7.49m Nigerians registered under pension scheme – NBS

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By Dotun Akintomide

The National Bureau of Statistics (NBS) has disclosed that the Retirement Savings Account (RSA) membership distribution data for Q1 2017, showed that 7,493,590 workers are currently registered under the pension scheme.

Nigerian NewsDirect learnt it was an improved performance when compared with the 7,348,028 registered workers in Q4 2016, out of a total working population of 69,470, 901.

The newly released figure represents 10.8% of the total working population in the country.

According to NBS, this was not surprising given the largely informal structure of the Nigerian labour force with about 50% of the current workforce engaged in subsistence agriculture and informal trading.

Micro businesses for example account for over 90% of total Micro, Small and Medium Scale Enterprises in Nigeria. Further disaggregation of the RSA membership reveals that of a total male working population of 36,363,042 only 5,328,035 or 14.65% male workers are registered under the pension scheme as at Q1 2017 compared to 5,226,897 or 14.37% registered male workers in Q4 2016.

Similarly, only 2,165,555 or 6.54% out of a total female working population of the 33,107,859 registered under the scheme as at Q1 2017 compared to 2,121,131 or 6.41% registered female workers in Q4 2016.

Meanwhile, out of the 7,493,590 RSA members, 71.10% were men and 28.90% women compared to 71.13% men and 28.87% women in Q4 2016. This can be compared with the gender split of the working population, which has 52.3% men and 47.7% women.