PENSION MANAGEMENT IN NIGERIA: CHALLENGES AND SOLUTIONS IN VIEW

Rosemary Chinyere Ibe, Nkemdili AU Nnonyelu

Abstract


The issue of pension management has become very important in Nigeria considering the sordid tales of corruption emanating from the management of pension and how these and other factors will impact on these individuals when they retire. Through qualitative research, the paper delved into the issue of the regulatory framework for pension management in Nigeria and identified gaps and areas of improvement. On the challenges of pension management in Nigeria, the paper made some salient points which included low coverage, inadequate funding, poor management, lack of awareness, and weak regulatory framework. Implementation of the contributory Pension Scheme (CPS), establishment of the National Pension Commission (PenCom), improved legislation, public education and awareness, and Technology were found to be part of the solutions to pension management challenges in Nigeria. In conclusion, pension management in Nigeria has been a major challenge due to factors such as corruption, mismanagement, and inadequate legislation. The paper recommended that the regulatory body, PenCom, should be strengthened to ensure that it has the power and capacity to effectively monitor and enforce compliance with the CPS, among others.


Keywords


Pension Management, Poor Management, Low Coverage, Weak Regulatory Framework

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