Data from the National Pension Commission (PenCom) for the fourth quarter of 2025 show that workers below the age of 30 constituted the largest group of new Retirement Savings Account (RSA) holders.
According to PenCom, 44,837 Nigerians under 30 joined the contributory pension scheme during the quarter, representing 39.03 per cent of all new registrations.
The increase pushed the total number of Retirement Savings Accounts to 11,042,903, up from 10,928,039 recorded in the third quarter of 2025. Despite the growth, active contributors account for only about 12 per cent of Nigeria’s estimated 92 million workforce, highlighting significant opportunities for expansion, particularly within the informal sector.
An age-based analysis of new registrations showed that 40,284 workers aged between 30 and 40 years joined the scheme, representing 35.07 per cent of total registrations. Workers aged between 40 and 49 years accounted for 22,182 new contributors, or 19.31 per cent, while 7,561 workers aged 50 and above made up the remaining 6.58 per cent.
The Pension Fund Operators Association of Nigeria (PenOp) identified two notable trends during the period: rising female participation and increasing youth enrolment.
According to the association, “Even more striking, 74.1 per cent of new accounts were opened by Nigerians under 40, underscoring the system’s greatest long-term strength: a young, expanding contributor base whose retirement horizon stretches well beyond 2050. With only 12 per cent of the labour force currently enrolled, the opportunity for growth, especially in the informal sector, remains immense.
“This demographic reality calls for investment strategies calibrated to long horizons, with greater risk-bearing capacity to match the future-focused profile of contributors.”
PenOp further noted that women accounted for 40.3 per cent of new contributors during the quarter, indicating that the gender participation gap in the pension system is gradually narrowing.
