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

Proshare

Monday, April 10, 2016/ 8.00 PM / NBS 

The retirement savings account (RSA) membership distribution data for Q1 2017 reflected that 7,493,590 workers are registered under the pension scheme compared to 7,348,028 registered workers in Q4 2016 out of a total working population of 69,470,901(data for Q1 2017 will be updated as soon as it is available) recorded as at Q4 2016.  This represents 10.8% 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 5,328,035 or 14.65% male workers are registered under the pension scheme as at Q1 2017 compared to 5,226,897 or 14.37% registered male workers in Q4 2016. Similarly, only 2,165,555 or 6.54% out of a total female working population of 33,107,859 are registered under the scheme as at Q1 2017 compared to 2,121,131 or 6.41% registered female workers in Q4 2016. Accordingly, out of the 7,493,590 RSA members, 71.10 were men and 28.90% were women compared to 71.13% men and 28.87% women in Q4 2016. 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 1,889,143 registered RSA members under the national pension scheme as at Q1 2017 of which 1,378,382 or 72.96% were male and 510,761 or 27.04% were female compared to 1,866,580 registered RSA members of which 1,363,266 or 73% were male and 503,584 or 27% were female in Q4 2016. 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, 1,525,748 State public workers are registered under the national pension scheme with 858,365 or 56.26% male and 667,383 or 43.74% female as at Q1 2017 compared to 1,508,471 registered public workers of which 849,493 or 56.3% were male and 658,978 or 43.7% were female in Q4 2016. 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 4,078,699 registered RSA members under the pension scheme as at Q1 2017 of which 3,091,288 or 75.79% were male and 987,411 or 24.21% were female compared to 3,972,707 registered RSA members of which 3,014,138 or 75.9% were male and 958,569 or 24.1% were female in Q4 2016. 

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 Retirement Savings Account Membership Distribution Q1 2017 (PDF) Report 

Latest 2017 NBS Reports  

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Q1 2017

2.      11,363 Road Traffic Crashes Recorded in 2016 - NBS

3.      FAAC Disburses N514.15bn in February 2017

4.      FAAC Disburses N430.16bn in January 2017

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

23. 4,296 Applications Were Received by NAFDAC for New Products Registration in 2016 - NBS

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

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

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

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

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