Nigeria’s growing pension industry is facing a major participation challenge, with more than 200,000 Personal Pension Plan accounts yet to receive any contributions.
Figures from the National Pension Commission show that 219,316 accounts had been registered by the end of March 2026, but only 18,811 had received contributions, leaving 200,505 accounts inactive.
The gap means registration under the Personal Pension Plan has grown much faster than actual pension savings, raising concerns about how many Nigerians are actively preparing for retirement.
The News Chronicle reports that contributors paid N147.16 million into the scheme during the first quarter, bringing total contributions since inception to N1.66 billion.
Meanwhile, 15 contributors withdrew N11.12 million during the period, taking cumulative contingent withdrawals to N124.30 million.
AccessARM recorded the largest share of new registrations during the quarter at 33.64%, while its overall market share stood at 52.4%.
The figures come as PenCom pushes reforms to strengthen pension participation and increase contributions.
Despite the funding gap, Nigeria’s overall pension assets continue to expand, reaching a record N31.32 trillion in May.
The latest figures suggest the bigger challenge is no longer simply getting Nigerians to open pension accounts, but ensuring they consistently save through them.
