The Federal Government is pushing for the strategic use of Nigeria’s over N23 trillion pension assets to boost critical sectors of the economy and fast-track national development.
Finance Minister and Coordinating Minister of the Economy, Mr. Wale Edun, made this call during the 2025 Pension Industry Leadership Retreat held in Lagos.
Themed “Sustainable Retirement, Strategic Blueprint for Economic Development and Inclusion,” the retreat brought together key players from the financial and pension sectors.
In his remarks, Mr. Edun highlighted the pension industry’s crucial role in driving long-term economic growth. With pension assets now representing approximately 8.6% of the nation’s GDP, he emphasized the need to align these funds with strategic priorities such as infrastructure, housing, energy, and digital innovation.
“We must leverage the transformative potential of pension funds to fuel sustainable growth—while ensuring retirees’ savings remain secure,” he said.
Commending the success of Nigeria’s Contributory Pension Scheme (CPS), now one of Africa’s strongest savings systems, Edun also noted that pension penetration remains low compared to global standards. He urged stakeholders to explore secure and impactful investment opportunities that provide consistent returns.
Referring to recent economic indicators—including a 3.84% GDP growth in Q1 2025, along with improved foreign reserves and currency stability Edun acknowledged progress but stressed the need for faster growth to significantly reduce poverty.
“To truly combat poverty and unlock prosperity, we must aim for at least 7% annual growth,” he stated, adding that with the national budget comprising just 10% of GDP, institutional investors like pension funds must step up their support for the real economy.
He reaffirmed President Bola Ahmed Tinubu’s commitment to building a resilient, inclusive financial system that can drive Nigeria’s long-term development agenda.
A statement from the Ministry of Finance on Sunday reiterated the government’s readiness to partner with stakeholders in unlocking the full economic potential of pension funds.
“Through strategic deployment, pension assets can open new pathways for economic expansion, job creation, and improved living standards,” the statement concluded.