Business
PFA Invest N34.89bn In Infrastructure
Pension Funds Administrators (PFA) have raised their investments in infrastructure to N34.89bn as of the end of September 2019 from the pension monies in their custody, according to the latest data from the National Pension Commission.
Figures obtained from the commission on Friday revealed that the total assets under the CPS stood at N9.58tn as of the end of September.
Operators of the Contributory Pension Scheme have also said investors continued to intensify their lobby to access the funds in their custody.
According to the commission, in May 2015, the operators invested N568m in infrastructure and increased it to N1.35bn in December 2015.
It added that the PFAs invested N2.06bn in infrastructure bond in December 2016, and gradually increased the pension funds invested in the portfolio.
According to PenCom, the PFAs invested N6.86bn in the nation’s infrastructure as of December 2017.
The amount invested in infrastructure as of the end of September 2018 was N17.12bn.
The President, PenOp, Mrs Aderonke Adedeji, said the issue of the role of pension funds in economic development had moved into the focus of public attention, particularly with regard to Nigeria’s growing need for long-term capital.
She explained that successful mobilisation of pension fund assets for the economic growth of any nation was an essential policy objective.
“For the first time, our country can now boast of a long-term funding base and the impact to date has included the funding of the government and government projects, development of the capital market, as well as increased foreign development inflows,” she said.
While this is positive, she added, a note of caution must be raised in view of recent agitations to access the funds for infrastructure.
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