Oguche Agudah, the chief executive officer (CEO) of Pension Fund Operators Association of Nigeria (PenOp), says the personal pension plan increased by 765.8 percent in four years.
The personal pension plan, formerly known as the micro pension plan, was created to extend retirement savings coverage to self-employed individuals and informal sector workers.
Speaking with NAN on Tuesday in Lagos, Agudah said the PPP has become one of the fastest-growing schemes of the nation’s pension industry, rising from N168.63 million in 2021 to N1.46 billion in 2025.
“The scheme, which was rebranded to improve its appeal to younger Nigerians and informal sector workers, has grown nearly ninefold in four years,” he explained.
Advertisement
“In June 2021, N168.63 million was realised, growing to N285.31 million in June 2022, and then N500.63 million by June 2023, moving to N867.72 million in June 2024 and then N1.46 billion in June 2025.
“The Personal Pension Plan is set to remain a cornerstone of Nigeria’s financial inclusion strategy.
“With its simplified branding, tech-driven contributions, and expanding awareness, it is poised to reach more Nigerians in the coming years.
Advertisement
“Stakeholder collaboration and targeted support will be critical to sustain this momentum and ensure long-term impact.”
Speaking about the rebrand, from a micro pension plan to a personal pension plan, the CEO said it was done as a strategic move to stay aligned with market shifts.
Agudah added that the plan will drive Nigeria’s financial inclusion strategy with streamlined branding, technology-driven contributions, and amplified awareness initiatives.
Advertisement
