REVEALED: 10% of Nigerians have access to pensions’

Managing Director of Norrenberger Pensions Limited, Mr. Hamisu Bala Idris, has said that only 10 per cent of Nigerians have access to pension schemes.

Idris who disclosed this at a retirement planning seminar targeted at empowering individuals nearing retirement and retirees for a financially-secured future post-retirement, in Abuja, also said that 80 per cent of Nigerian retirees depend solely on their monthly pension for survival.

Idris said: “80 per cent of Nigerian retirees depend solely on their monthly pension for survival, many of whom live in constant fear of financial crisis based on delayed payments. This highlights the crucial role pension plays in their livelihoods. Moreso, only 10 per cent of the Nigerian population has access to pension schemes.”

The seminar featured a robust financial literacy session covering key segments such as financial planning, insurance, lifestyle adjustment, legal and estate planning. Attendees had the opportunity to engage Norrenberger’s subject matter experts on various themes in retirement planning and also explored other areas with respect to the profitability of their pension savings.

Speaking further, Idris said: “In line with our mission to unlock opportunities in the society, we established this event to embolden individuals with the necessary knowledge to maximize the profitability of their pension savings and ultimately secure a comfortable retirement.”

Business Head, Asset Management of Norrenberger Pensions, Abigail Utomi, , expressed her enthusiasm about the initiative and its multiple benefits to the attendees and the wider society. She emphasized the critical role events of this nature play in piloting financial literacy and security for senior citizens in Nigeria and positively impacting the country’s capital market and economy.

She said: “We continue to seek ways to deepen the market, grow our reach and expand our contribution to Nigeria’s GDP.”