Nigeria’s pension fund assets experienced substantial growth in the first half of 2023, surging by N1.7 trillion from N14.99 trillion in December 2022 to N16.76 trillion by the end of June 2023.
During this period, a total of 146,920 new pension contributors joined the scheme, a testament to the increasing awareness and participation in the pension system. The Director-General of the National Pension Commission (PenCom), Aisha Dahir-Umar, shared these figures at the 2023 Journalists’ Conference held in Lagos.
Dahir-Umar, represented by Abdulqadir Dahiru, the head of Corporate Communications at the commission, highlighted the significant rise in pension fund membership. The number of contributors increased by 146,920, reaching over 10 million members as of June 2023, compared to 9.86 million members at the end of 2022.
To further enhance pension service delivery and address contributors’ complaints, PenCom has taken proactive steps by creating a new department called the Consumer Protection Department (CPD). This department underscores the commission’s commitment to prioritizing service delivery and providing Retirement Savings Account (RSA) holders with the utmost care and attention they deserve.
Dahir-Umar emphasized that PenCom’s regulatory approach has been proactive, strengthening oversight and governance of pension funds, promoting transparency, accountability, and safeguarding the interests of pension contributors. The Contributory Pension Scheme (CPS) has played a pivotal role in enabling both public and private sector workers to build retirement savings throughout their working lives, ensuring financial security during their golden years.
The Director-General urged employers of labor to embrace the contributory pension scheme’s spirit, which lays the foundation for a smooth and enjoyable retirement after active service life. With the continued growth of pension assets and increasing membership, Nigeria’s pension system is making significant strides in securing the financial future of its citizens.
Between Depleting Workforce And Declining Productivity