THE GROWTH EFFICIENCY OF CONTRIBUTORY PENSION SCHEME AND ECONOMIC PERFORMANCE: EVIDENCE FROM NIGERIAN INSURANCE INDUSTRY

This study examines the growth efficiency of contributory pension funds on Nigerian economic performance of insurance industry from 2007 to 2021, utilising an ex-post facto research design and multiple linear regression analysis. The findings reveal a weak yet direct relationship between growth efficiency of contributory pension funds and Gross Domestic Product (GDP of insurance industry), suggesting a positive but relatively minimal influence on economic growth. The growth of both public and private pension fund assets contributes to this impact. The study recommends that pension fund administrators and custodians prudently manage and invest pension fund assets in line with regulatory guidelines, focusing on profitable securities that can positively affect the insurance industry. By optimizing investment strategies, pension funds can enhance their contribution to Nigeria's economic growth and sustainability.