A lot of people have been asking: what happened to Nigeria’s Micro Pension Scheme (MPP)? If you’re self-employed, freelancing, or running your own hustle, here’s the breakdown.
The MPP is designed to help informal sector workers—traders, artisans, and other self-employed Nigerians—save for retirement. But the latest survey by the Financial Inclusion Working Group (FIWON) shows that as of October 2024, only 152,749 informal workers were enrolled in the scheme. That’s just 0.198% of Nigeria’s estimated 77.5 million informal workers.
Why the low uptake? Experts point to limited awareness, difficult registration processes, and the lack of immediate incentives for joining. In short, while the scheme exists, most informal workers either don’t know about it or find it too cumbersome to participate.
FIWON recommends boosting public education, simplifying registration, and offering incentives to encourage participation. After all, saving a little today could mean financial security tomorrow.
