With the accumulation of over N32 trillion assets as at May 2026, up from
N30.9 trillion as April 30th 2026, the Nigerian pension sector is now a reference
point to other African countries in their pension reform efforts.
Recently, delegates from Kenya’s Retirement Benefits Authority (RBA) visited
the National Pension Commission (PenCom) at its headquarters in Abuja, with
the motive to learn from the commission how it embarked on its Environmental
Social and Governance (ESG) initiatives.
Speaking during the opening session of the visit in Abuja, the Director General
of PenCom, Ms Omolola Oloworaran, disclosed that pension assets under
management have grown to over N32trillion, representing approximately 10.4
percent of Nigeria’s Gross Domestic Product (GDP).
Oloworaran said growth in pension assets, over the years, reflected the
sustained success of the country’s pension reform implemented since 2004.
The PenCom boss said the industry’s growth has been driven by consistent
regulatory reforms, stronger governance standards and enhanced supervisory
mechanisms designed to protect contributors’ funds and improve retirement
outcomes.
She described the Federal Government’s recent settlement of outstanding
accrued pension rights liabilities as one of the most significant milestones in the
history of the Contributory Pension Scheme (CPS).
The intervention, she said, addressed a longstanding challenge that had left
many retirees from Treasury-Funded Ministries, Departments and Agencies
(MDAs) facing prolonged delays in accessing their accrued pension rights
because of funding constraints and delayed budget releases.
