PenCom brings World Pension Summit to Africa

Key pension industry figures will gather in July for the World Pension Summit in Nigeria.The first ever World Pension Summit to be held in Africa will be hosted in Nigeria in July

The World Pension Summit 'Africa Special' will bring together leading figures from Africa's pension industries, as well as from politics, business and finance, to exchange expertise and increase international cooperation on the continent.

The event, taking place in Abuja, will also mark the 10th anniversary of the enactment of the Pension Reform Act 2004, and the formation of the National Pension Commission (PenCom) as the regulator for pension matters.

Since its formation, PenCom has worked to create a more conducive regulatory framework for Nigeria's pension sector, which – with in excess of US$23bn of pension funds under management – will play a key role in Nigeria's economic development.

"We are delighted to bring the World Pension Summit to Africa," said Chinelo Anohu-Amazu, acting director general of PenCom. "A number of African nations are experiencing strong economic growth supported by the rising investment in natural resources and robust private consumption.

"As a result, the role of the pensions industry in providing a stable consumer savings vehicle for Africa's growing middle classes, and the investment of capital from its pension funds, is of increasing significance.

"The summit will be an opportunity for the continent's pension professionals to share blueprints and practices with the aim of further developing Africa's pension market over the next decade."

Many of Africa's 55 countries will be represented at the summit, including South Africa, Botswana, Ghana and Kenya.

The summit will enable global expertise to be shared on relevant topics and developments such as pensions administration and investment, risk management, regulatory essentials, technology, communication, and financial literacy.

"Africa's growth story, particularly Nigeria as its largest economy, has been well documented, but with such growth comes a responsibility, expectation and opportunity to leverage capital growth, using pension funds as an instrument for further economic and social development," said Eric Eggink, founder and chairman of the World Pension Summit.

"The summit represents a strong commitment to ensure sufficient pension provision across the continent, so that African workers reap the benefits of their countries' successes with a future that is safeguarded in retirement."

The World Pension Summit 'Africa Special' will now be held annually on the continent.

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