By Achile Danjuma
In a major push to extend social safety nets to Nigeria’s vast informal economy, the National Pension Commission (PenCom) has launched an initiative to enroll one million women into its Micro Pension Plan (MPP).
The programme was unveiled on Tuesday by the Director-General of PenCom, Ms Omolola Oloworaran, during an International Women’s Day outreach at the bustling Mile 12 Market in Lagos. The event marked the beginning of a strategic effort to bring retirement benefits to the millions of women who power local commerce but lack formal financial protection.
Under the theme “Give to Gain – Save Small Today, Gain Big Tomorrow,” the campaign targets market vendors, farmers, and artisans. To incentivize enrollment, PenCom announced a week-long “matching contribution” window running from March 9 to 13, 2026, during which the Commission will match personal contributions up to N20,000.
Speaking directly to the market women and traders, Oloworaran highlighted the paradox of women’s economic contribution versus their financial vulnerability.
“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,” she said. “Despite contributing so much to the economy, many women in the informal sector live their lives without financial protection for their retirement years.”
Oloworaran emphasized that the Micro Pension Plan is tailored to accommodate the irregular income streams typical of informal trade. “The structure is designed so that 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.
Acknowledging potential skepticism regarding the safety of pension funds, the Director-General reassured the public of the industry’s stability. “The pension industry has been in existence since 2004, and it has proved to be safe and secure,” she stated.
Regarding the ambitious target of one million enrollees, Oloworaran expressed confidence, noting, “Some people think it is a high target, but considering the size of the informal sector workforce, it is achievable.”
The outreach, which will extend to all geopolitical zones, saw PenCom engaging directly with 132 women from key associations in Lagos, including the State Tailors and Fashion Designers Association, and the Hairdressers and Cosmetologists Association.
The initiative received strong backing from male leadership within the artisan community. Lawrence Ajayi, Chairman of the Lagos State Council of Tradesmen and Artisans (LASCOTA), praised the effort while calling for its expansion. He noted that the scheme’s potential reach is vast, stating, “Both men and women under LASCOTA are up to seven million, and that is a big plus for this initiative.”
The event was also attended by Ajose Taiwo, Director of the Entrepreneurship Development Department at the Ministry of Wealth Creation and Employment, alongside other government officials, signaling a collaborative approach to bridging the pension gap in Nigeria’s informal sector.