2022 Lagos International Trade Fair: PenCom Sensitises Traders on Micro Pension Plan

The just concluded 2022 Lagos International Trade Fair organised by the Lagos Chamber of Commerce and Industry (LCCI), which held from 4 – 13 November, 2022, was an avenue for the National Pension Commission (PenCom) to reach out to the general public, especially those in the informal sector comprising Small and Medium Scale Enterprises (SMEs), the private sector and self-employed persons on the benefits of the Micro Pension Plan (MPP).

The MPP refers to an arrangement under the Contributory Pension Scheme (CPS) that allows the self-employed and persons working in organisations with less than three (3) employees to make financial contributions towards the provision of pension at their retirement or incapacitation.

The Commission showcased the benefits of the MPP as its strategy for expanding pension coverage to the informal sector by educating, enlightening and sensitizing the public on the MPP.

The fair which was the 36^th edition, lasted for ten days and was officially opened by His Excellency, the Executive Governor of Lagos State, Babajide Sanwo-olu.

The Commission’s stand at the Trade Fair was manned by staff who provided customer care services, sensitized, publicized and offered clarifications on the CPS in general with emphasis on the MPP. Numerous visitors including Retirement Savings Account (RSA) holders, interested members of the public and students from various schools were hosted at the stand. PenCom publications which included Frequently Asked Questions (FAQs) on the CPS and MPP were also given out to various participants at the fair.

While speaking at the Trade Fair, the Head, Micro Pensions Department, PenCom, Mr. Dauda Ahmed disclosed that over 84,000 Nigerians have subscribed to the MPP, adding that the subscription has further spiked in the last two months. Furthermore, he said that, since the Trade Fair is an avenue for business people and stakeholders in the informal sector to come together, PenCom utilises this opportunity to sell the benefits they will derive by keying into the MPP.

“Participating at the Trade fair is just one of our strategies in creating awareness on the MPP. Aside this, PenCom also reaches out to unions and leadership of associations, to have sessions with them, so that they can convince their members on the benefits of the plan”, Ahmed said.    

Similarly, the Head, South West Zonal Office, PenCom in Lagos, Mr. Tunde Alayande, stated that the MPP is being embraced in Lagos, and that the zonal office is intensifying efforts at creating more awareness on the MPP within the South West geo-political zone.

According to data by PenCom, in the third quarter of 2022, a total of 4,193 Micro Pension Contributors were registered by 18 Pension Fund Administrators (PFAs) bringing the total number of registered Micro Pension Participants from inception to 84,612 as at 30 September, 2022.

Also, the total pension contributions received from Micro Pension Contributors between July – September 2022 stood at N45,135,440.35 bringing the total value of the MPP fund to N325,915,922.12 as at 30 September 2022.