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Demographic of New Contributors into the Pension Scheme

February Infographics

In Q3 2022, growth was strong in Nigeria’s contributory pension scheme as the scheme added Eighty Six Thousand Eight Hundred and Sixty-One (86,861) new registrations. This brought the total number of new registrations for the first three quarters of 2022 to Three Hundred and Two Thousand Six Hundred and Ninety-Four (302,694). This is an increase of 23.3% from the first three quarters of 2021, which recorded Two Hundred and Forty-Five Thousand Six Hundred and Fifty-Six (255,656) new registrations during the first three quarters, signifying strong and consistent growth.

Back to the gender angle. Of the 86,861 new registrations in Q3 2022, 65% were men, and 35 % were women. Perhaps this is as a result of fewer women entering the workforce since the pandemic. It would be interesting to query this and hear from you. A lot to unpack here.

On the younger generation front, 52% of new registrations were people under 30 years which highlights the strength and sustainability of the scheme.