PenCom's Oloworaran Sets Target for Pension Account Growth

At the National Pension Summit in Abuja, Ms Omolola Oloworaran, the director-general of the National Pension Commission (PenCom), urged pension fund operators to deliver investment returns that consistently outperform inflation. She emphasized that the performance of pension assets should enhance the financial security of Nigerian workers, stating, “Beating inflation is not an aspiration; it is your job.” Oloworaran highlighted the necessity of real returns to maintain the purchasing power of contributors' savings and warned that failing to outperform inflation could jeopardize retirement security for millions.

She announced a target of three million additional funded and active pension accounts within one year, aiming to broaden pension coverage beyond the formal sector to include informal workers. Oloworaran noted that Nigeria's pension assets had grown from N20.79 trillion in July 2024 to N31.8 trillion by August 2026, but stressed that more work is needed to deepen coverage and strengthen the retirement savings system.