Business

Pension fund hits N5tn under 10yrs

Published

9 years ago

October 5, 2015

Director-General of the National Pension Commission (PenCom), Mrs Chinelo Anohu-Amazu, has said that Nigeria has grown its pension funds from a deficit of over N2 trillion in the old pension scheme to more than N5 trillion in less than 10 years.

Anohu-Amazu stated this in Abuja Monday, while declaring open the second edition of the World Pension Summit- Africa Special which Nigeria is hosting for the second consecutive time.

She said the huge pension funds will help Nigeria in bridging infrastructural deficit in the country, an achievement which other countries in Africa could emulate.

This summit has the theme: “Building Sustainable Pension Systems in Africa”, with participants drawn from across Africa and beyond.

Present at the Summit were Governors of Akwa Ibom and Kebbi States as well as the Chairman and Co-founder of the World Pension Summit, Sir Eric Eggink.

The number of participants at this year’s summit is yet to be determined but PenCom had disclosed that over 400 delegates from 23 countries, including 15 African nations, attended the maiden edition hosted last year.

Participants at the summit, which will end tomorrow, are expected to discuss reforms in African pension systems, how some African countries can adopt Nigeria’s pension reform model and how pension funds can be securely invested.

RipplesNigeria …without borders, without fears

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now