Edun Urges Pension Industry to Power Nigeria’s Economic Growth

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has called for the strategic deployment of Nigeria’s pension assets to accelerate national development, describing the industry as a key engine for long-term growth.

Speaking on Friday at the 2025 Pension Industry Leadership Retreat in Lagos, themed “Sustainable Retirement – Strategic Blueprint for Economic Development and Inclusion”, the CME commended the National Pension Commission (PENCOM) for convening a timely and forward-looking dialogue.

With pension assets now exceeding ?23 trillion—roughly 8.6% of GDP—the Minister stressed the need to align investments with national priorities such as infrastructure, housing, energy, and digital inclusion. “We must harness the transformative power of pension funds to support sustainable growth—without compromising the security of retirees’ savings,” he said.

HM Edun noted that while the Contributory Pension Scheme has become one of Africa’s most successful savings platforms, Nigeria still lags behind global pension penetration benchmarks. He urged stakeholders to consider well-regulated, de-risked vehicles that balance impact with safety and returns.

Reflecting on macroeconomic trends, he cited Q1 2025 GDP growth of 3.84%, stronger reserves, and a more stable exchange rate, but said faster expansion—at least 7% annually—is essential to reduce poverty. “The budget accounts for just 10% of GDP; institutional investors like pension funds must now take centre stage,” he added.

The Minister reaffirmed President Tinubu’s commitment to building an inclusive and resilient financial system that supports Nigeria’s long-term ambitions.

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