The Director-General of the National Pension Commission, Omolola Oloworaran, has called upon state governments across the federation to adopt the Contributory Pension Scheme (CPS) without delay, describing it as the primary mechanism to secure a dignified retirement for citizens. Oloworaran delivered this message in Abuja over the weekend during the closing ceremony of the maiden National Pension Week, which featured a special recognition awards night.
Key highlights from the event included Oloworaran's declaration that the CPS is the sole guaranteed pathway to post-service security, recognition of top- performing states in pension penetration, and acknowledgement of the ongoing legislative review by the National Assembly to strengthen the sector.
"This is our inaugural National Pensions Award, where we are celebrating excellence, innovation, coverage, and commitment to pension reform, commitment to dignity for all young Nigerians," Oloworaran stated during the ceremony.
She noted that the week-long program culminated in a leadership summit that fostered critical discussions regarding post-employment welfare for the country's workforce.
Why are states being pushed to adopt the CPS?
According to the PenCom chief, special categories were created during the awards to honor states that have excelled in CPS penetration, highlighting both the most improved and top-performing sub-nationals. She explained that these honors serve as a direct appeal for lagging states to transition to the scheme.
The recognition event also celebrated key industry stakeholders, including pension fund administrators, pension fund custodians, closed pension fund administrators, and various corporate employers. Oloworaran noted that these gestures are designed to stimulate dedication and sustainable growth within the Nigerian pension industry.
What is next for pension reform in Nigeria?
Addressing the broader regulatory landscape, Oloworaran expressed appreciation to the National Assembly for its active role in reviewing the existing pension legislation. She encouraged all stakeholders to remain dedicated to expanding coverage limits, building resilient institutions, and improving the standard of living for everyday workers.
Historically, the transition from the legacy defined benefits scheme to the contributory model has faced varying levels of adoption among Nigeria's 36 states and the Federal Capital Territory, prompting ongoing advocacy by regulatory bodies to safeguard workers' futures upon exit from active service.