Nigeria’s pension industry has recorded a major milestone, with total pension assets under management rising to over ₦32 trillion—about 10.4 per cent of the nation’s Gross Domestic Product (GDP), the National Pension Commission (National Pension Commission) has said.
The development coincides with a four-member delegation from Kenya’s Retirement Benefits Authority (Retirement Benefits Authority), which is currently in Abuja on a technical study visit to understudy Nigeria’s Contributory Pension Scheme (CPS) framework and regulatory architecture.
The Kenyan team, led by John Keah, Director of Market Conduct and Industry Development, is in Nigeria for a four-day engagement themed “Risk-Based Supervision and ESG Integration in Pension Funds,” running from June 8 to 11, 2026.
Kenya hails Nigeria’s pension reforms as regional reference point
Keah said the visit was driven by the need for cross-border learning among African pension regulators, noting that Nigeria’s experience under the CPS had become increasingly relevant to ongoing reforms in Kenya.
He said both countries share similar structural realities in their pension systems, making Nigeria’s model particularly instructive.
“We are here to learn from Nigeria’s experiences and assess how some of those lessons can be adapted to our own environment,” he said.
The Kenyan delegation said it was particularly interested in Nigeria’s ESG integration framework, risk-based supervision model, strategies for expanding coverage to the informal sector, and the Diaspora Pension Arrangement.
Keah further described Nigeria’s governance safeguards as “robust,” adding that the Diaspora Pension Scheme represents an innovative mechanism for improving retirement security and reducing old-age poverty.
Nigeria attributes ₦32trn growth to sustained reforms
Receiving the delegation on behalf of the Director-General of PenCom, Abdulrahman Muhammad Saleem of the Surveillance Department said the growth of pension assets to ₦32 trillion reflects over two decades of sustained reform under the CPS introduced in 2004.
He attributed the performance to consistent regulatory tightening, stronger governance structures, and improved supervision aimed at protecting contributors’ funds and ensuring long-term sustainability.
He also reaffirmed Nigeria’s commitment to regional collaboration and knowledge sharing to strengthen pension systems across Africa.
Accrued rights settlement marks major milestone
The PenCom leadership also highlighted the Federal Government’s settlement of outstanding accrued pension rights as a landmark intervention in the industry.
It explained that the issuance of a bond to clear the liabilities had resolved long-standing delays that previously affected retirees under Treasury-Funded Ministries, Departments and Agencies (MDAs).
According to the Commission, the reform now ensures that accrued pension entitlements are directly credited into retirees’ Retirement Savings Accounts, allowing immediate investment returns and eliminating prolonged waiting periods.
Deepening African pension cooperation
The study visit includes presentations from PenCom departments, field visits to selected Pension Fund Administrators (PFAs), and interactive sessions on emerging risks and regulatory innovations.
Both Nigeria and Kenya are expected to deepen collaboration after the programme, with emphasis on building more resilient, inclusive, and sustainable pension systems across the continent.
More details here...
