She stated that insurance penetration in other countries, including South Africa and Kenya, was far higher than in Nigeria.
Total pension assets increased from N29.52 trillion in March to N30.94 trillion in April, representing a 4.8 per cent month-on-month growth.
Mr Sule said this on Thursday in Abuja while delivering his keynote address during the 2026 Infrastructure Dialogue.
She described pension reform as essential for protecting workers’ dignity.
The revised framework raised equity allocations across RSA funds and boosted institutional participation.
Nigeria’s pension assets rose to N29.43 trillion in February, representing a month-on-month increase of N1.39 trillion.
The Nigeria Employers’ Consultative Association has commended the President Bola Tinubu administration for inaugurating the governing board of the National Pension Commission.
The Nigerian pension industry recorded steady growth in Retirement Savings Account membership, rising from 9,529,127 in 2021 to 11,040,227.
He said that over 5,000 officers were expected to retire in 2026.
PenCom has approved a 1,173 per cent upward review of pensions for 2,116 retirees under the Nigeria Social Insurance Trust Fund, and has paid N8.70 billion in arrears to them.
