The United Kingdom has backed plans by Nigeria’s pension industry to establish a $750m infrastructure investment fund aimed at mobilising retirement savings and development finance for energy, transport and digital infrastructure projects.
The initiative, which has attracted interest from 19 Nigerian pension funds, is expected to mobilise about $600m from domestic pension funds and at least $150m from development finance institutions.
The partnership was formalised through an agreement signed between the Pension Industry Leadership Council and UK-funded development agency FSD Africa, according to a statement issued on Tuesday.
Speaking on the partnership, the UK Deputy High Commissioner in Lagos, Jonny Baxter, said, “The UK is proud to partner with the Nigeria’s Pension Industry and the pensions regulator Pencom to progress this investment. Both our countries are prioritising tacking the challenge of attracting more domestic capital, including from pension funds, into the real economy.”
He added, “It is great to see Nigeria making concrete progress on its efforts and be a part of those opportunities to turn this ambition into investment, jobs, and economic growth.”
