PenCom Launches “Pension Revolution 2.0” to Strengthen Nigeria’s Retirement System

The National Pension Commission (PenCom) has unveiled “Pension Revolution 2.0: Stronger Pensions, Stronger Nigeria”, a bold reform agenda aimed at reshaping Nigeria’s pension landscape.

Unveiled by Director-General Omolola Oloworaran, the initiative builds on two decades of reforms since the 2004 Pension Reform Act and introduces five key priorities:

• Dignity for retirees through a minimum pension guarantee and pilot health insurance coverage within three months.
• Better investment performance to protect contributors’ funds while ensuring real returns.
• Expanded inclusion, with special focus on the informal sector.
• Technology & innovation to improve access and service delivery.
• Mobilising pension assets for infrastructure and national development.

To drive momentum, PenCom has already released revised corporate governance, senior management guidelines as well as guidelines on significant cross-shareholding in licensed pension fund operators. Going forward, the Commission will publish one new regulation daily, covering investment standards, governance, compliance, and service delivery.

Analysts note that challenges remain, especially balancing development financing with fund safety, expanding access in the informal economy, and sustainably funding the minimum pension guarantee.

Still, if fully implemented, Pension Revolution 2.0 promises stronger safety nets for retirees, wider pension coverage, and fresh capital for Nigeria’s economic growth.