Abuja, Nigeria | September 24, 2025
The National Pension Commission (PenCom) has announced plans to introduce reforms that will enable Nigerians living abroad to participate more effectively in the country’s pension scheme, including the option of making contributions in foreign currency.
The proposal, which is still under review, is aimed at expanding coverage of the Contributory Pension Scheme (CPS) to Nigerians in the diaspora and foreigners working in Nigeria.
Under the plan, contributors abroad will be able to remit voluntary savings into their Retirement Savings Accounts (RSAs), while those already enrolled in foreign pension schemes may, subject to the laws of their host countries, transfer accumulated benefits into the Nigerian system.
PenCom’s Director-General explained that the reforms will be supported by the Enhanced Contributor Registration System (ECRS), which has been designed to accommodate cross-border participants.
At present, all RSAs remain denominated in naira, and voluntary contributions from abroad are converted upon remittance.
The proposed foreign-currency contribution framework is therefore not yet operational, pending regulatory approval and implementation.
The initiative underscores efforts by PenCom to strengthen Nigeria’s pension industry, increase financial inclusion, and provide Nigerians abroad with the opportunity to secure retirement benefits under the CPS.
