The Publisher of Inspenonline, Mr. Chuks Okonta, has called for stronger financial protection for Nigeria’s informal workforce, urging greater adoption of insurance and pension schemes to enhance long-term economic security.
Speaking in an interview with the News Agency of Nigeria in Lagos, Okonta noted that millions of informal workers remain vulnerable due to low awareness and limited access to structured financial safeguards.
He explained that the informal sector, which accounts for a significant proportion of Nigeria’s labour force, lacks adequate social protection systems—creating substantial HR and policy challenges around workforce resilience and retirement planning.
Okonta warned that without deliberate efforts to improve participation in insurance and pension schemes, many workers risk financial hardship arising from illness, accidents, income disruption, and retirement.
He identified microinsurance products and the Personal Pension Plan (PPP), introduced by the National Pension Commission, as practical tools for improving long-term financial security among informal workers.
“Insurance and pension are not just for salaried workers. Informal sector participants, including traders, artisans, and small business owners, must take deliberate steps to understand and embrace these schemes for long-term security,” he said.
Okonta added that microinsurance products are designed to be affordable and accessible to low-income earners, while the micro pension scheme offers flexible contributions suited to irregular income patterns.
As part of efforts to deepen awareness, he announced that Inspenonline will host the third edition of its Retirement Summit in May 2026 in Lagos.
“How to turn dreams into reality through insurance, pension, and other financial instruments is a question experts will be providing answers to at the 2026 Inspenonline Retirement Summit,” he said.
The event, themed “Meeting Retirement Dreams of Informal Sector Workers With Insurance and Pension Instruments,” is scheduled for Wednesday, May 20, 2026, at NECA House, Ikeja.
Okonta noted that over 90% of Nigeria’s workforce operates within the informal sector without structured retirement plans, emphasising the urgent need for inclusive financial frameworks.
He added that the summit will convene key stakeholders—including regulators, industry leaders, and economic experts—to develop practical, worker-centred solutions.
The Chairman of STI Leasing Ltd., Mr. Tom Ogboi, is expected to chair the event, while the Commissioner for Insurance, Mr. Olusegun Omosehin, and the Director-General of PenCom, Ms Omolola Oloworaran, will attend as Special Guests of Honour.
The keynote address will be delivered by Dr. Muda Yusuf, Chief Executive Officer of the Centre for the Promotion of Private Enterprise, who will provide insights into integrating informal workers into Nigeria’s financial safety net.
“Our primary goal is to ensure that every Nigerian, regardless of employment status, can retire with dignity and financial security,” Okonta said.
