BY NKECHI NAECHE-ESEZOBOR—An ambitious initiative aimed at bringing an estimated nine million transport workers into Nigeria’s pension system is taking shape following discussions between the National Pension Commission (PenCom) and the National Union of Road Transport Workers (NURTW).
The proposed partnership, unveiled during a meeting between PenCom Director General, Ms. Omolola Oloworaran, and NURTW National President, Alhaji Musiliu Akinsanya (MC Oluomo), is expected to significantly expand pension coverage among workers in the informal sector while promoting broader financial inclusion.
At the heart of the initiative is the mass enrolment of transport workers into the Personal Pension Plan (PPP) under the Contributory Pension Scheme (CPS). With NURTW’s extensive network spanning motor parks, interstate routes, logistics corridors and urban transport systems across the country, the union believes it is uniquely positioned to drive one of the largest pension inclusion programmes in Nigeria’s history.
Akinsanya disclosed that the union has proposed a framework that would allow transport workers to make automated daily pension contributions through existing revenue collection platforms already in use within the sector. The arrangement is designed to make pension savings more accessible and convenient for workers who have traditionally remained outside the formal retirement savings system.
Beyond pension inclusion, the proposal also incorporates a National Transport Workers Mobility Enhancement Programme aimed at improving access to modern mass-transit vehicles through structured financing arrangements. Under the model, daily collections from transport operators would be used to meet vehicle financing obligations while simultaneously funding individual pension accounts.
According to the NURTW president, the approach is expected to strengthen repayment performance, reduce financing risks and encourage a culture of long-term savings among transport workers nationwide.
Responding to the proposal, Oloworaran described the initiative as a bold and innovative step towards extending social protection to millions of Nigerians in the informal sector. She commended the union’s leadership for pursuing solutions that combine economic empowerment with long-term financial security for its members.
The PenCom Director General reaffirmed the commission’s commitment to working with the union and other stakeholders to develop practical strategies for implementing the initiative. She noted that expanding pension coverage remains a key priority for the commission and aligns with ongoing efforts to deepen financial inclusion and improve the welfare of Nigerians.
She further observed that the proposed collaboration supports several objectives of the Federal Government’s Renewed Hope Agenda, including social protection, poverty reduction, economic empowerment and transportation sector reform.
Describing the initiative as one of the most ambitious pension inclusion efforts targeting Nigeria’s informal workforce in recent years, Oloworaran said successful implementation could dramatically increase the country’s pension contributor base while providing retirement security for millions of transport workers.
Both PenCom and the NURTW expressed optimism that the partnership could evolve into a flagship national programme capable of delivering lasting socio-economic benefits and extending pension coverage to previously underserved segments of the workforce.
