Nigeria’s growing pension industry is facing a major participation challenge, with more than 200,000 Personal Pension Plan accounts yet to receive any contributions. Figures from the National Pension Commission show that 219,316 accounts had been registered by the end of March 2026, but only 18,811 had received contributions, leaving 200,505 accounts inactive. The gap means registration under the Personal Pension Plan has grown much faster than actual pension savings, raising concerns about how many Nigerians are actively preparing for retirement.