📊 In-Depth Analysis: Informal Sector in Africa (Focus on Nigeria)

🌍 Overview of the Informal Sector in Africa

• The informal sector refers to economic activities that are not regulated or protected by the state.

• According to the ILO, over 85% of total employment in Africa is informal.

• This includes street vendors, artisans, small-scale farmers, transport workers, domestic help, and unregistered entrepreneurs.

🇳🇬 Nigeria's Informal vs Formal Employment Landscape

• This means out of Nigeria’s ~80 million active workforce:

  • 10 to 14 million are formally employed and eligible for pensions.

  • 66 to 70 million are informally employed and excluded from retirement benefits.

🚨 The Retirement Gap

• Those in the formal sector (government workers, corporate employees) receive monthly pensions upon retirement, regulated by PENCOM.

• However, over 80% of Nigeria’s workforce will retire without financial security.

• Most informal workers:

  • Live hand-to-mouth

  • Have no structured savings

  • Are vulnerable to economic shocks

  • Cannot afford health or social insurance

  • Often work till old age or become dependent on children or charity

🛠️ The Challenge

• The current system is biased toward salaried workers, excluding:

  • Market traders

  • Keke and okada riders

  • Tailors, barbers, hairdressers

  • Local artisans

  • Freelancers

  • Small-scale digital entrepreneurs

These are hardworking Nigerians, but because they do not earn structured salaries or remit taxes through payroll, they are excluded from pension schemes.

✅ How BPI Early Retirement Program Bridges the Gap

BeepAgro Palliative Initiative (BPI) has launched an innovative Early Retirement and Support Program tailored for:

• Informal workers

• Entrepreneurs

• Gig workers

• Anyone not covered by traditional retirement structures

🔑 What BPI Offers:

🌍 Impact Projection

• If just 10 million Nigerians subscribe to BPI’s Early Retirement Plan:

  • That’s 10 million fewer vulnerable retirees.

  • This reduces old-age poverty, increases economic resilience, and aligns with UNSDG Goal 1 (No Poverty) and Goal 8 (Decent Work and Economic Growth).

🧩 Conclusion

The gap between formal pension coverage and real working Nigerians is a ticking time bomb for African economies.

BPI is revolutionizing retirement by making it inclusive, community-powered, and tech-driven. It gives every Nigerian — formally employed or not — the dignity of retiring with peace and prosperity.

If you're not in a pension plan, BPI is your path to retirement with confidence. Within 5 to 7 years, you can create a lifelong income stream and enjoy community support in all major life events.