Abuja:Stakeholders in Nigeria’s pension and labor sectors have expressed concern over the impact of rising inflation, inadequate pension benefits, and challenges in pension administration on retirement security. The call for action was made at the 2026 National Pre-Retirement Summit, organized by XEM Consultants Ltd. in collaboration with the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC).
According to News Agency of Nigeria, the stakeholders emphasized the importance of early retirement planning and the development of multiple income sources to mitigate the effects of rising living costs. Dr. Dasuki Arabi, Director-General of the Bureau of Public Service Reforms (BPSR), highlighted that retirement planning should be considered part of a broader national workforce policy.
Arabi, who delivered the keynote address, stated that individuals must make informed decisions and take deliberate actions to secure their lives after active service. He noted that public policies and institutional arrangements significantly influence work conditions, income, healthcare access, and retirement preparation.
The Federal Government, Arabi said, has introduced reforms to improve retirement welfare, including measures to strengthen the pension system. The BPSR has also launched pre-retirement training programs to help public officers prepare for the financial and practical realities of life post-retirement.
The rapidly changing labor market in Nigeria, where informal employment constitutes a significant portion of the workforce, has implications for retirement policy. Arabi stressed the need to extend pension planning to workers outside the formal sector, such as traders, artisans, and small business owners.
Dr. Maurice Mbaeri, Chairman of the summit’s organizing committee, emphasized the summit’s role in providing practical tools for life after active service. He highlighted the participation of over 100 institutions and stakeholders, including pension regulators and financial institutions.
Mr. Joe Ajaero, President of the NLC, expressed concern over the impact of inflation and currency depreciation on retirees’ purchasing power. He advocated indexing pensions to inflation to protect retirees and encouraged workers to develop additional income sources before leaving active service.
Dr. Eugenia Ndukwe, convener of the summit and CEO of XEM Consultants, explained that the event aimed to encourage greater responsibility for financial and personal lives after retirement. She stressed that retirement planning should include financial literacy, skills acquisition, and alternative income sources.