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FG To Invest Pension Funds To Boost Economy

invest-pension-funds

By Ebitonye Akpodigha

President Muhammadu Buhari has promised that his administration will continue to invest pension funds into various development schemes in the country in order to enhance economic growth.

Mr Buhari made this known in his keynote address at the opening ceremony of the World Pension Summit ‘Africa Special’, held in Abuja recently, with the theme: ‘Pension Innovation: The African Perspective’.

The President noted that, “Globally, pension occupies an important place in the economy as a vehicle for nation building. This administration therefore, will continue to invest pension funds into various development schemes in the country to enhance economic growth”.

Mr Buhari, represented at the occasion by the Head of the Civil Service of the Federation, Mrs Winifred Ekanem Oyo-Ita, observed that since the establishment of the scheme in Nigeria in 2004, it has recorded tremendous achievements in the area of infrastructural development, robust framework that eliminates incentives for corruption and an ability to generate investible long term funds that drive economic development.

Also speaking at the function, former President Olusegun Obasanjo advocated the need for an establishment for a viable pension structure that would contain with the increasing population growth in the country.

He charged the pension service to ensure retirement benefits are fully funded.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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