The Director-General of the National Pension Commission (PenCom), Ms. Omolola Oloworaran, has projected that pension fund assets will reach ₦22 trillion by the end of 2024.
She also announced that the number of registered pension contributors has grown to 10.53 million.
Ms. Oloworaran shared this outlook at the 2024 PenCom Conference recently held in Abuja, where she acknowledged the economic challenges, including high inflation and the devaluation of the naira, which have eroded the real value of pension funds and diminished contributors’ purchasing power.
In response to these challenges, PenCom has launched a comprehensive review of its investment regulations to protect contributors’ savings and ensure their long-term financial security.
She further emphasised that PenCom is working closely with the federal government to ensure that retirees receive their benefits in a timely manner. Ms. Oloworaran also highlighted plans to rebrand the Micro Pension Scheme, with a focus on leveraging technology to simplify the savings process for Nigerians and contribute to the country’s economic growth.
During the conference, Mr. Oguche Agudah, the Chief Executive Officer of the Pension Fund Operators Association of Nigeria (PenOp), addressed the ongoing challenges in pension remittance. These include the lack of standardization across systems. He revealed that PenCom is developing a new, tech-driven system designed to resolve these issues and improve the overall efficiency of pension remittances.
Mr. Agudah also mentioned that PenCom is working with pension service solution providers to ensure all platforms comply with industry standards. The new system aims to enhance accuracy, efficiency, transparency, and timeliness in the crediting of Retirement Savings Accounts, while minimizing administrative bottlenecks.
This year’s conference, themed ‘Tech-Driven Transformation: Shaping the Pension Landscape,’ highlighted the crucial role of technology in transforming Nigeria’s pension industry.
