Okonta made the call in an interview with the News Agency of Nigeria (NAN) on Saturday in Lagos.
He said millions of Nigerians in the informal economy remained vulnerable due to limited awareness and participation in structured financial protection systems.
According to him, although the informal sector contributes significantly to the nation’s economy, many workers lack adequate safety nets against risks such as illness, accidents, loss of income and old age.
Okonta said improved knowledge of microinsurance products and the Personal Pension Plan (PPP) introduced by the National Pension Commission (PenCom) would help bridge the protection gap.
“Insurance and pension are not just for salaried workers. Informal sector participants, including traders, artisans and small business owners, must take deliberate steps to understand and embrace these schemes for long-term security,” he said.
He explained that microinsurance products were designed to be affordable and accessible, offering coverage tailored to low-income earners, while the micro pension scheme allows contributors to save flexibly towards retirement.
Okonta said he would host the third edition of the Inspenonline Retirement Summit in May to deepen awareness and promote financial inclusion.
“How to turn dreams into reality through insurance, pension and other financial instruments is a question experts will be providing answers to at the 2026 Inspenonline Retirement Summit.
“The 2026 edition with the theme ‘Meeting Retirement Dreams of Informal Sector Workers with Insurance and Pension Instruments’ is scheduled to hold on Wednesday, May 20, 2026, at the NECA House, Ikeja.
“The summit, which is the third edition, aims to address a critical vulnerability in the Nigerian economy, where over 90 per cent of the workforce operates within the informal sector without structured retirement plans.
“By focusing on the Personal Pension Plan (PPP) and tailored life insurance products, the event seeks to provide a roadmap for transitioning artisans, traders and farmers from daily survival to a life of structured retirement,” he said.
Okonta added that the summit would also serve as a platform for regulators and operators to design products that reflect the realities of irregular income streams in the informal sector.
“Our primary goal is to ensure that every Nigerian, regardless of their employment status, can retire with dignity and financial security.
“We are providing a platform where the financial ecosystem can align with the realities of the informal sector, moving them away from the risks of old-age poverty toward a more secure and predictable future,” he said.
He said the event would feature regulatory officials, industry leaders and economic experts.
“The event will feature regulatory heads, industry captains and economic experts.
“The Chairman of STI Leasing Ltd., Mr Tom Ogboi, will preside over the occasion as the Chairman of the event, while the Commissioner for Insurance, Mr Olusegun Omosehin, and the Director-General of PenCom, Ms Omolola Oloworaran, are expected to attend as Special Guests of Honour.
“The keynote address will be delivered by Dr Muda Yusuf, Chief Executive Officer, Centre for the Promotion of Private Enterprise (CPPE), who will provide economic perspectives on integrating the informal sector into the national financial safety net,” he said.(NAN)(www.nannews.ng)
Edited by Olawunmi Ashafa
