PenCom and the National Union of Road Transport Workers (NURTW) have opened talks on a partnership to enroll about nine million transport workers into the Personal Pension Plan (PPP) under Nigeria’s Contributory Pension Scheme. The Personal Pension Plan was created by PenCom to allow self-employed and informal-sector workers to save flexibly for retirement, with access to part of contributions under specified conditions.
The discussions followed a courtesy visit by NURTW National President Musiliu Akinsanya (MC Oluomo) to PenCom Director-General Omolola Oloworaran in Abuja.
The talks aim to broaden pension and financial inclusion for informal-sector transport workers across motor parks, logistics corridors, interstate routes and urban networks. NURTW proposed a three-part plan: mass enrolment into the PPP; an automated daily contribution mechanism integrated with existing revenue-collection systems; and a National Transport Workers Mobility Enhancement Program to help operators access modern vehicles via structured financing.
Under the proposal, daily collections would flow through union channels to both service vehicle loans and fund individual PPP accounts, improving repayment rates, lowering financing risk and encouraging long-term savings. The financing structure would involve development finance institutions, commercial banks and other stakeholders.
PenCom’s DG welcomed the idea, calling it a bold intervention that aligns with government priorities on social protection, poverty reduction, economic empowerment, financial inclusion and transport reform. She pledged PenCom’s support to develop practical implementation pathways and said successful execution could greatly expand the pension contributor base, enhance retirement security for millions of transport workers and support modernization of public transport. Both organizations hope the partnership will become a flagship national program extending social security to previously underserved workers.
