Contributing Effect of Closed Pension Fund Scheme on Sustainable Economic Development in Nigeria (2007-2023)

Abstract

This research work examined the contributing effect of closed pension fund on sustainable Nigerian economic development. Time series data from the period of 2007 to 2023 were sourced from the annual reports of Pension Commission. Auto Regression Distributed Lag technique was used for estimation with the aid E-view version 12 statistical tool. Dependent variable, per capita income was used to measure sustainable economic development while contribution from the closed pension fund scheme was an independent variable.
The regression result showed that closed pension fund has a negative and non statistical significant effect on per Capita income in Nigeria. The study recommended that the PENCOM should conduct a thorough review that would reveal the reasons behind the negative effect of closed pension funds on per capita income and consider merging or consolidating closed pension funds with other pension schemes funds to improve economies of scale.