Nigeria’s pension industry has reached a new milestone, with total pension assets rising to ₦31.48 trillion following recent reforms by the National Pension Commission (PenCom). The Commission also disclosed that 938,229 new contributors joined the Contributory Pension Scheme (CPS) over the past two years, bringing total membership to 11.32 million.
Speaking at a State House media briefing, PenCom Director-General Omolola Oloworaran attributed the growth to reforms aimed at strengthening confidence in the pension system.
According to her, pension assets increased from ₦20.79 trillion to ₦31.48 trillion within 24 months, representing a rise of more than ₦10.7 trillion. She also highlighted measures such as the ₦758 billion pension bond, higher monthly pension payouts and adjustments to retirees’ benefits as key drivers of the improved performance.
Looking ahead, PenCom plans to deepen pension coverage by expanding participation in the informal sector through a Personal Pension Plan and a nationwide network of pension agents. The Commission also intends to introduce initiatives such as the Minimum Pension Guarantee and PenCare, a healthcare support program for vulnerable retirees, while maintaining strict investment guidelines to safeguard contributors’ funds.
