7.49m Nigerians registered under pension scheme in Q1, says NBS
The National Bureau of Statistics (NBS) has disclosed that the Retirement Savings Account (RSA) membership distribution data for Q1 2017, showed that 7,493,590 workers are registered under the pension scheme compared to 7,348,028 registered workers in Q4 2016, out of a total working population of 69,470, 901. This represents 10.8 per cent of the total working population.
According to NBS, this is not surprising given the largely informal structure of the Nigerian labour force with about 50 per cent of the current workforce engaged in subsistence agriculture and informal trading.
Micro businesses for example account for over 90 per cent of total Micro, Small and Medium Scale Enterprises in Nigeria. Further disaggregation of the RSA membership reveals that of a total male working population of 36,363,042 only 5,328,035 or 14.65 per cent male workers are registered under the pension scheme as at Q1 2017 compared to 5,226,897 or 14.37 per cent registered male workers in Q4 2016.
Similarly, only 2,165,555 or 6.54 per cent out of a total female working population of the 33,107,859 registered under the scheme as at Q1 2017 compared to 2,121,131 or 6.41 per cent registered female workers in Q4 2016.
Accordingly, out of the 7,493,590 RSA members, 71.10 per cent were men and 28.90 per cent women compared to 71.13 per cent men and 28.87 per cent women in Q4 2016. 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.