The National Pension Commission has announced the launch of Pension Revolution 2.0, themed “Stronger Pensions, Stronger Nigeria.” This new programme aims to transform Nigeria’s pension industry by building on two decades of reforms and progress. According to the Commission, this initiative will guide the sector into its next phase of growth, sustainability, and resilience.
The first major milestone in Nigeria’s pension system came in 2004 with the enactment of the Pension Reform Act, which introduced the Contributory Pension Scheme (CPS). This reform changed how retirement savings were managed, laying the foundation for trust and stability in the system.
Speaking on the new programme, the Commission described Pension Revolution 2.0 as “the most significant advancement since 2004, bold in ambition, yet evolutionary in practice.” It is designed to promote dignity for retirees, broaden access to pension services, and strengthen Nigeria’s economy through long-term savings and investments.
The Commission stated that the initiative is guided by the vision of President Bola Ahmed Tinubu. “Our pension system must enable dignity in retirement, broaden access for all Nigerians, and mobilise long-term savings as reliable capital for national development,” the Commission noted.
Starting this week, new regulations will be released daily to improve critical areas such as investment and risk management, governance, compliance, service delivery, and financial inclusion. In line with the President’s directive, the Commission announced plans to pilot health insurance coverage for retirees and implement the Minimum Pension Guarantee within the next three months. These measures are aimed at protecting retirees’ dignity and ensuring they maintain a decent standard of living after retirement.
The reforms focus on five key areas: providing health insurance and a minimum pension floor for retirees, optimising investments while safeguarding contributors’ funds, expanding pensions to include workers in the informal sector, using technology to improve access and services, and unlocking pension assets as a dependable source of financing for national development.
With these changes, the Commission believes the pension industry will play a stronger role in driving economic growth while securing the future of millions of Nigerian workers.