The contributory pension scheme and the financial system development in Nigeria

The article examined the influence of the contributory pension scheme on the financial system development in Nigeria. Evidence accumulated from both theoretical and empirical literature point to the power of contributory pension to deepen the financial system. An empirical work earlier done showed t...

Ausführliche Beschreibung

Gespeichert in:
Bibliographische Detailangaben
Veröffentlicht in:Innovative marketing 2016-09, Vol.12 (2), p.16-21
Hauptverfasser: Cosmas O. ODO, Okeke Chinedu
Format: Artikel
Sprache:eng
Online-Zugang:Volltext
Tags: Tag hinzufügen
Keine Tags, Fügen Sie den ersten Tag hinzu!
Beschreibung
Zusammenfassung:The article examined the influence of the contributory pension scheme on the financial system development in Nigeria. Evidence accumulated from both theoretical and empirical literature point to the power of contributory pension to deepen the financial system. An empirical work earlier done showed that the total domestic savings (TDS) increased during the post- pension period; and that the capital market capitalization rose significantly over the period. It was also observed that its implementation has created an impressive scenario whereby now pension funds account for 30% and 8% bond and stock markets capitalization, respectively. This is beside the increased activities in the life subsector of the insurance industry. Keywords: pension, financial system development, contributory pension, pay-as-you-go. JEL Classification: G230
ISSN:1814-2427
1816-6326
DOI:10.21511/im.12(2).2016.02