The steepest increases were recorded in 2024 and beyond.

Industry analysts attribute the sustained increase in cement prices to persistent inflation, depreciation of the naira, higher diesel and electricity costs, logistics challenges and increased manufacturing expenses.

Although retail prices differ across states and distributors, the decade-long trend reflects a substantial increase in the cost of building materials, with cement prices rising by more than five times compared to levels recorded in 2017.

What they are saying
According to Oloworaran, PenCom is engaging key stakeholders, including organised labour and members of the National Assembly, on proposed amendments to the PRA 2014 aimed at enhancing retirement security through higher contribution rates.

“We are having active conversations regarding the review of the Pension Reform Act with all necessary parties, including Labour and the National Assembly,” she said.

“It is still at the engagement stage. The rates of contribution will certainly go up, but we must ensure that all key stakeholders buy into it first.”

She added that PenCom is also considering measures to establish dedicated income streams for state pension bureaus to improve compliance and encourage all states to adopt the CPS.

More insights
The PenCom chief expressed concern over the slow pace of adoption of the CPS at the sub-national level, noting that only eight of Nigeria’s 36 states are currently operating the scheme in compliance with the law.

“I am not satisfied at all with where we are,” Oloworaran said.

“If you were to rate it, we still have an ‘F9.’ We still have only eight states out of 36 states complying. There has to be more political will. Governors must prioritise their workers and their future when they retire—not just worry about today. All 36 states should be under the Contributory Pension Scheme.”

To address concerns raised by non-compliant states regarding funding and operational challenges, Oloworaran said the commission is examining ways to create sustainable revenue sources for state pension bureaus.

“We have listened to them, and I think there is a good point in what they are saying. We will explore ways to create income streams for state pension bureaus. It might not be in the exact form they are prescribing, but we will certainly do something,” she said.

The PenCom DG also condemned the practice of some state governments deducting pension contributions from workers’ salaries without remitting them into Retirement Savings Accounts (RSAs).

“In my personal opinion, deducting funds from employees and putting them in a state account is something that should never happen,” she said.

“Any incoming governor who doesn’t understand the original purpose of those funds could divert them elsewhere. That results in pension obligations skyrocketing and leads to a broken system in the future. We will actively engage those states to stop this practice.”

What you should know
Meanwhile, Nigeria’s pension assets rose to a record N31.32 trillion in May 2026, according to PenCom’s unaudited industry report released on June 29, 2026.

The figure represents a 1.23% increase from N30.94 trillion recorded in April, with pension assets growing by approximately N384.98 billion within one month.

On a year-on-year basis, total pension assets increased by 29.5% from N24.18 trillion in May 2025, highlighting the continued expansion of the industry and the growing importance of pension savings in Nigeria’s financial system.

The Pension Reform Act 2014 was enacted following a review of the 2004 pension law, which introduced the Contributory Pension Scheme and established PenCom as the regulator of Nigeria’s pension industry.

ICYMI

CREDICORP said it will keep its attention on key sectors, including mobility, digital devices, energy solutions, home improvement and life essentials, to help Nigerians acquire assets that improve their daily lives and economic standing.

The corporation also plans to advance national initiatives such as the Credit Passport, Consumer Credit Guidelines and enabling legislation, while widening participation among lenders, manufacturers, vendors and development partners.

In its own words, CREDICORP said: “Our ambition for H2 is clear: reach more Nigerians, strengthen the consumer credit ecosystem, and accelerate the transition towards a credit-enabled economy where access to finance drives productivity, inclusion, and sustainable economic growth.”

The report noted that CREDICORP’s programmes are deliberately designed to reach women and Nigerians who have been shut out of the formal financial system. More than 40 per cent of current beneficiaries are first-time formal borrowers, according to the corporation.

CREDICORP said its partnership model, which brings together financial institutions, government agencies, development partners and private sector players, has continued to grow, strengthening the foundation for responsible consumer lending in Nigeria.

Looking ahead, the corporation said it remains committed to responsible lending, improved consumer education, stronger governance and mobilising additional investment to build a sustainable credit market that supports inclusive economic growth