Nigeria to host 3rd World Pension Summit

No fewer than 500 pension professionals are expected to converge at the 3rd edition of World Pension Summit (WPS), which Nigeria is hosting, to discuss relevant innovations on retirement issues and pension growth across African countries.

The forum, which will hold between 27th and 28th of September, 2016, in Abuja, Federal Capital Territory (FCT), is going to witness participation from more than 45 counties around the world.

Speaking at the world press conference on the 3rd edition of the World Pension Summit, ‘Africa Special in Maryland, Lagos today, Mrs. Chinelo Anohu-Amazu, Director General, National Pension Commission (PenCom), said her commission is hosting the conference on behalf of Nigeria, noting that the platform will provide a top-level environment for the exchange of business insights on essential crossroads in pensions.

While stating that PenCom has painstakingly built a strong, transparent and dependable pension system in its 12 years of existence in Nigeria through efficient regulatory structure, Anohu-Amazu, stressed that this has enabled the pension funds to grow to N5.73 trillion as at the end of June 2016.

The DG said the hosting of the event, just like its first and second edition, was because of PenCom’s commitment to promoting a pension industry that impacts on nation building and national development.

The theme of the summit, she said, was selected based on the need to lay a solid foundation for the establishment of enduring pension systems in Africa and chart ways for effectively  channelling the pension funds to sustainable investments such as railways, power, agriculture and real estate.

Stating that the conference is expected to serve as a catalyst to actively stimulate economic development across countries in the Africa continent, she added that the main theme ‘Pension Innovations: The African Perspective,’ is aimed at driving into greater prominence, the revolutionary strides and achievements of Africans Governments in the area of pensions and social benefits.

Africa today, she observed, faces huge infrastructure deficits, noting that pension funds, as long term patient capital, are ideally suited to address some of these infrastructure challenges. PenCom boss added that the overarching need for African pension funds to brace up to apply environmental, social, and governance principles in their investment decisions would be extensively discussed at the summit.

African countries, according to her, have made significant strides in the extension of pension coverage to the informal sector and the self-employed, stating that access to financial services has remained a huge challenge across the continent due to low awareness of the existence of these services by those being served, coupled with the absence of clear understanding of customers preferences on financial products and services.