With over 77 million informal sector workers operating in the country, the National Pension Commission, PenCom, said that it is making plans to rebrand the Micro Pension Plan, MPP, with a new name and identity to resonate more with the target audience and drive engagement.

Acting Director General of PenCom, Mrs. Omolola Oloworaran, disclosed this while giving her keynote address at the Micro Pension Plan industry stakeholders engagement forum in Lagos.

Oloworaran said that the theme of the forum “Reimagining Micro Pension Plan:” captures the essence of what the Micro Pension Plan (MPP) represents: a tool for transforming the lives of ordinary Nigerians.

She stated: “When informal workers contribute to a structured pension scheme, they are not just securing their future—they are actively participating in the nation’s economic development. Pension funds, which currently stand at over N21trillion, serve as a critical source of long-term capital for infrastructure development, healthcare, and other vital sectors.

“By increasing the number of contributors through the MPP, we can mobilize even more funds to drive national growth driven by the success of individual under the MPP. The reality for many informal sector workers is one of daily survival, with no margin for savings or long-term planning.

“The Micro Pension Plan changes this by making pensions accessible, flexible, and tailored to their needs. By focusing on these benefits, we can reframe the MPP as a tool for lifting millions of Nigerians out of poverty, empowering individuals and families to lead more secure and dignified lives”.

Oloworaran said that beyond policy and operational frameworks, the MPP is fundamentally about people—providing hardworking Nigerians with financial security, dignity in old age, and an opportunity to escape the cycle of poverty in old age. Nigeria’s informal sector is home to over 77.5 million hardworking citizens—traders, artisans, small-scale farmers, transport operators, and self-employed professionals—who form the backbone of our economy.