By 
Mrs. Aisha Dahir-Umar, the Director-General of the National Pension Commission, has shed light on Nigeria’s pension reforms, highlighting that they were initiated during a period when the country was grappling with a significant N2.4 trillion deficit.
This revelation is featured in the newly published book titled ‘Fighting for the Future: Nigeria’s Pension Reform Journey,’ released by Cable Books, a division of Cable Newspaper Ltd.
In a statement made on Sunday, Mrs. Dahir-Umar emphasized that the remarkable progress made in Nigeria’s pension industry is irreversible, even in the face of various challenges and setbacks.
The book offers an in-depth examination of the intricate landscape of pension reform in Nigeria, providing valuable insights into the evolution of the nation’s pension system.
The book stated, “Nigeria’s pension reform can be summarized in two statistics. One, in July 2004 when the reform was initiated, the national pension deficit stood at N2.4 trillion. Two, by February 2023, accumulated pension assets had grown to N15.45 trillion. It was in the red and is now in the black. This is the essence of the Nigerian pension revolution.
“In the history of economic reforms in Nigeria, pension reform stands out as one of the most definitive and successful. It has opened up a new economy, created a value chain, expanded financial markets, and provided funding for infrastructural development. Only the telecoms reform can lay claim to producing more results during the same period.”
According to the statement, the PenCom DG emphasized that the success of pension reform in Nigeria underscores the nation’s capacity for change, challenging prevalent beliefs to the contrary.
The book further stated, “In less than 20 years following the landmark pension reform, the success stories are extraordinary, debunking the notion that making fundamental policy changes in Nigeria is impossible. Achieving success merely requires formulating viable policies and faithfully implementing them through the relevant institutions. In comparison to the previous pension system, where pensioners faced difficulties in claiming their entitlements, the transformation is worth celebrating and, most importantly, sustaining.”
Dahir-Umar provided the first authoritative account of Nigeria’s pension reform history, initiated by former President Olusegun Obasanjo in 2004 with the introduction of the Contributory Pension Scheme.
In his foreword to the book, Mallam Muhammad K. Ahmad, the pioneer DG and CEO of PenCom in 2004, noted, “I consider this book to be an informative, educative, and honest account of the evolution of pensions in Nigeria, and I have no doubt that every reader will find it valuable and highly insightful.”
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