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7.59m Nigerians Are Registered Under the National Pension Scheme as at Q2’17 - NBS

Proshare

Thursday, July 20, 2017 5:45PM / NBS 

The retirement savings account (RSA) membership distribution data for Q2 2017 reflected that 7,589,936 workers are registered under the pension scheme compared to 7,493,590 registered workers in Q1 2017 out of a total working population of 69,470,901 (data for Q2 2017 will be updated as soon as it is available) recorded as at Q4 2016.  This represents 10.93% of the total working population. This is not surprising given the largely informal structure of the Nigerian labour force with about 50% of the current workforce engaged in subsistence agriculture and informal trading. Micro businesses for example account for over 90% of total Micro, Small and Medium Scale Enterprises in Nigeria. 

Further disaggregation of RSA membership reveals that of a total male working population of 36,363,042 only 5,391,887 or 14.83% male workers are registered under the pension scheme as at Q2 2017 compared to 5,328,035 or 14.65% registered male workers in Q1 2017. Similarly, only 2,198,049 or 6.64% out of a total female working population of 33,107,859 are registered under the scheme as at Q2 2017 compared to 2,165,555 or 6.54% registered female workers in Q1 2017. Accordingly, out of the 7,589,936 RSA members, 71.04% were men and 28.96% were women compared to 71.10% men and 28.90% women in Q1 2017. This can be compared with the gender split of the working population which has 52.3% men and 47.7% women.  

RSA membership is dominated by the Private sector.  The Federal level had 1,898,199 registered RSA members under the national pension scheme as at Q2 2017 of which 1,384,579 or 72.94% were male and 513,620 or 27.06% were female compared to 1,889,143 registered RSA members of which 1,378,382 or 72.96% were male and 510,761 or 27.04% were female in Q1 2017. This may indicate that there are a lot more male employees in the Federal public service than female. 

At the State (including local government) level, 1,537,138 State public workers are registered under the national pension scheme with 863,605 or 56.18% male and 673,533 or 43.82% female as at Q2 2017 compared to 1,525,748 registered public workers of which 858,365 or 56.26% were male and 667,383 or 43.74% were female in Q1 2017. This may indicate that the Federal Public Service is larger than that of all 36 States combined and similar to the Federal service, men dominate with respect to number of employees. 

Private firms had 4,154,599 registered RSA members under the pension scheme as at Q1 2017 of which 3,143,703 or 75.67% were male and 1,010,896 or 24.33% were female compared to 4,078,699 registered RSA members of which 3,091,288 or 75.79% were male and 987,411 or 24.21% were female in Q1 2017. 

The highest number of registered working population came from the age bracket of 30-39yrs and closely followed by the working population within the age bracket of 40-49yrs and 50-59yrs. This is expected considering ages 25-44 account for about 55% of the total working population. 

However, the least number of registered working population came from above 65yrs and 60-65yrs age bracket. 

Click Here to Download Q2 2017 RSA (PDF) Report 

 

 

Latest 2017 NBS Reports

 

Q3 2017

1.       FAAC Disburses N462.36bn in June 2017 - NBS

2.      NBS Annual Abstract of Statistics 2016

3.      Average Prices of PMS, AGO, HHK and Cooking Gas Price Watch - June 2017

4.      Average Intercity Transport Fare Decreases to N1,559.68 in Jun’17 from N1,565 in May’17

5.      Average Price Of 1kg Of Yam Tuber Increased YoY by 32.84% in June 2017 -NBS

6.      CPI Drops to 16.10% in June 2017, 0.15% Lower Than 16.25% May Rate 

Q2 2017

7.      FAAC Disburses N418.82bn in May 2017 - NBS

8.     GDP By Income and Expenditure Approach – Basic Price GDP Declines by 2.3% in Q3’16 - NBS

9.      Average Price Watch of PMS, AGO, HHK and Cooking Gas - May 2017

10.  Average Intercity Transport Fare Decreases to N1,5865. in May’17 from N1,587.04 in Apr’17

11.   Average Price Of 1kg Of Yam Tuber Increased YoY by 52.69% in May 2017 - NBS

12.  CPI Drops to 16.25% in May 2017, 0.99% Lower Than 17.24% April Rate

13.  N204.77bn Generated as VAT in Q1 2017 - NBS

14.  125,790 Cases of Reported Offences Recorded in 2016 - NBS

15.   Labour Productivity Rose to N684.43 in 2016 - NBS

16.  Merchandise Trade Grew By 0.1% - Positive Trade Balance Due to Rising Exports & Falling Imports

17.   Unemployment Rate Rises to 14.2% in Q4’16 from 13.9% in Q3’16 - NBS

18.  Lagos Airport Accounted for 76.5% of International Passengers in Q1 2017 - NBS

19.  FAAC Disburses N496.39bn in April 2017 - NBS

20. Banking Sector Records 304.31 mln Volume of Transaction in Q1 2017 - NBS

21.  Total Value of Capital Imported into Nigeria in Q1 2017 Estimated at $908.27m - NBS

22. GDP Contracts by -0.52% in Q1’17 from -1.73% in Q4’16; 5th Consecutive Quarter of Contraction

23. Average Prices of PMS, AGO, HHK and Cooking Gas Price Watch – April 2017

24. Average Intercity Transport Fare Increases to N1,587.04 in Apr’17 from N1,466.46 in Mar’17

25.  Average Prices of 1kg of Yam Tubber Increased by 42.45% YoY in April 2017

26. CPI Drops to 17.24% in April 2017, 0.02% Lower Than 17.26% March Rate

27.  Lagos, Rivers Top IGR for Full Year 2016

28. Telecoms Subscribers Dropped by 1.33% in Q1 2017 - NBS

29. Nigeria Imports 4.05bn Litres of PMS in Q1 2017 - NBS

30. Lagos State has the highest domestic and foreign debt profile in 2016 - NBS

31.  2,556 Road Traffic Crashes Recorded in Q1 2017 - NBS

32. FAAC Disburses N466.93bn in March 2017

33. Daily Energy Generation Attained a Peak of 5,846 MW in Q1 2017 - NBS

34. Average Prices of PMS, AGO, HHK and Cooking Gas Price Watch - March 2017

35.  Average Intercity Transport Fare Increases to N1,466.46 in Mar’17 from N1,411.87 in Feb’17

36. Average Prices of 1kg of Yam Tubber Increased by 63.4% YoY in March 2017

37.  CPI Drops to 17.26% in March 2017, 0.52% Lower Than 17.78% February Rate

38. 7.49m Nigerians Are Registered Under the National Pension Scheme As At Q1 2017 - NBS

39. Lagos Airport Accounted for 69.1% of International Passengers in 2016 - NBS 

Q1 2017

 

40. 11,363 Road Traffic Crashes Recorded in 2016 - NBS

41.  FAAC Disburses N514.15bn in February 2017

42. FAAC Disburses N430.16bn in January 2017

43. Average Intercity Transport Fare Decreases to N1,411.87 in Feb’17 from N1430.63 in Jan’17

44. Average Price of 1kg of Rice Increased by 68% YoY in February 2017

45.  Average Prices of PMS, AGO, HHK and Cooking Gas Price Watch - February 2017

46. CPI Drops to 17.78% in February 2017, 0.94% Lower Than 18.72% January Rate

47.  Nigeria Produced 43.49m Tons of Solid Minerals in 2016 - NBS

48. NIPOST Generates N8.84bn Revenue in 2016 - NBS

49. Q4 2016 Merchandise Trade Intensity - Total Trade Grows by 6.5% in 2016

50. Merchandise Trade Grows in Q4 2016 - Records First Quarterly Positive Trade Balance Since Q4 2015

51.   GDP Contracts by -1.30% in Q4 and -1.51% for Full Year 2016; Is Nigeria on Its Way Out of Recession?

52.  JAMB Received 11.7m Applications Between 2010 and 2016

53.  Average Kerosene Price Increases to N433.84 in Jan'17 from N231.85 in Dec'16

54.  Average Intracity Transport Fare Increases to N122 in Jan'17 from N84.29 in Dec'16

55.  Average Cooking Gas Price Increases to N2,567.56 in Jan’17 from N2,002.16 in Dec’16

56.  Average Diesel Price Increases to N240.52 in Jan’17 from N196.20 in Dec’16

57.  Average Petrol Price Increases to N148.7 in Jan'17 from N146.7 in Dec'16

58. CPI Rises to 18.72% in January 2017, 0.17% Higher Than 18.55% December 2016 Rate

59.  GENCOs Issued Total Invoice of N331bn to DISCOs in 2016

60. Nigeria Produced 5.79 mln Tonnes of Fish Between 2010 and 2015

61.  4,296 Applications Were Received by NAFDAC for New Products Registration in 2016 - NBS

62. 19,833 Vessels Berthed At Nigerian Ports Between 2013 and 2016 - NBS

63. Total Value of Capital Imported into Nigeria in Q4 2016 Estimated at $1,548.88mln - NBS

64. Telecoms Sector Contributes N1,399bn to GDP in Q3 2016 - NBS

65.  FAAC Disburses N426.88bn in December 2016 - NBS

66. Banking Sector Records 910.18m Volume of Transaction in 2016 on Electronic Payment Channels - NBS

67.  Daily Energy Generation Attained a Peak of 3,859.59MW in Q4 2016 - NBS

68. 10.8% of Nigeria's Total Working Population Are Registered Under The National Pension Scheme - NBS

69. Nigeria Imports 4.83 bn Litres of PMS in Q4 2016 - NBS

70. 72.53% of Nigeria’s Prison Population in 2015 were Un-sentenced - NBS

71.   Lagos, Ogun Top IGR for H1 2016

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