Nigeria’s pension penetration level low, says PenOp
Nigeria should deepened its penetration beyond 11 per cent, the President, Pension Fund Operators Association of Nigeria (PenOP), Mr Wale Odutola, has said.
Odutola spoke at the just-concluded National Assembly retreat in Lagos. He stated that there was the need to note the areas where the industry lags behind other countries, one of which is level of pension penetration.
He said this became necessary because South Africa’s pension penetration is 19 per cent, Kenya 20 per cent and United Kingdom 77 per cent.
Odutola said the need to deepen pension penetration level, especially the informal sector, was necessary despite the pension assets growth of over N12.3 trillion and other milestones achieved.
Another area of improvement, he said, is the level of pension assets to Gross Demostic Product (GDP).
He said Nigeria’s level of pensions assets to GDP is only a little over seven per cent while in developed markets, it’s above 100 per cent.
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