By Oluwakemi Kindness
Kenya’s Retirement Benefits Authority (RBA) has commenced a technical study visit to Nigeria’s National Pension Commission (PenCom) to examine key reforms in the country’s Contributory Pension Scheme.
The four-day engagement in Abuja focuses on Nigeria’s risk-based supervision framework, ESG integration in pension management, expansion of coverage to the informal sector, and the Diaspora Pension Arrangement.
Leader of the delegation, John Keah, said the visit is aimed at learning from Nigeria’s pension reform experience and assessing how its models can be adapted to Kenya’s system.
He noted that both countries share similar pension structures, making Nigeria’s regulatory approach particularly relevant for ongoing reforms in Kenya.
Nigeria’s Pension Assets Hit ₦32 Trillion
The Director General of PenCom, National Pension Commission, PenCom), Omolola Oloworaran, said pension assets under management have risen to over ₦32 trillion, representing about 10.4 percent of Nigeria’s GDP.
According to a statement on Tuesday by the commission, she attributes the growth to sustained regulatory reforms, improved governance standards, and strengthened supervision of pension operators.
FG Pension Reform Clears Accrued Rights Backlog
The PenCom DG also highlighted the Federal Government’s bond issuance used to settle accrued pension rights, describing it as a major reform milestone that ended long-standing delays in pension payments for public sector retirees.
Under the arrangement, accrued benefits are now credited directly into retirees’ Retirement Savings Accounts (RSAs).
Kenya Eyes Nigeria’s Diaspora Pension Model
The Kenyan delegation said it is studying Nigeria’s Diaspora Pension Arrangement as a potential tool for expanding pension coverage and improving retirement security.
It also commended Nigeria’s regulatory safeguards and governance structure within the pension industry.
Both countries say the engagement will strengthen cooperation and support more resilient pension systems across Africa
