Only 10.9% Nigerian Workers Have Retirement Savings – NBS

By Nse Anthony-Uko

(Sundiata Finance) – Only 10.93 per cent of Nigeria’s working population of 69.47 million have a pension scheme as the retirement savings account (RSA) membership distribution data for the second quarter of 2017 reflected that 7.589 workers are registered under the pension scheme compared to 7,493 million registered workers in the first quarter of the year.

This figure according to latest data released by the National Bureau of Statistics (NBS) which is dominated by the private sector has more men registered than women.

The percentage of men registered under the scheme as at the second quarter of the year stands at 71.04 while women registered under the scheme represents 28.96 per cent.

The NBS said the low participation of the nation’s workforce in the pension scheme could be attributed to the largely informal structure of the Nigerian labour force which has about 50 per cent of the current workforce engaged in subsistence agriculture and informal trading.

It noted that micro businesses for account for over 90 per cent of total Micro, Small and Medium Scale Enterprises in Nigeria.  Private firms had 4.154 million registered RSA members under the pension scheme as at Q2 2017 of which 3.143 million or 75.67 per cent were male and 1.010 million or 24.33 per cent were female compared to 4.078 million registered RSA members of which 3.091 million or 75.79 per cent were male and 987,411 or 24.21 per cent were female in Q1 2017.

The Federal level had 1.898 million registered RSA members under the national pension scheme as at Q2 2017 of which 1.384 million or 72.94 per cent were male and 513,620 or 27.06 per cent were female compared to 1.889 million registered RSA members of which 1.378 million or 72.96 [er cent were male and 510,761 or 27.04 per cent were female in Q1 2017.

This may indicate that there are a lot more male employees in the Federal public service than female.   At the State (including local government) level, 1.537 million State public workers are registered under the national pension scheme with 863,605 or 56.18 per cent male and 673,533 or 43.82 per cent female as at Q2 2017 compared to 1.525 million registered public workers of which 858,365 or 56.26 per cent were male and 667,383 or 43.74 per cent were female in Q1 2017.

This may indicate that the Federal Public Service is larger than that of all 36 States combined and similar to the Federal service, men dominate with respect to number of employees.

Further disaggregation of RSA membership reveals that of a total male working population of 36.363 million only 5.391 million or 14.83 per cent male workers are registered under the pension scheme as at Q2 2017 compared to 5.328 million or 14.65 per cent registered male workers in Q1 2017.

Similarly, only 2.198 million or 6.64 per cent out of a total female working population of 33.107 million are registered under the scheme as at Q2 2017 compared to 2.165 million or 6.54 per cent registered female workers in Q1 2017. This can be compared with the gender split of the working population which has 52.3 per cent men and 47.7 per cent women.

The highest number of registered working population came from the age bracket of 30-39 years and closely followed by the working population within the age bracket of 40-49 years and 50-59 years. This is expected considering ages 25-44 account for about 55 per cent of the total working population.   However, the least number of registered working population came from above 65 years and 60-65 years age bracket.

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