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12 August 2021

Nigerians withdraw nearly 50% pension contribution in 5 years

For every 1000 Nigerians contributed to their pension fund in the last 5 years, they withdrew about N500, a reflection of Nigeria’s heightened unemployment rate and the retirement crisis rocking Africa’s top crude producing nation.

For every 1000 Nigerians contributed to their pension fund in the last 5 years, they withdrew about N500, a reflection of Nigeria’s heightened unemployment rate and the retirement crisis rocking Africa’s top crude producing nation. Out of the annual average pension contribution of N699 billion reported in the last in the last five years, Agusto & Co.’s newly released 2021 Pension Industry report revealed that withdrawals average about N341 billion in the same period. This represents 48.78 percent of the total pension contribution. - Business Day page 30