Leveraging the Pension Industry for Sustained Economic Growth and Development in Nigeria through Targeted Investments

Peter Imouokhome
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Peter Imouokhome: University of Lagos, Nigeria

International Journal of Research and Innovation in Social Science, 2021, vol. 05, issue 12, 802-805

Abstract: The Nigerian pension industry has been in existence for over seventeen years with the first established promulgation of the pension law coming into force in 2004. The 2014 Pension reform Act has however repealed the provisions of the erstwhile law helping to establish a well-regulated industry. The resilience and magnitude of current pension funds notwithstanding, there is still a largely untapped market which gives some signs of a huge prospect in this industry. It is projected that the pension industry will lead the growth of the Nigerian economy for the next decades if more attention is paid to a targeted investment of funds in the real sector and in instruments that promise increased returns for contributors – employees even in the face of high inflation and prevalent currency depreciation.

Date: 2021
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