The total assets under Nigeria’s Contributory Pension Scheme (CPS) have reached ₦21.92 trillion as of October 2024, with contributions from 10.53 million registered participants, according to the National Pension Commission (PenCom).
Speaking at a press conference in Abuja on Thursday, PenCom’s Director-General, Omolola Oloworaran, reaffirmed the commission’s commitment to safeguarding contributors’ funds through prudent management and sustainable growth strategies.
“In October 2024, the CPS recorded 10.53 million contributors and pension fund assets of ₦21.92 trillion.
These figures reflect our unwavering dedication to ensuring the security of funds, prudent management, and sustainable growth,” she stated.
Oloworaran highlighted significant challenges affecting the pension fund, including high inflation, the naira’s devaluation, and lingering effects of unorthodox monetary policies.
She acknowledged that these economic headwinds have eroded the real value of pension funds and diminished contributors’ purchasing power.
To address these challenges, PenCom has undertaken a review of its investment guidelines, focusing on diversification into inflation-protected instruments, alternative assets, and foreign currency-denominated investments.
The commission is also prioritizing the expansion of pension coverage across Nigeria. Efforts are underway to revamp the micro-pension plan and encourage participation from the informal sector by leveraging technology.
“These initiatives will enable more Nigerians to save for retirement, promoting inclusive growth and long-term financial security,” Oloworaran added.
The CPS, established to ensure transparency and accountability in pension management, has grown steadily despite economic pressures.
PenCom’s latest initiatives aim to maintain this momentum while addressing contributors’ concerns over inflation and securing their financial futures.
The ₦21.92 trillion milestone underscores the scheme’s significance as a pillar of Nigeria’s financial ecosystem, offering millions a reliable pathway to a secure retirement.
