The retirement savings account (RSA) membership distribution data for Q4 2016 reflected that 7,348,028 workers are registered under the pension scheme out of a total working population of 69,470,091 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 labor 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.

Data source: National Bureau of Statistics

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