Micro pension plans are a national emergency system to prevent a rise in the poverty rate and reliance on public finances, according to the Pension Fund Operators Association of Nigeria.
PenOp made this statement in Lagos at the association’s debut of its new brand to the Nigerian Association of Insurance and Pension Editors and the 7th edition of the National Association of Insurance and Pension Correspondents conference.
PenOp’s Chief Executive Officer, Mr. Oguche Agudah, remarked during a conference speech: “If you look at the vast number of individuals in the informal sector, cast your mind to 20 to 30 years from now.”
He contends that the sector has to restructure pensions for informal workers and make sure that more of them are included in the pension space.
Aisha Dahir-Umar, the director general of the National Pension Commission, said the micro pension market was one of the ways the pension sector has been influencing Nigeria’s financial woes.