https://www.youtube.com/watch?v=gp0J9JtdFwo&t=35s

Thrash.

This is the advice I give to young people.
In addition to your pension
Have another personal savings for retirement
Have a portion of your salary for investment
If you dont want your pension to be deducted, then dont work in formal sector, work in the informal sector where it's voluntary.
Inflation has been around for ages and there will always be inflation, your personal savings and investment are in your hands, manage them to beat inflation.

Your explanation is highly misleading and over stated.

1. The total amount in question was not like this 7 years ago.
2. Assuming he started contribution 7 years ago, that's 84 months in total. It means that his total monthly contribution is average of 7k per month.
3. He didn't have 1.15M in his account 7 years ago, so u cannot benchmark the exchange rate of 7 years ago to that of today
4. If u want to get the estimated loss you have to factor is balances month by month, the corresponding inflation and the exchange rate. You must also factor the gain from the fund as you can see that his contribution over 7 years is lower than the gain.
5. If we assumed that he has not had salary increase in the past 7 years, we can further state that diving about 602k by 7, gives an annual contribution of 84k. This implies that 7 years ago, his contribution was 84k. You are not supposed to take his total balance in 2022 as if that was his balance as of 7 years ago. You can only his loss for that year against his contribution for that year. In doing so you must factor his gain as well. Recall that his contribution has gained more than 100% in Naira terms as well. It's not a straight jacket as u have just analysed.
6. Finally tell your friend to go to IBTC and question why the total mandatory contribution and the net gain is higher than his balance. Has he been robbed. I use IBTC and my mandatory contribution plus my net gain equals my total balance.