The National Pension Commission says the total pension fund assets under the Contributory Pension Scheme rose to N21.92tn as of October 2024.
This is attributed to contributions from 10.53 million registered participants and expected to surpass N22tn by the end of the year.
Director General Pencom, Ms. Omolola Oloworaran stated this during the 2024 PenCom Media conference held in Abuja.
She highlighted the Commission’s commitment to safeguarding contributors savings through prudent management and sustainable growth practices.
She said, “As of October 2024, the CPS has recorded 10.53 million registered contributors and boasts of pension fund assets of N21.92tn. These numbers reflect our unwavering commitment to fund safety, prudent management, and sustainable growth.
“However, the economic realities of 2024 and preceding years present unique challenges. High inflation, the devaluation of the Naira, and the lingering effects of unorthodox monetary policies have eroded the real value of pension funds, impacting contributors’ purchasing power.
“To address these challenges, PenCom has initiated a comprehensive review of the Investment Regulations, focusing on diversifying pension fund investments into inflation-protected instruments, alternative assets, and foreign-currency denominated investments. Our goal is to safeguard contributors’ savings and ensure resilience against future economic volatility.”
The Director General added that expanding pension coverage remains a top priority for the Commission, noting that the Commission has revamped Micro Pension Plan and leveraged technology to incentivize informal sector participation, making it easier for every Nigerian to save for retirement.
PR/Ene Idoko, Edited By Grace Namiji
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