Chief Executive Officer of the Pension Fund Operators Association of Nigeria (PENOP), Anthonia Ifeanyi-Okoro, says Nigeria’s pension industry is steadily expanding, with significant potential to strengthen financial security and improve retirement outcomes for Nigerians.
Speaking during an interview with ARISE NEWS on Wednesday, Ifeanyi-Okoro described the pension industry as one of the sectors to watch, noting that it has demonstrated that Nigerians can save transparently and monitor how their contributions are invested.
“For me, the pension industry is really growing. It’s one to watch within the Nigerian context.”
She said the pension system had shown that Nigerians could save with transparency and integrity while tracking their contributions, account balances and investment returns.
“Nigerians can save with transparency and integrity, and track their account balances, their investment returns and their contributions.”
According to her, the successful withdrawal of pension funds by contributors at retirement demonstrates the value of long-term savings and the importance of building a sustainable pension culture.
“This also demonstrates the value of long-term savings.”
Ifeanyi-Okoro commended the National Pension Commission (PenCom) for its efforts to recover outstanding pension obligations, including N11.2 billion recovered from the Federal Government in 2025 for accrued rights under the old pension scheme.
“But you can see the work that PenCom has done in recovering outstanding pension obligations, including the N11.2 billion recovered from the Federal Government in 2025 for accrued rights.”
She said the recovery of outstanding public-sector pension contributions also contributed to the sharp increase in pension contributions recorded in the fourth quarter of 2025.
“The recovery of outstanding public-sector contributions also contributed to the sharp rise in pension contributions recorded in the fourth quarter of 2025.”
On the Personal Pension Plan, Ifeanyi-Okoro said the revamped scheme was designed to extend pension coverage to workers in Nigeria’s informal sector and further expand participation in the industry.
“The revamped scheme is designed to extend pension coverage to workers in the informal sector.”
She explained that the plan, formerly known as the Micro Pension Plan, allows people outside the formal employment structure to voluntarily open and fund personal pension accounts.
“People outside the formal employment structure can voluntarily open and fund personal pension accounts.”
Ifeanyi-Okoro said the name was changed because the term “micro” did not adequately capture the diversity of Nigeria’s informal economy, which includes gig workers, entertainers, market women and other categories of workers.
“Micro does not adequately reflect the diversity of the informal sector, from gig workers and entertainers to market women and other workers.”
She said PENOP was intensifying awareness and financial education campaigns to encourage more Nigerians, particularly informal-sector workers, to embrace pension savings.
“We are intensifying awareness and financial education to encourage more Nigerians, particularly those in the informal sector, to embrace pension savings.”
Ifeanyi-Okoro noted that while opening a pension account reflects growing awareness, maintaining regular contributions could be more difficult for informal-sector workers because of irregular income.
“Opening an account is one thing, but consistent funding can be challenging for informal-sector workers because their income is often irregular.”
On the future of the industry, she said Nigeria’s pension sector still had significant room for expansion and could play a greater role in the country’s economic and social development.
“There is still a lot of room for growth in the pension industry and it can play a much bigger role in the economic and social development of Nigeria.”
Goodness Anunobi
Follow us on:
