PenCom sets target to expand pension coverage to 20 million Nigerians

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The National Pension Commission (PenCom) has announced its target to increase the number of pension contributors to 20 million by the end of 2027, up from the current figure of 10.65 million.

This was disclosed by the Director-General of PenCom, Ms. Omolola Oloworaran, during the Pension Industry Leaders’ Retreat held today in Lagos.

According to Ms. Oloworaran, the commission aims to achieve this milestone through several initiatives, including the expansion of the Personal Pension Plan (PPP), formerly known as the Micro Pension Plan (MPP); enhanced engagement with stakeholders; and stricter enforcement of pension compliance certificates, particularly among state governments.

She emphasized that the retreat has created an avenue for the industry to adopt innovative strategies, adding that all resolutions reached at the event will be fully implemented by the end of the first quarter of 2026.

Speaking on pension contributions, the Director-General projected a 50 percent growth in the sector, stressing that pension fund growth is crucial for national economic development.

As of February 28, 2025, total pension fund assets stood at N23.27 trillion, with 10.65 million Retirement Savings Account (RSA) holders recorded.