By Jane Daniels
The National Pension Commission (PenCom) has urged operators of small and medium-sized enterprises (SMEs) and businesses in Nigeria’s informal sector to embrace pension planning, improve financial management and fulfil their statutory obligations to secure their future and promote sustainable business growth.
The Federal Commissioner, Inspectorate, PenCom, Mr. Samuel Chigozie Uwandu, gave the charge in Lagos during an engagement with SME operators and informal-sector businesses organised as part of activities marking the 2026 National Pension Week, with the theme, “A Stronger Business, a More Secured Future.”
Uwandu described SMEs as critical to Nigeria’s economic development, citing their contributions to employment generation, household income, local production and economic resilience.
He noted that millions of Nigerians depend on small businesses for their livelihoods, stressing that entrepreneurs must look beyond daily survival and build enterprises capable of withstanding economic challenges, expanding operations and providing lasting financial security.
He urged business owners to adopt sound financial management practices, keep proper records, separate personal finances from business funds, monitor expenditure and reinvest part of their profits to drive expansion.
The PenCom commissioner also called on employers to fulfil their statutory obligations, particularly the timely remittance of pension contributions, where applicable, warning against neglecting workers’ retirement benefits.
He described employees as important partners in business development, whose welfare and financial security after retirement should be given adequate attention.
Uwandu further advised entrepreneurs not to concentrate solely on growing their businesses and meeting family responsibilities at the expense of their personal retirement plans.
He identified the Personal Pension Plan (PPP) under the Contributory Pension Scheme as an avenue through which eligible self-employed Nigerians and informal-sector operators could build retirement savings.
He encouraged business owners to cultivate regular savings habits, prepare for unforeseen circumstances and seek professional advice from licensed Pension Fund Administrators.
Earlier, the Head of Personal Pension Plan at PenCom, Dr. Babatunde Alayande, urged small business owners to embrace the scheme, noting that early planning, prudent investment and effective risk management were essential to securing a comfortable retirement.
Participants, including entrepreneurs, business owners and Pension Fund Administrators, also highlighted financial literacy, business formalisation, employee welfare and retirement preparedness as important pillars of sustainable enterprise development.
