… aims at 20m against 10m
The National Pension Commission (PenCom) has mapped out strategies to double Pension Contributors from the already attained 10.65 million to 20 million by the end of year 2027.
The Director General of PenCom, Ms. Omolola Oloworaran, announcing this on Saturday at the Pension Industry Leaders’ Retreat in Lagos said the commission plans to meet the target through the expansion of Personal Pension Plan (PPP) formerly known as MIcro Pension Plan (MPP), engagements with stakeholders, and enforcement of pension compliance certificates, especially by state governments amongst other initiatives.
Noting that pension growth is essential for economic growth and development, she said the industry expects a 50 per cent growth in this regard and disclosed that as at February 28, 2025 the pension fund assets was N23.27 trillion and Retirement Savings Account (RSA) holders 10.65 million.
According to Oloworaran the retreat has provided opportunities for the industry to adopt new strategies, while also stating that the resolutions reached will be fully implemented before the end of first quarter 2026.