Ebere Nwoji
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, who was represented at the meeting by the director of the Surveillance Department, Abdulrahaman Muhammad Saleem said, growth in pension assets, over the years, reflected the sustained success of the country’s pension reform implemented since 2004.
The PenCom DG 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.
Earlier, the four-member Kenyan delegation, led by the Director of Market Conduct and Industry Development at the RBA, John Keah, said, he and his delegates were in Nigeria from June 8 to 11, 2026, to understudy PenCom’s regulatory and supervisory frameworks.
Keah said, the engagement reflected the importance of cross-border learning among pension regulators seeking to strengthen retirement systems and improve pension outcomes for their citizens.
