Nigeria’s retirement savings have increased by more than ₦10.7 trillion over the past two years, pushing total pension assets to a record ₦31.48 trillion, as the National Pension Commission (PenCom) attributed the growth to renewed confidence in the country’s pension system and stronger retirement protection for workers.
Presenting the commission’s performance scorecard at a State House briefing in Abuja, Omolola Oloworaran,the director general of PenCom, said pension assets rose from ₦20.79 trillion when she assumed office two years ago, representing a 51 per cent increase in retirement savings.
She said the growth reflects rising confidence in the Contributory Pension Scheme (CPS), supported by reforms aimed at improving pension administration, expanding coverage and ensuring retirees have faster access to their benefits.
“Two years ago, that confidence needed to be restored. Today, the verdict is in. Pension assets have grown from ₦20.79 trillion to ₦31.48 trillion — more than ₦10.7 trillion in new retirement wealth, a 51 per cent increase, in just two years,” Oloworaran said.
“Let me say plainly what those numbers mean: confidence is back,” she added.
Beyond the increase in pension assets, Oloworaran said the industry had expanded its coverage, with more Nigerians enrolling under the Contributory Pension Scheme. According to her, over 938,000 additional workers joined the scheme within the past two years, extending retirement protection to more Nigerians.
She noted that efforts to improve the welfare of retirees had also translated into higher pension payments. Through the Pension Boost 1.0 initiative, aggregate monthly pension payouts increased by 22 per cent, rising from ₦12.2 billion to ₦14.9 billion.
According to her, more than 100,000 pensioners also benefited from a ₦32,000 monthly consequential adjustment following the implementation of the new national minimum wage.
“But confidence means little if it does not reach people’s pockets. So, our first priority was simple: put more money in retirees’ pockets,” she said.
Oloworaran described the Federal Government’s ₦758 billion Pension Bond as one of the most significant interventions in the country’s pension history, saying it cleared outstanding pension obligations dating back to 2007 and benefited 957,045 Nigerians.
She explained that the intervention moved accrued pension rights from 21 months in arrears to a 41-month surplus, restoring confidence in government’s commitment to meeting its pension obligations.
The PenCom director general also highlighted improvements in service delivery, noting that pension approval timelines have been reduced from several months to just 48 hours as the commission digitised its operations.
She added that enforcement of pension compliance had strengthened over the past two years, with PenCom recovering more than ₦36 billion in unremitted pension contributions from employers, compared with ₦28 billion recovered in all previous years combined.
According to her, employer compliance has increased by 28 per cent, while collaboration with agencies such as the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) has strengthened enforcement. She disclosed that a Presidential Executive Order aimed at further improving compliance is currently being finalised.
Looking ahead, Oloworaran said the commission plans to deepen pension penetration among millions of Nigerians in the informal sector through the Personal Pension Plan, which offers flexible contributions and digital onboarding.
She also revealed plans to establish a nationwide network of accredited pension agents to drive pension awareness and enrollment across communities, describing the initiative as one that would not only expand retirement coverage but also create employment and entrepreneurship opportunities.
Within the next three months, she added, PenCom expects to roll out the Minimum Pension Guarantee and PenCare programme, which will provide an income floor and healthcare support for vulnerable retirees.
Oloworaran said the reforms demonstrate the Federal Government’s commitment to strengthening retirement security while positioning the pension industry as a critical source of long-term domestic capital for Nigeria’s economic growth.
