Lagos State Barbers, Hairdressers and Cosmetology Association. Speaking to The PUNCH at Alausa, Chairman of the Lagos State Council of Tradesmen and Artisans, Lawrence Ajayi, commended PenCom and the Lagos State Government. He called on the Commission to extend the initiative to men in the future, noting, “Both men and women under LASCOTA are up to seven million, and that is a big plus for this initiative.” Also in attendance were the Director of the Entrepreneurship Development Department at the Ministry of Wealth Creation and Employment, Ajose Taiwo, and other officials.