Pension Funds and the Economic Growth of Nigeria

Mfon N. U. Akpan & Mfon S. Jeremiah

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Abstract

The secondary data for this study, which looked at the contributions of pension funds to economic growth in Nigeria, came from the National Pension Commission Report and the Central Bank of Nigeria (CBN) Statistical Bulletin from 2004 to 2024. A number of problems were found, such as the inability of employers in the public and private sectors to guarantee that their retiring employees receive retirement benefits on time. Both state and private pension funds made a substantial contribution to Nigeria’s economic growth, according to an analysis of the data using the Ordinary Least Squares multiple regression technique. Additionally, it was found that Nigeria’s economic growth was greatly aided by pension funds from both the public and private sectors. It was determined that pension funds significantly and favourably contributed to the nation’s economic expansion. To alleviate some of the problems that retirees and pensioners face when receiving their benefits, it was proposed that education campaigns on the advantages of the contributory pension plan be carried out in both the public and private sectors. The governing bodies of pension funds should deal with certain issues, such as employers in both the public and private sectors forgetting to send pension contributions.

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