The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has called for the strategic deployment of Nigeria’s growing pension assets to power national development, positioning the industry as a critical engine for long-term economic growth.
Speaking at the 2025 Pension Industry Leadership Retreat held in Lagos on Friday, Edun urged stakeholders to align pension fund investments with key national priorities such as infrastructure, housing, energy, and digital inclusion. The retreat was themed “Sustainable Retirement Strategic Blueprint for Economic Development and Inclusion.”
Commending the National Pension Commission (PENCOM) for organizing the event, the Minister said the timing was ideal for reshaping pension fund strategies in a way that fosters inclusive growth. Nigeria’s pension assets have now surpassed ₦23 trillion about 8.6% of the country’s Gross Domestic Product (GDP).
“We must harness the transformative power of pension funds to support sustainable growth without compromising the security of retirees’ savings,” Edun said, emphasizing the importance of both safety and long-term impact.
While recognizing the success of the Contributory Pension Scheme now one of Africa’s most effective savings platforms Edun noted that Nigeria still trails behind global pension penetration standards. He urged the industry to consider regulated, de-risked investment vehicles that can deliver both returns and developmental impact.
On the broader economic outlook, the Minister cited recent macroeconomic improvements, including a 3.84% GDP growth in Q1 2025, stronger foreign reserves, and a more stable exchange rate. However, he stressed that Nigeria must aim for annual growth rates of at least 7% to meaningfully reduce poverty.
“The national budget accounts for just 10% of GDP; institutional investors like pension funds must now take centre stage,” he said.
Edun concluded by reaffirming President Bola Tinubu’s commitment to building a resilient and inclusive financial ecosystem that supports Nigeria’s long-term development goals.