Pension fund operators have called for a more strategic deployment of Nigeria’s N31.8 trillion pension assets into productive sectors of the economy, arguing that long-term pension capital can play a significant role in helping the country achieve its $1 trillion economy ambition.
The call was made at a conference in Abuja themed, “The Role of Regulator, Operators in Actualising Nigeria’s $1 Trillion Economy Target,” where industry stakeholders highlighted the importance of leveraging pension funds to support infrastructure, housing, energy and other critical sectors while preserving contributors’ retirement savings.
Speaking at the event, Chief Executive Officer of the Pension Fund Operators Association of Nigeria (PenOp), Mrs Anthonia Ifeanyi-Okoro, said the country’s economic aspirations could only be realised through deliberate capital formation and sustained investment.
“A $1 trillion economy is not an abstract ambition. It is a goal that demands deliberate capital formation, long-term investment, and strong institutions working in step,” she said.
Represented by PenOp’s Head of Business Development, Media, Brands and Communications, Ms Olajumoke Akinwa, Ifeanyi-Okoro described pension funds as one of Nigeria’s largest pools of long-term domestic capital capable of driving economic expansion.
According to her, “The effective deployment of pension assets can support economic growth, infrastructure development and national productivity without undermining the security of contributors’ retirement savings.”
She stressed that while the National Pension Commission (PenCom) provides the regulatory framework and oversight needed to sustain confidence in the pension system, operators are responsible for ensuring disciplined and prudent investment decisions.
“We cannot achieve these objectives in isolation. Regulators, operators, government institutions, businesses and development partners must work together to mobilise long-term capital for national development,” she added.
Also speaking, Director-General of PenCom, Ms Omolola Oloworaran, disclosed that retirees under the Contributory Pension Scheme (CPS) now receive their retirement benefits within 48 hours of retirement.
Represented by PenCom’s Head of Corporate Communications, Mr Ibrahim Buwai, she said the Commission had introduced several initiatives under the Presidential Pension Security Initiative aimed at strengthening retirement security and improving pensioners’ welfare.
“These initiatives cover pension healthcare, pension recovery, health insurance and the Minimum Pension Guarantee,” Buwai said.
He explained that the newly introduced PenCare health insurance initiative was designed to outlive changes in leadership at the Commission, with an independent board of trustees comprising stakeholders and health experts responsible for oversight.
On the Minimum Pension Guarantee, Buwai noted that although the provision had existed since the Pension Reform Act 2004, implementation was delayed by funding constraints.
“President Bola Tinubu has now unveiled the initiative, and pensioners receiving below the approved minimum pension level will automatically have their benefits adjusted upwards,” he said.
He further clarified that pension reforms had not abolished existing retirement benefits provided by employers.
“The law allows employers to provide additional retirement benefits to workers. The reforms did not take away those entitlements,” he said.
Meanwhile, the Executive Secretary of the Pension Transitional Arrangement Directorate (PTAD), Ms Tolulope Odunaiya, said the agency had introduced a number of initiatives to improve the welfare of pensioners under the Defined Benefits Scheme (DBS).
Represented by PTAD’s Head of Corporate Communications, Mr Olugbenga Ajayi, she said one of the initiatives, known as Accreditation Without Borders, allows pensioners to complete enrolment and verification processes online without visiting PTAD offices.
“This initiative is particularly beneficial to pensioners residing in rural communities and Nigerians living abroad,” Ajayi said.
He added that PTAD had also launched a retiree health insurance platform to provide pensioners with easier access to healthcare services and introduced a system for verifying deaths of pensioners through regular record updates.
In a separate presentation, Chief Executive Officer and Co-founder of Awabah, Mr Tunji Andrews, called for intensified efforts to bring informal sector workers into the pension system.
According to him, nearly 80 per cent of Nigerians work in the informal sector and remain largely excluded from retirement savings and financial protection schemes.
“We have the infrastructure and simplified processes in place. What we need now is greater awareness and public education to encourage participation,” Andrews said.
He commended PenCom for simplifying the Personal Pension Plan (PPP) registration process by reducing the number of information fields required from about 35 to four, describing the move as a major step towards expanding pension coverage.
Earlier, President of the Pension Correspondents Association of Nigeria (PenCAN), Dr Nana Musa, urged journalists to continue bridging information gaps in the pension sector through accurate and responsible reporting.
“We have a responsibility not only to inform but also to educate the public and hold stakeholders accountable in ways that strengthen confidence in the pension system,” she said.
The highlight of the conference was the presentation of an award to PenCom Director-General, Ms Omolola Oloworaran, in recognition of her contributions to pension sector reforms and retirement security in Nigeria.
