Nigeria’s pension industry may now manage more than N31.80 trillion in retirement assets, but the real test is whether those savings can provide retirees with a dignified life amid inflation, currency depreciation and rising living costs.

At the Parthian Pensions Stakeholders’ Forum 2026, industry leaders argued that pension reform must go beyond growing assets and opening Retirement Savings Accounts to protecting the real value of workers’ lifelong savings and extending coverage to millions of Nigerians in the informal economy.

Parthian Pensions Limited called for a new phase of pension innovation focused on helping Nigerians retire with financial independence and dignity, rather than relying on their children and relatives for support.

Speaking at the forum, themed “Driving Pension Innovation in a Digital Age,” Olufemi Odukoya, managing drector/CEO of Parthian Pensions, said Nigeria’s pension sector must address the twin challenges of expanding coverage and improving retirement income adequacy.

Nigeria’s pension industry has grown into one of Africa’s significant financial-sector reforms, with more than N31.80 trillion in retirement assets under management. However, rising inflation and currency depreciation threaten the purchasing power of retirement savings, even when account balances increase.

“A pension balance may increase on paper while its real value declines because of inflation,” said Olawunmi Abiodun, executive director, Operations & Governance at Parthian Financial Services Limited.

“We are entrusted with people’s hard-earned money, accumulated over decades of work, with the expectation that those savings will provide financial security when they are no longer able, or no longer wish, to work.”

Abiodun said the responsibility of pension administrators extends beyond business growth and assets under management.

“The goal of retirement should not be to depend on our children for sustenance. It should be to have the financial independence to live with dignity, meet our needs and, hopefully, enjoy the years after our working lives,” she said.

Odukoya noted that evolving industry dynamics and regulatory changes have increased the responsibilities of pension fund administrators, requiring practical solutions to persistent challenges across the sector.

He said expanding pension coverage, improving retirement income adequacy and strengthening pensions as a social security mechanism must remain central to industry discussions.

“Pension coverage remains a major concern. Millions of Nigerians remain outside the formal pension system, highlighting the need to explore ways to expand participation and make retirement savings more accessible,” Odukoya said.

He added that the industry must look beyond the amounts contributors accumulate in their retirement accounts to determine whether those savings will adequately support them in retirement, particularly in an economy characterised by inflation and rising living costs.

The forum highlighted digital technology as a practical means of bringing pension services closer to workers, particularly traders, farmers, freelancers and small-business owners whose incomes may be irregular.

Parthian Pensions noted that tools such as automation, data analytics, artificial intelligence and integrated payment platforms could simplify contributions, improve record-keeping and help contributors better understand what their savings might provide in retirement.

However, speakers stressed that technology must address real problems rather than simply digitise existing processes. The next phase of pension innovation, they argued, must go beyond registering more Nigerians to encouraging consistent contributions and delivering better retirement outcomes.

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