Nigeria's pension boom leaves most workers uncovered

Nigeria's pension assets surpassed ₦31 trillion, but growth masks a coverage crisis: just 11.3 million of over 80 million workers hold pension accounts, leaving most Nigerians without retirement provision. Assets rose 51 percent in two years while contributor numbers grew just 9 percent, driven by higher salaries and compounding interest, not expanded coverage. Inflation, though easing to under 16 percent, previously produced negative real returns on pension portfolios. An estimated 65 to 70 million informal workers, including traders, artisans, drivers and farmers, have no retirement provision. The article recommends government co-contributions to incentivize informal saving and inflation-indexed benefits to protect retiree incomes.