African Journal of
Business Management

  • Abbreviation: Afr. J. Bus. Manage.
  • Language: English
  • ISSN: 1993-8233
  • DOI: 10.5897/AJBM
  • Start Year: 2007
  • Published Articles: 4150

Full Length Research Paper

Tackling poverty in era of Covid-19 pandemic: The contributory pension option

Onwuka Ifeanyi Onuka
  • Onwuka Ifeanyi Onuka
  • Department of Finance, Faculty of Economics, University of Ibadan, Ibadan, Oyo State, Nigeria.
  • Google Scholar

  •  Received: 13 November 2020
  •  Accepted: 03 February 2021
  •  Published: 30 April 2021


Ahmad MK (2006). The contributory pension scheme: Institutional and legal frameworks. CBN Bullion 30(2):1-18.


Balogun A. (2006). Understanding the New Pension Reform Act (PRA, 2004). CBN Bullion 3(2):7-18.


Barrientos A, Gorman M, Heslop A (2003). Old age poverty in developing countries: contributions and dependence in later life. World Development 31(3):555-570.


Bello HM, Letete EM, Rapapa M, Chokobane LL (2007). Poverty reduction and non-contributory old age pension programme in the Roma Valley: Evidence from logistic probability model. In 12th Annual Conference of the African Econometrics Society (AES), University of Cape Town, South Africa.


BusinessDay Newspaper (2020). Nigeria lags behind SA, Ghana in COVID-19 testing after 5 weeks of lockdown. Available at:



Budget Office of the Federation (2020). 2020 Approved Budget Details. Available at:



Central Bank of Nigeria (CBN) (2020). Government Measures and Palliatives for Covid-19 in Nigeria. Available at:



Clark JB, Wicksteed PH (1921). Marginal productivity theory. Available at:



Dagauda AT, Adeyinka OP (2013). An analysis of the impact of the 2004 pension policy on the welfare of Nigerian civil servants - a case study of selected federal ministries. Global Journal of Human Resource Management 1(4):6-13.


Department for International Development (2020). Health and Socio-Economic Impacts of Physical Distancing for Covid-19 in Africa.


Edogbanya A (2013). An assessment of the impact of contributory pension scheme to Nigeria economic development. Global Journal of Business Research 13(2):46-59.


Faye O (2010). Basic pensions and poverty reduction in sub-Saharan Africa. The WDA-HSG Discussion paper series on demographic issues, University of Saint Gallen, Switzerland.


Grech AG (2018). What makes pension reforms sustainable?. Sustainability 10(8):2891.


Gunu U, Tsado E (2012). Contributory pension system as a tool for economic growth in Nigeria. International Journal of Business and Behavioral Sciences 2(8):6-13.


International Monetary Fund (IMF) (2019). Policy Responses to Covid-19. International Monetary Fund. Available at:



Jeff-Anyene SE, Ezu GK, Ananwude AC (2017). Nigerian pension scheme and poverty reduction in Nigeria: an empirical assessment (2004-2015). Asian Research Journal of Arts and Social Sciences 2(2):1-25.


Modigliani F, Brumberg R (1953). Utility Analysis and Aggregate Consumption Functions: At [sic] Attempt at Integration.


Nigeria Centre for Disease Control (2020). An Update of COVID-19 Outbreak in Nigeria. Available at:



National Pension Commission (PenCom) (2019). 2019 Annual Report.


Odia JO, Okoye AE (2012). Pensions reform in Nigeria: A comparison between the old and new scheme. Afro Asian Journal of Social Sciences 3(2):1-17.


Pension Reform Act, PRA (2004). An Act for the Establishment and Objectives of Contributory Pension Scheme for Employees in the Public and Private Sector. Abuja: Government Printers.


Pension Reform Act (2014). An Act for the Establishment and Objectives of Contributory Pension Scheme for Employees in the Public and Private Sector, Abuja: Government Printers.


Presidential Task Force-Covid-19 (2020). Implementation Guidance for Lockdown Policy. Available at:



United Nations (UN) (2015). The 2030 Agenda for Sustainable Development. Available at:



WIEGO (2020). COVID-19 and the world's two billion informal economy workers. Available at:



World Bank (2019). World Development Indicators - Poverty and Inequality. The World Bank Group, Washington: Oxford University Press. Available at:



World Bank (2020). The global economic outlook during the COVID-19 pandemic: A changed world. World Bank Feature Story. Available at:



Yusuf IM (2014). The Nigerian, Swedish and Chilean pension systems: a comparative analysis of schemes and reforms. Ethiopian Journal of Economics 23(1):31-60.