Pencom targets informal sector coverage

The director-general of the National Pension Commission, Omolola Oloworaran, says the Pension Industry Leadership Council will prioritise expanding pension coverage, particularly within the informal sector.
She said this during a news conference in Abuja. Ms Oloworaran said PILC’s core mandates include expanding pension coverage, enforcing governance standards, and driving innovation across the industry to safeguard contributors’ interests. She unveiled Pension Revolution 2.0, a reform package championed by President Bola Tinubu. The initiative introduces a minimum pension guarantee and healthcare coverage for retirees, described as unprecedented in Nigeria’s pension history. She assured stakeholders that PenCom is working with government partners on new investment instruments and revised regulations to hedge against inflation and currency depreciation.
Ms Oloworaran added that contributors’ Retirement Savings Accounts would retain long-term value under the new measures. She said that pension funds would be increasingly deployed into infrastructure, agriculture, affordable housing, and capital markets to spur jobs and growth without compromising safety. According to her, pensions are expected to serve as a pillar of social protection, inclusion, and sustainable economic growth in Nigeria. Ms Oloworaran disclosed that significant progress had been made on the N758 billion bond, noting that government efforts are ongoing. She also urged the media to champion advocacy for better retirement planning in the country.
(NAN)