A Professor of Industrial Sociology at Ekiti State University (EKSU), Prof. Lukman Adesida, has called for urgent reforms of Nigeria’s retirement and pension system, warning that the country risks a worsening socio-economic crisis if it fails to address the realities of an ageing population, changing work patterns and poor retirement planning.
Adesida made the call while delivering the 106th inaugural lecture of EKSU titled, “Skin Trade, Sociological Imagination and Life Scripts: The Paradox in the Triad of Work, Retirement and Pension.”
The don argued that retirement should no longer be viewed as a personal transition but as a critical national issue closely linked to governance, labour policies and social welfare systems.
According to him, retirement planning should begin from the moment an individual secures employment, noting that inadequate preparation during a worker’s active years often results in financial hardship, loss of identity and social isolation in retirement.
He observed that many retirees face not only economic challenges but also psychological difficulties as they adjust from active professional lives to diminished social engagement and relevance.
Prof. Adesida expressed concern over the state of Nigeria’s pension system, describing it as overstretched and in need of comprehensive reforms to restore confidence and ensure long-term sustainability.
He stressed that pension administration should be regarded as a social contract among government, employers and workers, warning that inconsistent policies and poor implementation continue to erode public trust in the system.
The sociologist further highlighted global demographic trends showing a steady rise in the ageing population, particularly in developing countries, including Nigeria. He noted that the nation is yet to adequately prepare for the economic and social consequences of this shift.
Without proactive intervention, he warned, the responsibility of caring for the elderly could place an unsustainable burden on both families and government institutions.
Adesida also challenged the traditional model of single-career employment, urging policymakers to embrace and legally support multiple-income and multi-job structures as a practical response to the realities of a rapidly changing economy.
He advised younger workers to acquire diverse skills and prepare for flexible career pathways that can provide financial security throughout their working lives and beyond.
Beyond financial considerations, the professor advocated greater social inclusion for retirees through structured mentorship programmes, advisory roles and community engagement initiatives.
According to him, such measures would help retirees remain productive, reduce social isolation and preserve their sense of identity and purpose after leaving active service.
Among his recommendations were early retirement planning from mid-career, transparent and reliable pension reforms, strengthened social welfare programmes for senior citizens and broad stakeholder engagement in pension policy formulation.
He emphasised that reforms must protect both current contributors and future retirees while ensuring policy changes are clearly communicated and fairly implemented.
Adesida concluded that retirement should be treated as a collective societal responsibility rather than an individual burden, noting that a nation's treatment of its elderly citizens reflects the strength of its social and economic institutions.
Responding, EKSU Vice-Chancellor, Prof. Babatola Ayodele, described the lecture as insightful and timely, saying it shed light on the sociological dimensions of retirement, pension administration and life after active service.
Ayodele commended the inaugural lecturer for his contributions to scholarship and policy discourse, reaffirming the university’s commitment to the prompt payment of retirees’ benefits and the smooth transition of staff into retirement.