PenCom logo

The Director-General of the National Pension Commission, Mrs Aisha Dahir-Umar, has stated that the pension reforms in the country started when Nigeria was struggling with a N2.4tn deficit. This was disclosed in a new book titled ‘Fighting for the Future: Nigeria’s Pension Reform Journey’, which was published by Cable Books, an imprint of Cable Newspaper Ltd. In a statement on Sunday, it was disclosed that Mrs Dahir-Umar noted that the revolution Nigeria has recorded in its pension industry cannot be reversed despite the various challenges and ongoing pushbacks. The book “provides an in-depth analysis of the intricate landscape of pension reform in Nigeria and offers invaluable insights into the nation’s evolving pension system.” The book read, “Nigeria’s pension reform can be summarised in two stats. One, in July 2004 when the reform was kickstarted, national pension deficit was N2.4tn. Two, by February 2023, accumulated pension assets had grown to N15.45tn. It was miserably in the red and now abundantly in the black. That is the Nigerian pension revolution in summary. “In the history of economic reforms in Nigeria, pension easily ranks among the most definitive and successful.”
Punch