The Director-General of the National Pension Commission (PenCom), Omolola Oloworaran, has announced that the Pension Industry Leadership Council (PILC) will focus on expanding pension coverage, especially within Nigeria’s informal sector.
Speaking at a press briefing in Abuja on Thursday, Oloworaran outlined the council’s key objectives, which include extending coverage, strengthening governance standards, and driving innovation to protect contributors’ savings.
She introduced Pension Revolution 2.0, a reform initiative championed by President Bola Tinubu, describing it as a milestone in the nation’s pension system. The package includes a minimum pension guarantee and healthcare benefits for retirees—measures she said were unprecedented in Nigeria’s pension history.
Oloworaran assured stakeholders that PenCom is collaborating with government institutions to introduce new investment instruments and updated regulations designed to cushion contributors against inflation and naira depreciation.
She explained that Retirement Savings Accounts would be safeguarded to preserve long-term value while ensuring pension funds are strategically invested in infrastructure, agriculture, affordable housing, and the capital market. These investments, she noted, will stimulate job creation and economic growth without undermining safety.
According to her, pensions should evolve into a cornerstone of social protection, financial inclusion, and sustainable development in Nigeria.
The PenCom chief further disclosed progress on the N758 billion bond programme, noting that discussions with government partners are ongoing.
She also called on the media to play an active role in promoting awareness and encouraging Nigerians to embrace proper retirement planning.