Nigeria’s Pension Assets Hit N32trn As Kenya Delegation Arrives To Learn From CPS Model

Nigeria’s pension assets under management have grown to over N32 trillion, equivalent to approximately 10.4 per cent of the country’s Gross Domestic Product, the National Pension Commission (PenCom) has disclosed.

This is coming as the commission says a four-member delegation from Kenya’s Retirement Benefits Authority (RBA) arrived in Abuja on Monday to study the frameworks that have driven that growth over more than two decades of reform.

The Kenyan delegation, led by John Keah, director of Market Conduct and Industry Development at the RBA, is on a four-day technical study visit running from June 8 to 11, 2026, themed “Risk-Based Supervision and ESG Integration in Pension Funds.”

The visit marks a significant acknowledgement of Nigeria’s emergence as a reference point for pension reform and regulatory innovation on the African continent.

According to a statement from the commission, Keah said the engagement reflects the importance of cross-border learning among pension regulators seeking to strengthen retirement systems and improve outcomes for their citizens.

He noted that Kenya and Nigeria share several structural similarities in their pension landscapes, making Nigeria’s experiences directly relevant to ongoing reforms in Nairobi.

“We are here to learn from Nigeria’s experiences and assess how some of those lessons can be adapted to our own environment. We are particularly interested in PenCom’s ESG initiatives, risk-based supervision framework, strategies for expanding pension coverage to the informal sector and the Diaspora Pension Arrangement.”

Keah also commended the governance safeguards embedded in Nigeria’s pension architecture and described the Diaspora Pension Arrangement as an innovative initiative with significant potential to enhance retirement security and reduce old-age poverty. He said the arrangement was among the key areas his team had specifically come to examine.

Receiving the delegation on behalf of PenCom director general Omolola Oloworaran, Abdulrahaman Muhammad Saleem, director of the Surveillance Department, highlighted the remarkable trajectory of Nigeria’s Contributory Pension Scheme (CPS) since its introduction in 2004.

He said the growth of pension assets to over N32 trillion reflects the sustained success of structural reforms implemented over more than two decades.

The DG attributed the industry’s expansion to consistent regulatory reforms, stronger governance standards, and enhanced supervisory mechanisms designed to protect contributors’ funds and improve retirement outcomes.

She reaffirmed Nigeria’s commitment to knowledge sharing and regional collaboration as part of efforts to strengthen pension systems across Africa.

Oloworaran also described the federal government’s recent settlement of outstanding accrued pension rights liabilities as one of the most significant milestones in the history of the CPS.

She explained that the intervention addressed a longstanding challenge that had left many retirees from Treasury-Funded Ministries, Departments and Agencies (MDAs) facing prolonged delays in accessing their retirement benefits due to funding constraints and irregular budget releases.

“The issuance of a federal government bond to settle the accrued rights liabilities has transformed the retirement experience for public sector employees. Accrued pension rights are now transferred directly into retirees’ Retirement Savings Accounts, enabling immediate access to investment returns and eliminating lengthy waiting periods,” she stated.

The study visit programme features presentations and interactive sessions by several PenCom departments, study visits to selected Pension Fund Administrators (PFAs), and a concluding feedback session on lessons learned, emerging risks, and future areas of collaboration between the two regulatory bodies.

The engagement is expected to deepen bilateral cooperation between Nigeria and Kenya while fostering the exchange of regulatory best practices that support the development of more resilient, inclusive, and sustainable pension systems across the continent.

PenCom said it remains focused on advancing reforms that will further strengthen governance, enhance retirement security, and ensure the long-term sustainability of the CPS.