BY NKECHI NAECHE-ESEZOBOR—The National Pension Commission, ( PenCom), on Saturday said it plans to increase the number of pension contributors to 20 million by the end of 2027.
The Director General of the commission, Omolola Oloworaran, disclosed this during the 2025 Pension industry leadership retreat held today in Lagos.
As of January 2025, Nigeria’s pension industry had 10.61 million Retirement Savings Account (RSA) holders. This number represents the total number of contributors to the contributory pension scheme.
According to her the target would be achieved through the expansion of Personal Pension Plan (PPP) formerly known as MIcro Pension Plan (MPP); engagements with stakeholders; enforcement of pension compliance certificates, especially by state governments amongst other initiatives.
She noted that the retreat has provided opportunities for the industry to adopt new strategies, stating that the resolutions reached will be fully implemented before the end of first quarter 2026.
On pension contributions, she said the industry expects a 50 per cent growth, stating that pension growth is essential for economic growth and development.
