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 a proposed $750 million pension infrastructure fund in Nigeria, which aims to mobilize retirement savings and finance development projects in energy, transport, and digital infrastructure. The initiative, backed by 19 Nigerian pension funds, is expected to secure approximately $600 million from domestic pension funds and at least $150 million from development finance institutions.
The UK's Deputy High Commissioner in Lagos, Jonny Baxter, highlighted the UK's commitment to tackling the challenge of attracting domestic capital, including from pension funds, into the real economy. FSD Africa, a UK-funded development agency, will provide technical assistance and expert advice to support the establishment of the fund, including selecting a fund manager, engaging with investors, and implementing necessary regulatory reforms.
The proposed investment platform, expected to be fully funded by 2027, will prioritize equity and quasi-equity investments in Nigerian infrastructure projects, with at least 60% of its portfolio allocated to these projects. The partnership aims to leverage Nigeria's large pool of long-term savings capital to drive infrastructure development while safeguarding contributors' retirement savings.
Written by urgent.news from Punch's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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