Public Sector Retirement Policy Implementation in Nigeria: Lessons from International Best Practices
Year: 2024
Type: article
Abstract: Nigeria's public sector retirement policy has been plagued by inefficiencies, inconsistencies, and inadequacies, resulting in a pension crisis that affects millions of retirees. As the country grapples with the challenges of an aging population, fiscal sustainability, and social security, it is imperative to draw lessons from international best practices to revamp its public sector retirement policy. This study examines the implementation of public sector retirement policies in Nigeria, identifying the gaps and challenges that hinder effective pension administration. By analyzing international best practices from countries such as Singapore, Australia, and the United Kingdom, this paper distills key lessons that can inform policy reforms in Nigeria. The study reveals that a multi-pillar pension system, robust institutional framework, and innovative funding mechanisms are essential for sustainable pension provision. Methods of data collection were secondary sources such as text books, journals, government documents and internet sources. The found out among others that Nigeria's public sector retirement policy implementation faces challenges, including inadequate funding, inefficient administration and limited stakeholder engagement. The study thus, recommends that institutional frameworks should be strengthened to ensure effective regulation and oversight. The paper therefore, concludes that Nigeria's experience highlights the importance of contextualizing international best practices. Adaptation of global standards to local socio-cultural dynamics facilitates successful policy implementation.
Authors: Obeta, R.U., Edwin I. Edwin
Institution: University of Nigeria
Language: English
Subfield: Accounting
Domain: Social Sciences
Open Access status: green
OpenAlex ID: W6930723297
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