Who Won the U.S. Presidential Debate?

Nigeria’s rapidly increasing population and dynamic economy present a distinctive and challenging landscape for effective retirement planning. Traditionally, many Nigerians relied on extended family support and informal social networks to provide for their needs in old age.

However, as urbanisation and modernisation increase, these traditional support systems are weakening.

The National Bureau of Statistics reported that only a small fraction of the Nigerian workforce was enrolled in any formal pension scheme, leaving the majority without a structured retirement plan.

The introduction of the Pension Reform Act in 2004 marked a significant step towards improving the retirement savings culture in Nigeria. The Act established the Contributory Pension Scheme, mandating that employers and employees contribute to an individual retirement savings account.

Despite this, many Nigerians remain outside the formal pension system, particularly those in the informal sector, which constitutes a significant portion of the workforce.

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