. Says over 7.5m employees covered under the scheme
. As W/African leaders are tasked to anchor stability on social security
CHIGOZIE AMADI
President Bola Tinubu has disclosed that pension assets in Nigeria now exceed ₦25 trillion, according to data published by the National Pension Commission, NPC.
He further noted that over 10 million Nigerian workers are actively contributing to the Contributory Pension Scheme.
Tinubu noted that the pension reform could not be measured merely in trillions of naira but represent the trust Nigerian workers now have in the pension scheme
Tinubu who spoke at the International Social Security Association (ISSA) West Africa Seminar, in Abuja Wednesday urged the region leaders to make social security protection as an anchor of stability in an increasely uncertain situations in workplace.
Tinubu charged the West African region on effective and efficient social security protection to serve as fundamental to economic resilience, social unity and human dignity in the region.
He said Nigeria is a partner in shaping the future of social protection across the region, noting that West Africa stands at a historic crossroads in this regard.
The President said: “We are one of the youngest regions in the world, blessed with extraordinary human energy, entrepreneurial drive, and demographic promise. Yet we are also a region where vulnerability remains a daily reality for millions, vulnerability to economic transitions, to health shocks, to workplace accidents, to unemployment, and to the quiet insecurity that follows uncertainty.
“Across West Africa this morning, millions rose before dawn, farmers tending their fields, teachers preparing lessons, traders opening their stalls, engineers reporting to construction sites. Each carries a quiet but powerful hope: that their labour today will secure stability tomorrow. Yet we also know that across our region, vulnerability remains a daily reality. A workplace accident. A sudden illness. An economic disruption. A job lost.
“For too many families, one unexpected shock can undo years of effort. This is why social security matters, not as theory, not as policy jargon, but as the thin line between stability and despair. We say in Africa that ‘when the roots of a tree begin to decay, it spreads death to the branches.’ If the foundation of worker protection is weak, the economy itself becomes fragile.
“But when those roots are nourished, when workers are protected, pensioners are secure, and the unemployed are empowered, prosperity becomes sustainable.
“Nigeria’s journey with social security has not been a straight line. It has been a process of hard lessons, aggressive reforms, and continuous renewal. Many of us in this room are old enough to remember the dark days of pension administration in Nigeria.”
Continuing, the President said: “We remember when retiring from public service felt like a punishment. We remember our senior citizens queuing in the sun for days just to collect what rightfully belonged to them. We said, “Never again. Today, under the oversight of the National Pension Commission, over 10 million Nigerian workers are actively contributing to the Contributory Pension Scheme, with pension assets now exceeding ₦25 trillion, according to data published by the National Pension Commission.
“Now, those figures are impressive, but the true success of the pension reform cannot be measured merely in trillions of naira. What those assets represent is trust, the hard-earned savings of Nigerian workers who now have confidence that after a lifetime of service, retirement will not mean hardship, uncertainty, or loss of dignity, but security and peace of mind.Through the Nigeria Social Insurance Trust Fund, we have fundamentally strengthened workplace injury protection.
“Today, over 7.5 million Nigerian employees are covered under the Employees’ Compensation Scheme, ensuring that when workplace accidents or disabilities occur, families are protected from sudden economic ruin. Every compensation payment sends a clear message: those who serve this nation will not be abandoned.
“And because the greatest form of social security remains meaningful employment, the National Directorate of Employment continues to expand opportunities for our youth. Over the years, the NDE has empowered more than two million Nigerians through vocational training, entrepreneurship development, and job creation initiatives, equipping young people with skills not only to earn a living, but to build sustainable futures.Since assuming office in 2023, we have driven our Renewed Hope Agenda with a clear objective: to restore opportunity, protect livelihoods, and rebuild confidence in our economy.
“Across government, we are deliberately strengthening institutions that form the pillars of Nigeria’s evolving social security architecture.Through the National Health Insurance Authority, access to affordable healthcare continues to expand, with over 16 million Nigerians now enrolled under health insurance programmes, reducing catastrophic out-of-pocket medical expenses and improving healthcare access for vulnerable populations”.
Tinubu further said: “If we are to communicate social security effectively in West Africa, we cannot rely solely on technical circulars. Our people communicate through community, culture, conversation, and shared experience.In Nigeria, information often travels faster through the marketplace than through billboards.That may sound light-hearted, but the lesson is serious: communication must be culturally intelligent.
“We must speak in the language of communities, markets, and workplaces, not only in policy documents.Yes, technology matters. Nigeria continues integrating digital identity systems to improve transparency and targeting. But technology must be matched with grassroots engagement, local radio, community leaders, and simplified messaging that makes complex concepts understandable to everyday workers. Because invisibility is the enemy of inclusion.”
He said: “West Africa must move beyond copying global models. Long before the gig economy became a global buzzword, our informal sector was already thriving through innovation and resilience. Our communication strategies must reflect our realities.
“The ISSA provides an invaluable platform for shared learning and collaboration. This seminar is not merely about messaging techniques; it is about strengthening the social contract between governments and citizens.”.
Earlier in his address, the Managing Director and Chief Executive of the Nigeria Social Insurance Trust Fund (NSITF) Barr. Oluwaseun Faleye said the Fund, under the Employees’ Compensation Act of 2010, carried a statutory responsibility to provide protection against work-related injuries, occupational diseases, disabilities, and death.
According to him, “This mandate is not theoretical. It is about real people, real risks, and real consequences for families and communities.At NSITF, we have come to recognise that delivering on this mandate in today’s environment requires deliberate transformation.
“Over the years, we have embarked on a progressive digital journey, moving away from fragmented, paper-based processes toward more integrated systems that enhance integrity, improve service delivery, and strengthen public confidence.
“We are investing in platforms that support faster claims processing, improved data management, stronger actuarial planning, and more transparent engagement with employers and beneficiaries. At the same time, we remain clear-eyed about the challenges. Digital transformation is not a one-off project; it is a continuous process that demands skills, governance, cybersecurity, and above all, institutional culture.
“This is why gatherings such as this Technical Session are invaluable. They allow us to learn from one another, to adapt tested solutions, and to avoid costly missteps.
“The ISSA has long provided a vital platform for this exchange. Through its standards, guidelines, and knowledge-sharing mechanisms, it has helped social security institutions navigate complexity with confidence. We are deeply grateful for the trust reposed in Nigeria and in NSITF to host this session, and we do not take that trust lightly.”
