In a major step to strengthen Nigeria’s pension architecture, the National Pension Commission (PenCom) is inaugurating the Pension Industry Leadership Council (PILC), a strategic platform aimed at accelerating reforms and building a more inclusive and sustainable retirement system.
The inauguration, which was held and performed by the Secretary to the Government of the Federation (SGF), Senator Dr. George Akume, CON, marked a turning point in the evolution of the Contributory Pension Scheme (CPS).
Stakeholders say the PILC could become a unifying body that sets the pace for the pension sector’s growth in the coming years.
The PILC is envisioned as a permanent multi-stakeholder advisory council where PenCom and licensed operators in the pension industry will meet every quarter to deliberate on pressing issues.
Members will adopt a governance charter and an operational roadmap that will institutionalise the council as a standing platform for industry collaboration.
By fostering strategic dialogue, the council will help address long-standing challenges such as low pension penetration, limited asset diversification, and the need for stronger governance frameworks.
A core focus of the PILC will be expanding pension coverage, particularly through the micro-pension scheme designed for Nigeria’s vast informal sector. With over 80 million Nigerians engaged in informal work, stakeholders believe widening access to pensions is crucial to reducing old-age poverty and enhancing financial security.
The council will also work to improve service standards, data integrity, and consumer experience, thereby boosting public confidence in the system. Initiatives like joint risk management frameworks, shared back-office services, and business continuity standards are expected to lower operating costs and increase efficiency across the industry.
Beyond immediate industry gains, the PILC is expected to contribute to Nigeria’s economic development. By diversifying pension fund investments and encouraging alignment with national infrastructure priorities, the council could help unlock long-term capital for roads, power, housing, and other critical projects.
Analysts note that pension assets, now in excess of N20 trillion, remain a vital resource for economic transformation. With a coordinated leadership structure in place, the industry will be better positioned to harness these assets for both social and economic impact.
Speaking ahead of the inauguration, PenCom officials emphasized that the PILC will not just be another advisory body but a driver of tangible reforms. “The council will provide a unified voice for the pension industry, set common standards, and align collective responses to systemic challenges,” a senior official said.
By aligning stakeholders, PenCom believes the PILC will accelerate reforms, strengthen resilience, and secure the future of retirement savings in Nigeria.
With the formal inauguration today, expectations are high that the PILC will deliver on its promise and position Nigeria’s pension industry as a model of governance, inclusion, and sustainability in Africa.
