UK backs Nigeria’s proposed $750m pension infrastructure fund
The UK has backed Nigeria’s plan to establish a $750m pension infrastructure fund to mobilise retirement savings for energy, transport and digital projects Read More: https://punchng.com/uk-backs-nigerias-proposed-750m-pension-infrastructure-fund/
The United Kingdom has agreed to support Nigeria's proposed $750 million pension infrastructure fund, aiming to mobilize retirement savings and finance energy, transport, and digital infrastructure projects. This initiative, which has garnered interest from 19 Nigerian pension funds, is expected to raise about $600 million from local pension funds and at least $150 million from development finance institutions.
The partnership, formalized between the Pension Industry Leadership Council and UK-funded development agency FSD Africa, will provide technical assistance to support the fund's establishment, including investor selection and regulatory reforms. FSD Africa's Chief Executive Officer, Mark Napier, stated that the initiative addresses the gap between Africa's substantial institutional savings and its infrastructure financing needs.
The fund, known as PIIP, will focus on equity and quasi-equity investments, with at least 60% allocated to Nigerian infrastructure projects.
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