Nigeria Announces Hosting of World Pension Summit, Assets Hit N4.3trn

The nation’s pension assets have grown to about N4.3 trillion contributed by six million retirement savings account (RSA) holders as the country plans to hold the World Pension Summit for the first time in Africa.
Misbalu Sola, national chairman, pension operators, who is also the managing director, Legacy Pensions, disclosed this on Tuesday at a world press conference to announce Nigeria’s hosting of the World Pension Summit Africa Special early July.
Sola said while today’s pension assets were commendable, this is not good enough considering that the total contribution is only 5 percent of the new rebased Gross Domestic Product (GDP) and contributed by just 6 million out of the nation’s over 160 million population and perhaps up to 60 million workers.
“A lot of work has been done in Nigeria and lot more has to be done,” he stated.
But Chinelo Anohu-Amazu, acting director general, PenCom, and chief host of the summit, said the event will be an opportunity for Nigeria to share its experiences, successes and challenges and to also learn from participants from other parts of the world.
While also addressing the media, Amazu noted that growing pension assets is the crux for the summit as it will focus on the Nigerian pension industry on the next stage- in terms of what it needs to do, how to increase compliance and will also help shape conversations for the next decade.
She noted that six million RSA accounts out of possible 60 million working population may not mean a lot but that Nigeria has done well, considering where it is coming from- a deficit of N2 trillion, with people lying around the streets demanding for their pension benefits.
She explained that the last decade has been used in setting up the right foundations and that the summit is now to bring together different pension stakeholders from across Africa whom Nigeria will share thoughts on how to further develop the sector.
“What we wanted was given the lessons from the past, we needed to not just move fast but move right by setting up the structures, making sure of the rules and regulations and setting up adequate control mechanisms”, she stated.
She was optimistic that with the aggressive nature of the PFAs and the regulator, these figures will double in no time because of the right foundation already laid.
She, however, noted that awareness will be key in this process because a lot of people in the country do not even know what the contributory scheme is all about.
According to her, pension summit to be held in Abuja is in recognition of the successes of the Nigerian pension system since the past decade.
Eric Eggink, chairman, World Pension Summit, said Nigeria was chosen to host this first meeting in Africa because of its power as the largest economy in Africa and that it is therefore important in growing social security systems and the pension systems for the continent.
The second point, according to him, is the fact that Nigeria, especially PenCom, now shows leadership example in pensions management for the continent.

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