FG Urged to Develop Robust Retirement Plan


By Ebere Nwoji

The federal government has been advised to develop a robust retirement plan that will cater for the welfare of hardworking Nigerians who spent their youthful years contributing to the development of the society.

Government was also advised to consider the institutionalisation of retirement planning and management either as an independent academic discipline or component of graduate programs in Nigerian universities, in order to make retirement interesting for Nigerian workers and retirees.

The advice was given by both religious leader, insurance and academia experts at a recent public presentation of a book titled: “Retirement in Nigeria a Management Approach.”

Speaking at the occasion, the Catholic Archbishop of Lagos, Alfred Adewale Martins, said the word retirement in Nigeria today is viewed ironically by workers because rather than workers seeing retirement as a thing of joy, the word strikes a note of terror and desperation because the system does not have much to offer them in retirement.

“For most workers, retirement is not something to look forward to because the sad reality is that our society has not developed a robust enough plan to cater for the welfare of hardworking Nigerians who have spent their energy, youth and sometimes their life blood working to contribute to the development of society” Adewale Martins said.

He, however, advised Nigerian workers to cease from viewing retirement from negative perspective, adding that it is a thing of joy to see oneself be alive to work until his retirement.

Also insurance expert and Managing Director, Crown Insurance Brokers, Mr. Felix Amadi, said this has become necessary since retirement is one thing that affects everyone.

Amadi, who is the Author of the book, noted that once the motion is initiated and sustained, retirement would come to most Nigerians as reward for years of honest Labour.

He said good policies of government have historically suffered, noting that even with the best of policies and implementation by government, individuals and employers have to make policies and implement them for retirement management to work.

According to him, “retirement management translates to whole life planning and management that is rewarded with personal fulfillment without unnecessary burdens left for society before and at man’s transition to eternal life.

“It is necessary to re-emphasise that retirement management success requires concerted efforts at the levels of the individual, employer and government, all of which are stakeholders”.

Amadi, who noted that the publication of the book, “Retirement in Nigeria (A Management Approach),” is the first step in the fulfillment of the set objectives, added that the book emphasises the essentiality of retirement planning and the necessity of following the preplan when in retirement.

“The book is therefore a vital tool for every individual, every employer of labour and for all alms of government and their agencies”, Amadi said.

The author further called for a retirement training to be promoted by both governments and other private organisations far beyond its present afterthought status.

Also speaking, chairman of the occasion and Group Managing Director, NEM Insurance Plc, Tope Smart, said the author through the book has tried to draw attention of the general public to the issue of retirement in Nigeria, adding that retirement in Nigeria was different from what obtains in other climes.