PENSION FUND ADMINISTRATION AND ECONOMIC GROWTH IN NIGERIA
Oni Bright Igbinosa, Ph.D. and Oshodin Ernest, Ph.D.
Volume 5 Issue 1
Abstract
The Study examined Pension Fund Administration and Economic Growth in Nigeria. The specific objectives of the study being to determine to what extent does Pension Asset, pension fund Contribution, pension fund investment (which are the pensions fund indicators); affect economic growth in Nigeria. The study adopted the longitudinal research design and the study scope in terms of time covered 2004 to 2022 time period. The study employed the OLS regression technique as well as the Error correction Mechanism in the estimation of data. The study found that Pension Asset, pension fund investment, has positive and significant effect on economic growth and hence on GDP growth rate within the period. It was however recommended that government should ensure that pension coverage extends more to private, public, as well as individual pensions, in order to increase more pension contribution and coverage across the Nigerian state. This will contribute significantly to gross domestic product and economic growth overtime. Also, government should make frantic effort to ensure a more developed capital market with more products, as derivatives, to further deepen the markets and encourage more investment in pensionable funds for more gross domestic product contribution and thereafter, economic growth. The study then concluded that there exists a positive, significant relationship between growth (the dependent variable) and the respective independent variables used in the study. Keywords: Pension, Economic Growth, GDP, OLS.
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