The attention of the global economy has been drawn to Nigeria since the last 10 years following the coming on board of the Pension Reform Act 2004, with the vigour and commitment it has brought towards improving social security in Africa’s most populous black nation. This development has continued in some other countries in Africa, which have either understudied the success story of Nigeria’s Contributory Pension Scheme (CPS) or adopted similar programs to boost their citizens’ social security welfare. In the 10-year period, the pension industry in Nigeria has experienced phenomenal growth from a deficit of N2trn in the form of pension liabilities in 2004 to an accumulation of pension fund assets of up to N4.1trn by the end of 2013. The huge pool of funds that the CPS has put together is a firm backing to the economy; this is a testimony to the hard work and diligent service of the regulator, The National Pension Commission (PenCom). In realisation of the fact that there is no perfect law anywhere in the world, few months after both the Senate and House of Representatives passed the Pension Reform Bill 2014, President Goodluck Jonathan signed the bill into law recently. This piece highlights the salient issues in the new Pension Reform Act 2014 which repealed the Pension Reform Act 2004 and future of pension administration in Nigeria.

The attention of the global economy has been drawn to Nigeria since the last 10 years following the coming on board of the Pension Reform Act 2004, with the vigour and commitment it has brought towards improving social security in Africa’s most populous black nation. This development has continue...