Why Nigerians Seek Protection Of Participants In Micro Pension Scheme
The scheme is targeted at the informal sector operators who constitutes over 50 million working adults and un-pensionable Nigerian population who by virtue of their professions, trades and endeavours do neither belong to the current CPS arrangement provided by the Pension Reform Act 2014 as amended nor have a veritable platform to save for their retirement.
Nigeria has an adult population of 96.4 million (50.8% Male and 49.2% Female) with 63.9% residing in the rural areas. 56.2million adults (58.3% of the adult population) are under 35years while 21.8million adults (22.6% of the adult population) have no formal education.
18.4million adults (19.1% of the total adult population) have farming as their main source of income, 18.9million adults (19.6% of the total adult population get their income from own business (non-farming), largely informal sector, according to Efina 2016 survey.
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