Revolution in Nigeria’s pension industry is irreversible amid pockets of challenges, Director-General of National Pension Commission (PenCom), Mrs. Aisha Dahir-Umar, has stated.

In her book titled, ‘Fighting for the Future: Nigeria’s Pension Reform Journey’, she provides the first authoritative account of industry’s reform introduced by former President Olusegun Obasanjo, with the introduction of the Contributory Pension Scheme (CPS) in 2004.

Published by Cable Books, the publication provides an in-depth analysis of the intricate landscape of pension reform in Nigeria, and offers invaluable insights into the nation’s evolving pension system.

She writes: “Nigeria’s pension reform can be summarised in two states. One, in July 2004 when the reform was kick-started, the national pension deficit was N2.4 trillion. Two, by February 2023, accumulated pension assets had grown to N15.45 trillion. It was miserably in the red, and now, abundantly in the black. That is the Nigerian pension revolution in summary.

“In the history of economic reforms in Nigeria, pensions easily ranks among the most definitive and successful. It has opened up a new economy, creating a cluster value chain, expanding the financial markets, and providing funding for infrastructure development. Only the telecoms reform can lay claim to producing more results during the same period.”

The DG maintained that pension reform success was an indication that the country had the capacity for change.

In his foreword, pioneer chief executive of the commission, Mallam Muhammad Ahmad, wrote: “I consider this book to be an informative, educative and honest account of the evolution of pension in Nigeria, and I have no doubt that every reader will find it valuable and highly insightful as well.”

The literature provides an in-depth perspective on the evolution of Nigeria’s pension system over the years, and highlights the key policies that have shaped the industry since 2004. It also exposes challenges that have beleaguered implementation of the CPS.