Nine in 10 Nigerian Adults Still Outside Formal Pension System as New Survey Reveals Retirement-Security Gap
By Iroyin Yoruba Television News Desk
About nine out of every 10 Nigerian adults remain outside formal pension arrangements despite a rise in overall financial inclusion, according to the 2026 Access to Financial Services in Nigeria Survey launched in Abuja on September 16.
The survey found that formal pension participation increased from 7.8 per cent of Nigerian adults in 2023 to 9.1 per cent in 2026.
The increase means pension coverage has improved, but the vast majority of adults remain without a formal pension arrangement capable of providing structured retirement income.
The findings were presented during the launch of the ninth edition of the Access to Financial Services in Nigeria, or A2F, survey conducted by Enhancing Financial Innovation and Access, EFInA.
The survey also found that Nigeria's broader financial inclusion rate rose to 79 per cent in 2026, up from 74 per cent in 2023, while financial exclusion declined from 26 per cent to 21 per cent.
However, the pension figures show that having access to financial services does not automatically mean that Nigerians are adequately preparing for retirement.
National Pension Commission Director-General Omolola Oloworaran said the increase in pension participation was real but remained small relative to the size of the adult population outside the formal pension system.
The findings have placed retirement security at the centre of Nigeria's financial-inclusion conversation, particularly as the country's workforce includes a large informal sector whose workers do not necessarily participate in employer-based pension arrangements.
A financial inclusion success that has not yet become retirement security
The 2026 survey presents two developments that appear to be moving at different speeds.
On one side, more Nigerians are gaining access to formal financial services.
On the other, participation in long-term products such as pensions remains low.
EFInA said the A2F survey tracks how Nigerians use formal and informal financial services to meet daily needs, cope with emergencies, plan for the future and participate in economic activities.
The 2026 edition is the ninth round of the survey since the first exercise in 2008, giving it more than 17 years of comparable demand-side information about financial behaviour in Nigeria.
The new findings therefore provide more than a snapshot of bank-account ownership.
They examine whether financial access is translating into broader financial resilience and economic participation.
That distinction is particularly important for pensions.
A person may have a bank account, use mobile transfers and receive digital payments regularly while having no structured retirement savings.
The survey's pension figures demonstrate that the expansion of everyday financial services has not yet produced equivalent participation in long-term retirement products.
What the 9.1 per cent figure means
The reported 9.1 per cent pension coverage refers to the proportion of adults covered by formal pension arrangements in the survey.
It does not mean that only 9.1 per cent of Nigeria's entire population has any savings at all.
Some Nigerians save through informal arrangements, personal investments, property, businesses, family support systems or other mechanisms that do not constitute formal pension coverage.
The significance of the figure is specifically that most adults are outside formal pension arrangements.
EFInA's survey found that pension participation had risen from 7.8 per cent in 2023 to 9.1 per cent in 2026.
That represents a 1.3-percentage-point increase over the three-year period.
In relative terms, the 2026 participation rate is roughly 17 per cent higher than the 2023 rate, but the starting point was low.
Consequently, even a noticeable proportional increase still leaves a large majority of adults without formal coverage.
This is the central issue facing policymakers and pension administrators.
PenCom wants pension access to reach every working Nigerian
At the survey launch, PenCom Director-General Omolola Oloworaran said the commission's ambition is to ensure that every working Nigerian can access and build a pension.
She specifically identified workers in the informal sector and participants in the emerging digital economy as important groups for expansion.
Oloworaran also said the survey data would help the pension regulator understand the groups that remain outside the formal system and develop approaches to reach them.
The statement reflects a major structural challenge.
Traditional employer-based pension arrangements are easier to administer when a worker has a formal employer, regular payroll and identifiable monthly income.
The situation is different for traders, artisans, farmers, freelancers, transport operators, domestic workers, small-business owners and other people whose income can fluctuate.
A pension system designed primarily around formal payroll employment may therefore struggle to reach large parts of the working population.
The informal economy is central to the challenge
Nigeria's informal economy includes millions of people who earn income outside conventional employment structures.
Many work for themselves.
Some operate small businesses.
Others combine several sources of income.
Their earnings may change from week to week or month to month.
This creates a different pension challenge from the one faced by a salaried worker whose employer automatically deducts a defined contribution from monthly wages.
An informal worker may have the willingness to save but lack a predictable amount that can be committed every month.
Another may not trust financial institutions enough to lock away money for decades.
Some may prioritise immediate household needs over retirement because current expenses are more pressing.
Others may not know how pension products work or may believe that pensions are only for government employees and formal-sector workers.
These factors help explain why expanding pension coverage requires more than simply telling people to register.
The system has to be designed around how different categories of Nigerians actually earn, save and manage money.
Nigeria already has a framework for informal-sector participation
Nigeria's pension regulatory framework does not restrict pension participation to conventional salaried workers.
PenCom's Personal Pension Plan, or PPP, provides a route for self-employed people and workers in the informal sector to participate in pension arrangements.
The commission's guidelines state that people engaged in the informal sector and self-employed professionals are eligible to participate in the Personal Pension Plan, while existing contributors can continue through their existing Retirement Savings Accounts under the applicable arrangements.
The framework also permits voluntary participation for people outside traditional employer-sponsored arrangements.
This is significant because the problem identified by the A2F survey is not necessarily a lack of legal pathways.
The challenge is whether those pathways are sufficiently understood, trusted, affordable and convenient for the people they are designed to reach.
The Personal Pension Plan and irregular income
A pension product designed for informal workers has to account for irregular income.
A trader may have strong sales during one month and weak sales during another.
A farmer may receive most of the year's income after harvest.
A freelancer may receive several contracts in one period and none in another.
A small business owner may have to reinvest earnings before considering personal retirement savings.
For such workers, a rigid contribution structure can be difficult to maintain.
The Personal Pension Plan framework provides a mechanism through which people outside conventional formal employment can participate.
PenCom's guidelines also recognise the informal sector as a distinct category within the pension system.
The broader challenge is therefore to make participation practical for people whose financial lives do not resemble those of monthly salaried employees.
Financial inclusion is rising faster than financial security
The A2F survey found that overall financial inclusion reached 79 per cent in 2026, compared with 74 per cent in 2023.
Formal financial inclusion reached 73 per cent, while 64 per cent of adults used digital financial services.
At the same time, financial exclusion declined to 21 per cent from 26 per cent in 2023.
These figures show that more Nigerians are entering the formal financial system.
But the survey also found that long-term financial products remain much less widely used.
Formal credit was used by only about 10 per cent of adults.
Insurance penetration stood at about five per cent.
And formal pension coverage was 9.1 per cent.
The pattern suggests that access to transaction services has expanded more rapidly than access to financial products designed for long-term protection and wealth building.
Why a bank account is not the same as a pension
A bank account primarily allows a person to receive, hold and transfer money.
A pension account has a different purpose.
It is intended to accumulate resources over a working lifetime and provide income or benefits during retirement, subject to the rules governing the relevant pension arrangement.
A person can therefore be financially included in the banking system without being financially prepared for retirement.
This distinction is increasingly important as digital payments become more widespread.
Nigeria has experienced substantial growth in electronic financial services, making it easier for people to transfer money and conduct everyday transactions.
But convenient payments do not automatically create long-term savings.
The A2F survey's findings highlight the difference between access and financial outcomes.
EFInA Chief Executive Officer Foyinsolami Akinjayeju said the 2026 survey was designed to examine not only what financial services Nigerians use but also whether those services are contributing to resilience, economic participation and improved financial outcomes.
Financial health remains a separate problem
The survey found that the proportion of adults classified as financially healthy increased from 16 per cent in 2023 to 25 per cent in 2026.
Despite the improvement, three-quarters of adults were still classified as financially unhealthy under the survey's measure.
This finding provides additional context for the pension challenge.
Someone struggling to meet current financial obligations may find it difficult to allocate money toward a retirement that could be decades away.
Retirement savings compete with immediate expenses such as food, housing, transport, school fees, healthcare and business costs.
This does not mean retirement savings are unimportant.
It means that pension policy has to recognise the financial pressures facing households today.
The challenge for policymakers is to expand long-term savings without designing products that become unrealistic for people with irregular or limited incomes.
Urban and rural Nigerians do not have the same level of access
The A2F survey also found a significant difference between urban and rural residents.
Formal financial inclusion was reported at 85 per cent among urban adults, compared with 58 per cent among rural adults.
That represents a 27-percentage-point difference.
The rural gap matters for pensions because access to financial institutions, digital infrastructure, identification documents, financial information and formal employment can vary substantially between urban and rural communities.
A rural worker may also operate in an economy dominated by agriculture or informal trade.
That makes physical and digital accessibility important.
If pension registration requires multiple visits to distant offices, workers may be less likely to participate.
If digital registration requires a smartphone, stable connectivity or digital literacy, some groups can also be excluded.
Expanding pension participation therefore requires attention to how services reach people geographically.
The gender gap also matters
The survey identified differences between men and women in financial access and outcomes.
These differences are relevant to pension policy because women's working lives can differ from men's.
Women are significantly represented in informal economic activity, small-scale trading, agriculture and unpaid care work.
Some women also experience interruptions in formal employment because of family responsibilities.
Where pension participation is closely tied to continuous formal employment, such interruptions can affect accumulated retirement savings.
A pension strategy aimed at broad coverage therefore has to consider the different ways men and women participate in the labour market.
Financial inclusion programmes targeting women can also become a pathway for increasing awareness of long-term savings.
EFInA's 2026 survey specifically includes women's economic empowerment as one of the areas being examined in its dissemination programme.
The digital economy creates a new pension population
Nigeria's workforce is changing.
The growth of online businesses, digital platforms, freelance services and other forms of flexible work has created workers who may not fit traditional employment categories.
A person can earn income through several digital platforms without having one employer responsible for pension deductions.
Gig workers can have multiple clients rather than one employer.
Online entrepreneurs may operate as individuals or through small businesses.
Remote workers may receive payments from customers or companies located outside Nigeria.
These workers can have income but lack the administrative structure that automatically connects employment to retirement savings.
PenCom's stated interest in reaching the emerging digital economy therefore reflects a newer dimension of pension coverage.
The challenge will be developing mechanisms through which workers can save consistently even when their income does not come from a traditional payroll.
Pension participation requires trust
Retirement savings involve a long-term relationship between contributors, pension administrators, custodians and regulators.
A worker contributing today expects the system to protect and manage those funds over many years.
Trust is therefore central.
People may be reluctant to commit money to a pension system if they do not understand how contributions are invested, how benefits are calculated or how they can access their funds under qualifying circumstances.
EFInA said the 2026 survey has expanded its attention to trust in financial services, fraud prevention and financial resilience.
The organisation said the new round was designed partly to understand where vulnerability persists and which groups continue to be left behind.
The pension industry can use such information to improve communication and service delivery.
The system has also been undergoing regulatory changes
The pension sector has continued to evolve under PenCom's regulatory programme.
In 2026, the commission published a range of new circulars and regulatory measures, including a circular on digitisation, revised documentation for data recapture and rules concerning the Personal Pension Plan.
PenCom's regulatory listings also show a revised regulation on pension-fund investments and an addendum published in March 2026.
These measures form part of a broader effort to modernise the industry.
Digitisation can reduce paperwork and make some pension services easier to access.
Better data can help administrators maintain accurate records.
Improved investment rules can shape how pension funds are managed.
However, regulatory reform does not automatically translate into higher coverage.
The public still needs to understand and use the available systems.
Data recapture is important for pension administration
Pension systems depend heavily on accurate contributor records.
A person's name, identification information, employment details and Retirement Savings Account information need to remain consistent and verifiable.
PenCom introduced revised documentation requirements for data recapture in February 2026, reflecting the continuing effort to improve the quality of pension records.
Better data can reduce problems associated with incomplete records and make it easier to administer benefits.
It can also help regulators understand how many people are actually participating in the system and which categories of workers remain outside it.
For a country seeking to expand coverage dramatically, reliable population and contributor data is essential.
The retirement challenge is not only about registration
PenCom's Director-General made an important distinction at the A2F launch.
Oloworaran said an account that is opened but never funded does not provide retirement security.
The implication is that pension coverage should not be measured solely by the number of accounts registered.
Regular contributions and adequate accumulated savings matter as well.
This creates another challenge for the sector.
A worker may register for a pension account but contribute very little.
Another may make contributions for a few years and then stop.
A third may contribute regularly but at an amount that ultimately provides only limited retirement income.
The policy goal therefore has two components.
The first is bringing more people into the pension system.
The second is encouraging sustained contributions that can accumulate meaningfully over time.
Pension coverage among richer and urban groups is also incomplete
The A2F findings show that even groups with relatively better access to financial services are not universally covered by pensions.
The survey reported pension participation at approximately 12 per cent among urban adults and 13 per cent among the richest 60 per cent of Nigerians.
That means the pension gap extends beyond the poorest parts of society.
This is an important distinction.
If pension exclusion were entirely a consequence of poverty, increasing household income might eventually solve the problem.
The survey suggests that income is only part of the explanation.
Awareness, employment structure, trust, product design, contribution flexibility and perceptions about retirement can also influence participation.
Insurance is even less widely used
The pension figures become clearer when compared with insurance.
The survey found that insurance penetration stood at about five per cent of adults, meaning approximately 95 per cent remained outside formal insurance coverage.
This points to a wider challenge in Nigeria's financial system.
Long-term protection products are much less widely used than everyday payment services.
People may have bank accounts and mobile-money or digital-payment access without having insurance or retirement savings.
The pattern suggests that financial inclusion policy now has to move beyond the question of whether people can access financial services.
It has to ask whether those services help households manage risk, accumulate wealth and withstand financial shocks.
Formal credit remains limited
Formal credit reached only about 10 per cent of adults in the 2026 survey.
This finding is relevant because access to appropriate credit can affect how households manage irregular income.
A small business owner who cannot obtain formal credit may use business revenue to handle emergencies or expansion needs.
That can make it harder to set aside money for long-term savings.
The connection does not mean that pension savings should be replaced by borrowing.
Rather, it demonstrates that financial products operate within a wider household financial system.
A person deciding whether to contribute to a pension may also be managing debt, business capital, insurance, savings and emergency expenses.
This is why EFInA's 2026 survey examines financial services as part of broader financial and economic behaviour.
What the survey adds to policy planning
EFInA describes the A2F survey as a demand-side source of data.
That means the focus is on what people actually do and experience rather than solely on information supplied by financial institutions.
This distinction is important.
A financial institution may report that a product is available nationwide.
Demand-side data can reveal whether people actually use it.
A pension provider may have a digital registration platform.
Survey data can show whether potential users know about it, trust it and find it convenient.
Government may introduce a financial-inclusion programme.
The survey can help determine whether the programme is reaching its intended population.
EFInA said the 2026 edition also provides more granular state-level reporting, allowing policymakers to examine differences across Nigeria's 36 states and the Federal Capital Territory.
State-level data could change pension strategies
Nigeria's financial inclusion situation varies across regions.
A national average can conceal substantial differences.
One state may have relatively high formal financial inclusion.
Another may have large rural populations and lower access.
A third may have a large concentration of informal businesses.
State-level data allows policymakers to identify those differences.
For pensions, that could mean developing different outreach strategies.
In an area dominated by formal employment, workplace-based pension education may be effective.
In an agricultural state, mobile and community-based pension services may be more appropriate.
In areas with large concentrations of small businesses, pension agents and business associations may provide a route to potential contributors.
EFInA's decision to strengthen state-level representativeness in the 2026 survey provides more information for such targeted approaches.
Pension agents could expand access
PenCom's regulatory framework also provides for Accredited Pension Agents, or APAs.
The commission's 2025 framework defines APAs as corporate entities licensed to market the Personal Pension Plan, facilitate registration and onboarding of potential contributors and support contribution remittances.
This model could be particularly relevant for informal workers.
Instead of expecting every potential contributor to navigate the pension system alone, accredited agents can help explain products and facilitate registration.
The model also provides a way to take pension services closer to communities and businesses.
However, agents themselves need strong regulation.
Because pension savings are long-term assets, contributors need protection against misleading information, unauthorised operators and fraudulent schemes.
Digital registration could reduce barriers
Digital pension services could also make participation easier.
PenCom's regulatory framework recognises approved digital platforms that can facilitate registration, contribution remittance, withdrawals and related pension transactions.
For workers who already use smartphones and digital payments, such services could reduce the need for repeated physical visits.
But digital access must be accompanied by consumer protection.
A digital platform needs secure authentication.
Personal data must be protected.
Contributors need clear information about where their money is going.
They also need accessible channels for complaints and dispute resolution.
Digitalisation can remove administrative barriers, but it cannot replace trust and effective regulation.
The issue of financial literacy
Another barrier is understanding.
Pension products can appear complicated to people who have never participated in one.
Terms such as Retirement Savings Account, Pension Fund Administrator, Pension Fund Custodian, programmed withdrawal and annuity can be unfamiliar to potential contributors.
Financial education therefore has a role.
People need to understand what contributions are, how they accumulate, what happens when employment changes and what rules govern access to retirement benefits.
Education also needs to make clear the difference between legitimate pension products and fraudulent investment schemes.
PenCom and other financial regulators have a continuing role in public education.
The private sector can also contribute, but communications need to be accurate and transparent.
Young workers are an important target
Nigeria's younger workforce represents a large potential population for long-term pension participation.
Young workers have more time for contributions to accumulate before retirement.
But younger people may also be more focused on immediate needs.
Someone entering the workforce may prioritise rent, transportation, education, family support or business investment rather than retirement.
The challenge is to make retirement savings part of financial planning early without presenting pensions as a substitute for meeting immediate needs.
Digital financial services could potentially help reach younger workers because many already use mobile platforms.
But the product still needs to be simple enough to understand and flexible enough to accommodate changes in employment and income.
The emerging gig economy changes the old pension model
The growth of gig and freelance work creates a challenge for pension systems around the world.
Traditional pensions were built around identifiable employers and long-term employment relationships.
Gig workers may have dozens of income sources.
Their work can change frequently.
Some may work simultaneously for Nigerian and foreign clients.
Payments can arrive through different platforms.
A pension system that depends on one employer making regular deductions may therefore not fit this population.
PenCom's stated focus on the digital economy indicates recognition of this changing labour market.
The development of flexible personal pension products could become increasingly important as employment patterns evolve.
Retirement security and Nigeria's ageing population
Pension planning also needs to be considered against demographic change.
People are living through longer periods after leaving the workforce.
That increases the number of years for which retirement income may be needed.
A person retiring at an older age may still have many years of expenses ahead.
Healthcare needs can also change with age.
Family structures are changing as urbanisation and migration separate relatives who might previously have provided direct support to older family members.
These changes make individual retirement planning more important.
However, the pension system must also remain financially sustainable as participation expands.
Pension funds are long-term pools of capital
There is another dimension to pension expansion.
Pension contributions do not simply sit idle.
Pension funds are invested under regulatory rules designed to balance returns, risk and security.
PenCom's 2026 regulatory programme includes updated rules governing pension-fund investment.
As more Nigerians enter the formal pension system, the amount of long-term capital available through pension funds can increase.
That capital can participate in financial markets and, subject to applicable regulations and investment limits, support various parts of the economy.
However, pension funds primarily belong to contributors and are intended to secure retirement benefits.
Investment decisions therefore have to remain focused on risk management, fiduciary responsibilities and the protection of contributors' interests.
The economic role of pension funds should not obscure their primary purpose.
The size of the coverage gap
The most striking finding from the 2026 survey is not the increase from 7.8 per cent to 9.1 per cent.
It is the size of the remaining gap.
If approximately nine in 10 adults remain outside formal pension arrangements, expanding coverage requires reaching millions of people who currently have no formal retirement product.
That cannot be achieved through a single campaign.
It requires sustained work across employers, government agencies, pension operators, financial-technology companies, trade associations, cooperatives and community organisations.
The informal economy must be part of the strategy.
Women must be included.
Rural communities must be reached.
Young and gig-economy workers must be considered.
People with irregular income need flexible options.
And existing contributors need confidence that their savings are being properly administered.
The difference between opening accounts and building retirement savings
The next phase of pension reform will therefore need to focus on active participation.
An inactive pension account does not necessarily provide meaningful retirement security.
Oloworaran's comments at the survey launch placed emphasis on consistent contributions and accumulated savings rather than registration alone.
This could lead to greater attention on contribution behaviour.
Policymakers may need to examine why people stop contributing.
Are incomes too unstable?
Are contributions too high for some workers?
Are workers changing jobs without maintaining their accounts?
Do informal workers understand how to make voluntary contributions?
Are digital platforms easy to use?
Are there concerns about fees or trust?
The A2F survey's broader financial-health data can help place these questions within the context of household finances.
The survey is intended to influence the next two years
EFInA said the A2F 2026 findings are intended to provide an evidence base for policymakers, regulators, financial-service providers and development partners over the next two years.
The organisation has also scheduled an industry engagement in Lagos on September 25 focused on what the survey findings mean for financial-service providers, investors and industry associations.
That means the Abuja launch is not the end of the process.
The next stage involves interpreting the data and determining how institutions respond.
For PenCom, the pension findings provide information about the size and characteristics of the coverage gap.
For financial institutions, the data can reveal potential areas for product development.
For policymakers, it can help identify where interventions are most needed.
For state governments, state-level findings can provide more detailed information about local financial inclusion conditions.
What needs to change for coverage to expand
The survey does not provide a single solution to the pension gap.
Instead, its findings point toward several areas that require attention.
The first is access.
Workers outside formal employment need convenient ways to join pension arrangements.
The second is affordability.
Contribution structures need to reflect irregular and varying incomes.
The third is awareness.
People need to understand what pension products do and why long-term contributions matter.
The fourth is trust.
Contributors need confidence that their money is properly managed and that the system will function when benefits become due.
The fifth is digital accessibility.
Technology can simplify registration and contributions, but only if services are secure and usable.
The sixth is consumer protection.
As more people enter the market, regulators must protect them from fraud and misleading pension-related offers.
The seventh is consistent contribution.
Coverage statistics need to be supplemented by information about whether contributors are actually building meaningful retirement balances.
A pension system cannot solve the whole retirement problem alone
Formal pensions are an important component of retirement planning, but they are not the only factor affecting the financial wellbeing of older Nigerians.
Some people own businesses.
Some have property.
Some rely on family support.
Others have personal savings or investments.
The formal pension system is therefore one part of a wider retirement-income landscape.
However, its institutional structure provides advantages that informal arrangements may not offer, including regulated administration and structured long-term savings.
The A2F findings show that most Nigerians are still outside that formal structure.
What the 2026 numbers establish
The September 16 survey establishes several important facts.
Nigeria's overall financial inclusion rate increased to 79 per cent in 2026.
Financial exclusion fell to 21 per cent.
Formal financial inclusion reached 73 per cent.
Digital financial-service usage reached 64 per cent.
Yet formal pension participation was only 9.1 per cent.
Formal credit stood at about 10 per cent.
Insurance penetration was approximately five per cent.
Financial health improved, but only 25 per cent of adults met the survey's financial-health measure.
Together, these numbers show a financial system in which access is expanding but long-term financial protection remains much less widespread.
The policy question now moves to implementation
The 2026 A2F survey gives Nigeria a new set of evidence.
The figures show progress in financial inclusion but also a large gap in retirement coverage.
PenCom has stated that its objective is to extend pension access to every working Nigerian, with particular attention to informal-sector and digital-economy workers.
The country already has a Personal Pension Plan designed to provide participation pathways for self-employed and informal-sector workers.
It has regulatory structures for pension administrators and accredited pension agents.
It is also increasing the use of digital tools and updating pension regulations.
The remaining question is whether these mechanisms can be scaled sufficiently to reach the millions of adults who remain outside formal pension arrangements.
That task will require more than registration drives.
Workers must be able to contribute.
They must be able to understand their accounts.
They must be able to trust the institutions managing their savings.
And the products must fit the realities of Nigeria's labour market.
The retirement gap is now clearly measurable
Nigeria's latest financial-access survey has placed a number on one of the country's long-term financial challenges.
Formal pension participation has risen, but only to 9.1 per cent of adults.
That leaves approximately nine out of every 10 adults outside formal pension arrangements.
At the same time, the country's financial system is becoming more connected.
More Nigerians are using formal financial services.
Digital payments are expanding.
Financial exclusion is declining.
The challenge is to convert that wider access into products that help Nigerians prepare for risks and needs that occur over much longer periods.
For the pension sector, the immediate opportunity is to reach workers who have traditionally remained outside employer-sponsored schemes.
That means informal workers, self-employed Nigerians, women with interrupted work histories, rural communities, young workers and people earning income through the digital economy.
Nigeria's pension regulators and operators now have more detailed demand-side evidence with which to design that expansion.
The A2F 2026 survey does not suggest that financial inclusion has failed.
Instead, it shows that financial inclusion has reached a point where the question is changing.
The first question was whether Nigerians could access formal financial services.
The newer question is whether that access is helping them become more financially secure.
The pension figures show that a substantial gap remains.
With only 9.1 per cent of adults participating in formal pension arrangements, retirement security remains outside the formal financial system for most Nigerians.
The task for the coming years will be to determine how the country's expanding financial infrastructure can be used to close that gap while ensuring that pension participation means more than opening an account.
For millions of Nigerians who currently work without a formal retirement arrangement, the outcome will depend on whether the pension system can become accessible, understandable and practical enough to fit the realities of their working lives.
The September 16 findings have provided the latest national evidence.
The next challenge is turning that evidence into wider and sustained participation.