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Pension contribution hits N4.3trn

BY EMMA UJAH

Abuja —Over N4.3 trillion has been accumulated by 6 million pension contributors under the current Contributory Pension Scheme, CPS, in the last 10 years.

Managing Director of Sigma Pensions Limited, Alhaji Umar Modibo, disclosed this, in Abuja, yesterday, at the briefing on the forthcoming World Pension Summit slated for July, in Federal Capital City.

According to him, “at present we have 6 million pension contributors  out of a population of over 160 million.  The amount accumulated so far is about N4.3 btrillion, which is 5 per cent of the rebased GDP”.

Alhaji Modibo said with the larger proportion of the nation’s population yet to join the scheme, there remained a lot to be done in the industry and expressed optimism that the summit would open new opportunities of increased compliance.

In her remarks, the Acting Director-General, Mrs. Chinelo Anohu-Amazu, said the decision to host the pension summit was to create greater awareness among Nigerians on the benefits of CPS and to share ideas with professionals on global best practices in the industry.

“It is good to showcase the fact that Africa is maturing in pension matters”, the D-G said, adding that the last 10 years was a period of consolidating the reform in the sector and that the gains of the work done within the period would boost activities in the sector in the years ahead.

According to her, “Many African nations are experiencing strong economic growth. As a result, the role of the pension industry in providing a stable consumer savings vehicle for Africa’s growing middle classes, and the investment of capital from its pension funds is very important.”

 


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