By: Oluwatobi Aroyehun
In furtherance of its efforts to extend pension benefits to Nigerians working in the informal sector, the National Pension Commission (PenCom) has taken its Personal Pension Plan (PPP) campaigns to market women and women in small businesses across Nigeria to encourage them to start saving for their future.
The awareness campaign, organised as part of activities marking International Women’s Day, aims to ensure that pension benefits are not limited to government workers alone but are also available to traders, artisans, and self-employed individuals who form a large part of Nigeria’s workforce.
In Kwara State, the programme took place at Oja Tuntun Market in Ilorin, Kwara State, where hundreds of traders gathered to learn about the importance of saving gradually for their future.
Speaking during the event, the Director-General of PenCom, Omolola Oloworaran, said the Personal Pension Plan was designed to help Nigerians in the informal sector prepare financially for their retirement years, adding that the scheme ensures that people who work outside government employment can still enjoy pension benefits when they are no longer able to work.
She explained that the pension reform programme has been in existence for more than two decades, beginning during the administration of former President Olusegun Obasanjo and has continued to grow and provide financial security for millions of Nigerians.
Oloworaran reassured participants that the pension scheme is safe, transparent and well-regulated as contributors’ funds are protected under strict financial rules.
The PenCom Director-General also told the market women about the significance of International Women’s Day and used the opportunity to celebrate the contributions of women to the society.
She noted that women play very important roles in families and communities, often combining their responsibilities as mothers, caregivers and business owners.
According to her, women also contribute significantly to Nigeria’s economy, especially through their activities in markets, small businesses and other informal economic sectors, noting that it is important for women to be included in programmes that help secure their financial future.
Oloworaran explained that women who open Personal Pension Plan accounts during the campaign and make contributions will receive matching contributions from PenCom to encourage women to start saving for their future.
“For example, if a woman contributes ₦1,000, PenCom will match it with another ₦1,000. If she contributes ₦10,000, we will also match ₦10,000. If she contributes ₦20,000, we will match ₦20,000,” she explained, adding that the maximum matching contribution provided by PenCom is ₦20,000.
This means that if someone contributes ₦50,000, PenCom will still provide a maximum of ₦20,000 as support in order to motivate traders and other informal workers to begin saving early.
She also explained that contributors are free to choose from different licensed Pension Fund Administrators who will manage their pension accounts.
The event at Oja Tuntun Market attracted a large turnout of traders and market leaders; it was lively and colourful, with traditional Ilorin “Bembe” drummers entertaining the audience with music and songs.
The drummers created a festive atmosphere as market women, Iyaloja leaders and PenCom officials danced together while the awareness campaign continued.
After the market outreach, the programme moved to Diamond Arena at Irewolede area of Ilorin where artisans, self-employed workers and small business owners also gathered to receive information about the pension plan.
Addressing the artisans, Oloworaran explained that PenCom deliberately included traders and other informal workers in the contributory pension scheme so that they too can benefit from pension in their old age.
She assured them that their savings are safe and that they will be able to access their funds when they retire. She also revealed that PenCom hopes to introduce additional benefits in the future, including health insurance for contributors, as more people join the scheme and the programme grows.
Also speaking at the event, PenCom official Babatunde Alayande commended Nigerian women for their strength, resilience and dedication to their families and businesses.
He emphasised that pension should not be seen as a privilege meant only for government employees, adding that the Personal Pension Plan was created so that traders, artisans and self-employed workers can also enjoy financial security after their working years.
He encouraged women to take advantage of the opportunity and begin contributing according to their financial ability.
The Kwara State Commissioner for Environment and Forestry, Nafisa Buge, also expressed support for the programme describing the initiative as a wonderful opportunity for people in the informal sector to plan for their future.
“This is a very beautiful initiative because it gives people, especially those in the informal sector, the opportunity to plan their lives after retirement,” she said.
She explained that many traders and artisans do not retire at a fixed age like government workers as they usually continue working until they become too weak to continue.
“When their strength is no longer there, it is important that they have something to fall back on. That is why this programme is very important and something I truly appreciate,” she informed.
Similarly, the Chairman of the Artisan Association, Alhaji Jimoh Adeshina, urged women not to depend entirely on their children for support during old age.
He advised them to take advantage of the pension scheme to secure their future because the programme is approved by the government and properly regulated, which means contributors’ money is safe.
When some participants asked why the programme was mainly focused on women, Oloworaran explained that the campaign was organised to celebrate women during International Women’s Day.
However, she added that the opportunity would also be extended to men after the one-week campaign.
In an interview after the event, Oloworaran explained that the main purpose of the programme is to encourage women to begin thinking about financial security for their old age.
She said many women in the informal sector work very hard every day but often do not plan for the future.
“This programme is about encouraging women to start saving for their future. Many women work all their lives but do not think about what will happen when they stop working.”
She explained that the matching contribution introduced by PenCom is meant to motivate women to participate in the programme. “We still match up to ₦20,000, which is the maximum support,” she said.
Speaking on the future of the programme, she disclosed that PenCom has big plans to expand the Personal Pension Plan and introduce additional benefits for contributors.
She explained that health insurance is already being planned for some retirees in the formal sector and may eventually be extended to those in the informal sector as well.
“We have big dreams for this pension plan. As the programme grows and more people join, we hope to introduce additional benefits such as health insurance and other support systems.”
She concluded with a simple message for women across the country: “My message is simple: as you work today, remember to save for tomorrow. When you start putting aside small amounts today, in ten or twenty years you will have something meaningful to rely on. Saving today will help secure your tomorrow.”
Through the nationwide awareness campaign, PenCom said it hopes to ensure that more Nigerians, especially women in the informal sector can enjoy financial security, independence and dignity during their retirement years.
