EMPIRICAL ASSESSMENT OF PENSION SCHEME AND ECONOMIC DEVELOPMENT IN NIGERIA
Abstract
Considering that the Pension Commission is an arena that provides some services that strengthen economic growth, the investigation analyzed the causal relationship between the value of the HDI and CPFAs, RRF, and TPF, assessing the role of pensions in Nigeria's economic development. Using the Ordinary Least Square model, the AES and RSA exert weak influence on the economy’s gross domestic product, yet there is a strong empirical relationship between HDI and CPFAs, RRF, and TPF. The study recommended that retirement funds should be adequately monitored and deregulated, and the commission should operate without government abuse or interference. Additionally, since the stock of the Pension Commission exists within a macroeconomic environment, it is necessary for the institutional, political, and economic conditions to be conducive for the retirement fund to reach its full potential.