The Federal Government has called for the targeted deployment of Nigeria’s growing pension assets to accelerate national development, identifying the industry as a vital lever for long-term economic transformation.
Speaking at the 2025 Pension Industry Leadership Retreat in Lagos, themed “Sustainable Retirement – Strategic Blueprint for Economic Development and Inclusion,” the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, underscored the central role of the pension industry in advancing the nation’s economic goals.
Director of Information and Public Relations, Mohammed Manga in a statement quoted Edun to have emphasized that with pension assets now exceeding ₦23 trillion—equivalent to 8.6% of GDP, the need to align these funds with priority sectors such as infrastructure, housing, energy, and digital inclusion.
“We must harness the transformative power of pension funds to drive sustainable growth—without compromising the safety and trust of our retirees,” he said.
The Minister praised PENCOM for organizing the timely and forward-thinking dialogue and noted that while Nigeria’s Contributory Pension Scheme is among Africa’s strongest, global benchmarks show room for improvement in pension penetration and impact.
He called for the development of well-regulated, de-risked investment vehicles that deliver both impact and returns, stressing that public budgets alone cannot fund Nigeria’s growth ambitions.
Citing macroeconomic gains—including Q1 2025 GDP growth of 3.84%, improved reserves, and a more stable exchange rate—Mr. Edun said Nigeria must now target 7% annual growth to meaningfully tackle poverty and inequality.
“Pension funds and other institutional investors must now take centre stage in financing inclusive national development,” he added.
The Minister reaffirmed President Bola Ahmed Tinubu’s commitment to building a resilient, inclusive financial system that supports Nigeria’s long-term vision.
“Through collaborative reform and strategic deployment, pension assets can unlock new opportunities for job creation, infrastructure delivery, and economic empowerment,” he concluded.
