Nigeria’s Contributory Pension Scheme (CPS) has recorded a total of 10,928,039 Retirement Savings Account (RSA) holders in September 2025, rising from 10,882,661 in August.

This development was revealed in the latest summary report from the National Pension Commission (PenCom).

The figure marks a steady increase in pension enrolment, further establishing the CPS as Nigeria’s most reliable long-term savings and retirement plan.

However, despite the growth, penetration remains significantly low, especially when compared to Nigeria’s estimated 70 million-strong workforce.

This means less than 16 per cent of Nigerian workers are currently covered under the formal pension system.

Experts observed that the figure reflects the challenges in onboarding the informal sector and enforcing compliance among small and medium enterprises (SMEs).

The Director-general (PenCom), Omolola Oloworaran has reiterated its commitment to strengthening enforcement and encouraging voluntary contributions to boost overall pension assets and retirement income security.

Speaking on improving contributor numbers and broadening worker coverage under the Scheme, she emphasised that the CPS must evolve beyond a narrowly formal‑sector focus

“The success of this national reform rests on its implementation in every state, local government, and across the informal sector.

“We will continue to enforce employer compliance. Every naira deducted must be remitted. Every contribution must be properly accounted for. Every worker must be assured their future is secure.

“Our strategic inclusion through the Personal Pension Plan and informal‑sector access will continue. It is part of our expansion initiatives targeting self‑employed and informal workers, and nationwide sensitisation programmes across all six geopolitical zones”, she stated.