The Nigerian Pension Industry: Overcoming Post Reform Challenges
The 6.9 million people covered represents 8.1% of the Nigerian working population indicating significant headroom for growth within the industry. The anticipated growth will materialiseif three key challenges plaguing the scheme are overcome.
- Benefit Adequacy: Will the Nigerian worker on retirement receive adequate benefits such as to achieve the goals of the pension reforms?
- Coverage & Compliance: Do all Nigerian workers have access to the CPS and does it cover the most economically vulnerable groups? Have all who are meant to comply under the provisions of the PRA 2014 done so?
- Financial Sustainability: Can Nigeria fulfil its responsibilities in managing the CPS in the short, medium and long term? Can it fulfil the financial commitments associated with the transition from the previous pay-as-you-go scheme to the new contributory pension scheme?
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