Only 10% of Nigerians have access to pension plans, according to managing director of Norrenberger Pensions Limited. Mr. Hamisu Bala Idris,

Idris stated this at a retirement planning session in Abuja aimed at preparing retirees and those who have already retired for a financially secure future after retirement. He also stated that 80% of retirees in Nigeria rely completely on their monthly pension for survival.

Idris said: “80 per cent of Nigerian retirees depend solely on their monthly pension for survival, many of whom live in constant fear of financial crisis based on delayed payments. This highlights the crucial role pension plays in their livelihoods. Moreso, only 10 per cent of the Nigerian population has access to pension schemes.”

A comprehensive financial literacy workshop addressing important topics like financial planning, insurance, lifestyle modification, legal issues, and estate preparation was a highlight of the program. Participants had the chance to interact with subject matter experts from Norrenberger on various retirement planning topics and also examine other topics related to the success of their pension funds.

Speaking further, Idris said: “In line with our mission to unlock opportunities in the society, we established this event to embolden individuals with the necessary knowledge to maximize the profitability of their pension savings and ultimately secure a comfortable retirement.”

Business Head, Asset Management of Norrenberger Pensions, Abigail Utomi, , expressed her enthusiasm about the initiative and its multiple benefits to the attendees and the wider society. She emphasized the critical role events of this nature play in piloting financial literacy and security for senior citizens in Nigeria and positively impacting the country’s capital market and economy.

She said: “We continue to seek ways to deepen the market, grow our reach and expand our contribution to Nigeria’s GDP.”