Pension: Over 37.3m adults face risk of old age poverty

Stories by Rosemary Onuoha

Over 37.3 million adults in the informal sector face the risk of old age poverty, as the informal sector workers are isolated from the formal pension arrangements.

Chairman of Pension Fund Operators Association of Nigeria, PenOp, Ronke Adedeji, who disclosed this said that 18.4 million adults which represent 19.1 percent of the total adult population, have farming as their main source of income  while 18.9 million adults which represent 19.6 percent of the total adult population get their income from own business.

Adedeji, who is also Managing Director of Leadway Pensure PFA Limited, said that the micro pension is an arrangement for the provision of pension and retirement benefits to the low income, self-employed and persons operating in the informal sector.

She stated: “Micro pension is for protection against the vagaries, unpredictability…