Nigeria’s pension landscape witnessed significant growth and progress during the first half of 2023, with total pension assets rising by a substantial ₦1.77 trillion. According to the National Pension Commission (PenCom), the assets increased from ₦14.99 trillion in December 2022 to an impressive ₦16.76 trillion by the end of June 2023.
Moreover, there was a notable surge in membership during this period, with 146,920 new contributors joining the pension scheme. The number of members increased from 9.86 million at the end of 2022 to surpass a significant milestone of 10 million by June 2023.
The revelations were made by Mrs. Aisha Dahir-Umar, the director general of PenCom, during the 2023 Journalists Conference held in Lagos. The event was organized by the Commission to engage members of the press who cover pension matters and shed light on the latest developments in the pension industry.
During the conference, Mr. Abdulqadir Dahiru, the head of Corporate Communication at PenCom, represented Mrs. Dahir-Umar, where he emphasized how the Contributory Pension Scheme (CPS) has played a pivotal role in ensuring that both public and private sector workers can secure their retirement savings, fostering financial security in their golden years.
The theme of this year’s workshop, “Transforming Service Delivery in the Pension Industry: Strategies for Improving Efficiency and Customer Satisfaction,” reflects PenCom’s unwavering commitment to enhancing service quality and customer experience for contributors and retirees alike.
Mrs. Dahir-Umar expressed PenCom’s dedication to continuously improving the understanding and knowledge of the CPS and its profound impact on the lives of contributors and retirees. The Journalists Conference provided an excellent platform to interact with the media and discuss the latest developments shaping Nigeria’s pension landscape.
Furthermore, she highlighted PenCom’s proactive regulatory approach, which has been instrumental in bolstering oversight and governance of pension funds. This approach has played a crucial role in promoting transparency, accountability, and safeguarding the interests of pension contributors.
Overall, the remarkable growth in total pension assets and the increase in membership signify the strides made in securing the financial futures of Nigeria’s workforce. With PenCom’s dedication to continuous improvement, the future of the pension industry looks promising, offering contributors and retirees an enhanced pension experience and financial security in their retirement years.