Experts hinge economic prosperity on pension reforms

Pension reforms have been identified as a tool to aid economic prosperity thereby bridging the gap between Pension Funds Administrators (PFAs), and their stakeholders in the industry.

In a book titled, Pensions in Nigeria, unveiled in Lagos by the former Director-General of the Nigerian Insurers Association, Ezekiel Chiejina, revealed that pension reforms is capable of improving the well-being of retirees across in Nigeria.

At the unveiling, a former Vice-President of Nigeria, Abubakar Atiku, represented by a former Minister of Integration, Dr. Abimbola Ogunkelu, used the occasion to ask policymakers to pay more attention to the guidelines outlined in the book by the author, saying it will boost pension industry and subsequently drive economic growth in Nigeria.

According to him, the title of the book is well chosen and a welcome addition to the body of literature in Nigeria.

The book, a collection of contemporary information on pension matters, discussed exhaustively the characteristics, intricacies, and implications of the various pension reforms and payment schemes in Nigeria.

He added that in a development context, pension systems should not just to protect the lucky few who hold public sector jobs, or who work in the formal economy. They should also promote the expansion of private sector employment, and create incentives for our microenterprises and our businesses to grow and enter the formal economy.”

Atiku, who was the chairman on the occasion, noted that Nigeria’s pension system had experienced a lot of developments, adding that the book is “a well-researched, well-reasoned, and balanced guide to an important policy challenge we must deal with if we want a more dynamic economy, a better social protection.”

The Managing Director/Chief Executive Officer, Enterprise Trust Insurance Brokers, Paschal Egerue, said the book is the most important book on pension written in Nigeria in recent times.

Egerue, during the book review, said the different chapters tackled all aspects and challenges of pensions in the country.

The Lagos State Governor, Akinwunmi Ambode, on his part, said the wealth of knowledge documented in the book would be useful in making informed decisions, adding that the adoption of the contributory pension scheme (CPS) in Nigeria was in line with best practices.

The author of the book, Ezekiel Chiejina, who is a renowned pensions and life insurance specialist, tutor and consultant, said the book is a definitive treatise on the evolution of pension schemes in Nigeria, the various pension reforms and their benefits and shortfalls as well as the roles and responsibilities of the various key stakeholders in the pension matrix.

In the Preface to the book, the author said the book was inspired by the “pension reform initiatives and eventual enactment of Pension Reform statutes.”

It is also part of his resolve to document for posterity, his three and a half decades engagement in pension and life insurance in Nigeria as manager of pension schemes for private and public sector companies, lecturer and trainer of pension desk officers and chief executive of insurance companies.