The National Pension Commission has called on traders, retirees, and young Nigerians to enrol in its Personal Pension Plan as part of efforts to promote long-term financial stability.
The appeal was made on Wednesday in Benin City, Edo State, during the rollout of the scheme for traders from markets within the Edo South Senatorial District.
Speaking at the event, the commission’s Director-General, Omolola Oloworaran, represented by the National Commissioner for Finance, Dr Charles Emukowhate, explained that the initiative is primarily designed for individuals operating in the informal sector as well as self-employed professionals.
She also praised President Bola Tinubu for approving the release of N758 billion to settle outstanding pension obligations.
Oloworaran noted that the programme’s launch in March aligns with activities marking International Women’s Day, emphasising that women, especially traders, are key beneficiaries.
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She said, “We are mobilising and sensitising women on the benefits of the personal pension plan. So, we are doing that all over the country. At the same time, men are also involved. It is for everybody in the country.
“Specifically targeted are those in the informal sectors or professionals who employ or may only work with themselves or one other person.”
She further disclosed that contributors would enjoy incentives, including a matching contribution of up to N20,000, and the option of making partial withdrawals after three months.
She added, “You know, women are mostly traders. They work hard and sometimes they even forget to take care of themselves. So this is a reminder to them that they should key into the personal pension plan and start making little savings so that at the age of retirement, they can fall back on their savings.
“That is why we are saying “save small today and gain big tomorrow”. You cannot guarantee or depend on your family. The only person you can truly depend on is yourself to take care of yourself.”
Declaring the initiative open, Edo State Governor, Monday Okpebholo, represented by the Commissioner for Labour and Productivity, Godwin Eshieshe, described the scheme as a welcome development for artisans and low-income earners.
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In a goodwill message, the state leader of market women, Josephine Ibhaguezejele, assured that traders across the state’s three senatorial districts would be mobilised to participate.
The Personal Pension Plan is a voluntary savings programme tailored for self-employed individuals and workers in the informal sector. It allows contributors to make flexible payments towards retirement while also providing access to a portion of their savings when necessary.
