The National Pension Commission,PenCom, has announced that the number of Retirement Savings Account holders under the Contributory Pension Scheme climbed to 11,183,475 at the end of the first quarter of 2026. The figure reflects steady enrollment into the scheme since it began in 2004, and it positions the pension industry for continued growth in assets under management.
According to PenCom’s first-quarter 2026 report released in Abuja, the industry added 143,248 new RSAs between January and March. That brings the total up from 11,040,227 recorded at the close of the fourth quarter of 2025. The quarterly increase shows that both public and private sector employers are sustaining compliance with the mandatory pension deductions.
Despite the rise in registrations, the commission’s data highlights a persistent challenge of low coverage. Active pension membership currently represents only about 12.1 percent of Nigeria’s estimated 92 million workforce. That means roughly 80.8 million working Nigerians are still outside the formal pension net.
The gap is largely attributed to the dominance of the informal sector, where artisans, traders, farmers and gig workers have limited access to structured pension arrangements. PenCom has in recent years pushed the Micro Pension Plan to bring this segment in, but uptake remains slow compared to the size of the target population.
Officials say the structure of the current contributor base offers a silver lining. PenCom described the youthful profile of most RSA holders as a major structural asset to the pension system. With many contributors in their 20s, 30s and early 40s, the commission noted that their retirement horizons extend beyond 2055, giving the funds a long investment runway.
That long horizon matters for the economy. Pension funds are among the largest pools of long-term capital in Nigeria, and they are already invested in federal government securities, infrastructure, real estate and equities. A younger contributor base means more decades of contributions before significant payouts begin, which should support fund stability and growth.
Analysts say deepening coverage will be critical if the scheme is to achieve its original goal of ensuring income security in retirement. With more than 7 in 8 workers yet to be captured, expanding registration drives, improving portability, and addressing trust issues will determine how quickly the numbers move beyond the current 11.18 million mark.
Looking ahead, PenCom says it will intensify engagements with state governments, trade associations and fintech partners to onboard more informal workers. The commission maintains that a broader base will not only secure the future of retirees but also strengthen Nigeria’s capacity to finance long-term development projects from domestic savings.
