Sensitisation will boost 70m micro pension participation target – Expert

The federal government must embark on aggressive sensitisation in the informal sector to achieve its 70 million micro pension participation target, according to the Contributory Pension and Happy Retirement Advocacy (COPEHRA), a non-governmental organisation. The Micro Pension Plan (MPP) was designed to bring traders and artisans and other workers in the informal sector into the […]

The federal government must embark on aggressive sensitisation in the informal sector to achieve its 70 million micro pension participation target, according to the Contributory Pension and Happy Retirement Advocacy (COPEHRA), a non-governmental organisation.

The Micro Pension Plan (MPP) was designed to bring traders and artisans and other workers in the informal sector into the pension scheme so they can save for their retirement.

A pension expert and board member in the organization, Mr Sani Mustapha, in an interview with journalists, said the MPP has a lot to offer the economy and the country in terms of investible long-term funds and deepening financial inclusion.

“However, government must engage in massive sensitisation to be able to achieve its target as the current 95,000 participation, according to the National Pension Commission, is still very low,” he said.

Daily Trust reports that as of April 2023, data from the National Pension Commission showed that the Micro Pension Plan has over 95,000 registered participants who have contributed N435.61 million.