Nigeria Launches Strategy to Fix 90% Pension Coverage Gap

The 2026 Access to Financial Services in Nigeria (A2F) survey reveals that approximately 90% of Nigerian adults lack formal pension coverage. While pension participation rose slightly from 7.8% in 2023 to 9.1% in 2026, the National Pension Commission (PenCom) warns that this leaves the vast majority of the workforce, particularly farmers, traders, and digital economy workers, without retirement security.

Launched in Abuja by Enhancing Financial Innovation and Access (EFInA), the report shows that while overall financial inclusion reached 79%, long-term resilience products remain underused. Formal credit penetration stands at 10% and insurance at 5%. The data also highlights a stark wealth gap, with 53% of the poorest adults remaining financially excluded compared to only 1% of the richest. Additionally, 61% of adults report severe liquidity distress.

In response, PenCom Director-General Omolola Oloworaran announced a redesign of pension inclusion through a Personal Pension Plan and the creation of a national pension inclusion map to identify demographic and geographical gaps. Simultaneously, Central Bank of Nigeria Governor Olayemi Cardoso announced the commencement of the National Financial Inclusion Strategy 4.0, which will prioritize financial health and consumer protection over simple account access.

Critics and officials emphasized that account ownership alone is insufficient. Former Central Bank Governor Muhammadu Sanusi II argued that account ownership is meaningless if it does not help citizens escape poverty, while EFInA Board Chair Agnes Olatokunbo urged policymakers to design targeted interventions rather than products for an average Nigerian.