Pension Scheme in Nigeria: History, Problems and ProspectsNafisat Abdulazeez*
Department of Economics, Faculty of Social Sciences, University of Maiduguri, Maiduguri, Borno State, Nigeria
- *Corresponding Author:
- Dr. Nafisat Abdulazeez
Department of Economics
Faculty of Social Sciences
University of Maiduguri
Maiduguri, Borno State, Nigeria
Tel: +374 10 23-72-61
Received date: February 03, 2014; Accepted date: December 11, 2014; Published date: March 17, 2015
Citation: Abdulazeez N (2014) Pension Scheme in Nigeria: History, Problems and Prospects. Arab J Bus Manage Rev 5: 2. doi: 10.4172/2223-5833.1000120
Copyright: © 2015 Abdulazeez N. This is an open-access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.
Older persons are a particularly vulnerable group of people, due to a decline in their physical, mental and consequently economic powers. In Nigeria, westernization and urbanization is also eroding away the traditional extended family kinship system which hitherto took care of the elderly. Social security systems that have been in evolution right from the colonial era have not been very effective owing in the main, to administrative negligence, poor planning and poor policy implementation. To stem this tide, the Nigerian government introduced the pensions reform in 2004. This paper seeks to examine the evolution of pension fund administration in Nigeria, the problems associated with the scheme, and suggests ways in which the scheme may be improved to better the lot of retirees.