The Director-General of National Pension Commission PenCom, Ms Omolola Oloworaran has said that the total pension fund assets under the Contributory Pension Scheme have risen to N21.92tn as of October 2024, with contributions from 10.53 million registered participants.
Speaking at the 2024 PenCom Media Conference in Abuja on Thursday, Ms. Oloworaran stated the Commission is committed to ensuring the safety of contributors’ funds through prudent management and sustainable growth strategies.
“As of October 2024, the CPS has recorded 10.53 million registered contributors and boasts pension fund assets of N21.92tn. These numbers reflect our unwavering commitment to fund safety, prudent management, and sustainable growth,” she said.
She noted the economic challenges impacting the pension fund, including high inflation, naira devaluation, and the lingering effects of unorthodox monetary policies, which have eroded the real value of pension funds and reduced contributors’ purchasing power.
According to her, PenCom has undertaken a review of its Investment Regulations, focusing on diversifying investments into inflation-protected instruments, alternative assets, and foreign-currency-denominated investments in addressing these challenges.
She added that the Commission is prioritising the expansion of pension coverage and that there are plans to revamp the Micro Pension Plan and leverage technology to encourage participation from the informal sector.
This effort is aimed at enabling more Nigerians to save for retirement while promoting inclusive growth and financial security.
GIK/APA