Nigerian Pension Funds Target $600m Investment In Proposed $750m Infrastructure Fund.
Nigeria’s pension industry is seeking to mobilise approximately $600 million from domestic pension funds for a proposed $750 million infrastructure investment platform, which has already attracted interest from 19 Nigerian pension funds.
The initiative, known as the Pension Industry Infrastructure Platform (PIIP), is being developed by the Pension Industry Leadership Council (PILC), in partnership with UK-funded specialist development agency, FSD Africa, to finance infrastructure projects in Nigeria and selected markets across the region.
The partnership was formalised through the signing of an agreement to support the development of the proposed fund.
Under the agreement, FSD Africa will provide PILC with expert advice and technical support, including assistance in selecting a fund manager through a competitive process, engaging potential investors and Development Finance Institutions (DFIs), building capacity, and supporting necessary regulatory reforms. The initiative, developed by Nigerian Pension Fund Administrators (PFAs), with support from National Pension Commission (PenCom) and FSD Africa, seeks to bring together pension funds and development finance to provide long-term financing for infrastructure projects. UK Deputy High Commissioner in Lagos, Jonny Baxter, said the partnership reflected the shared ambition of Nigeria and the United Kingdom to deepen Nigeria’s capital markets, mobilise domestic investment, and channel long-term capital into the real economy. Baxter said the UK was proud to partner with Nigeria’s pension industry and PenCom to advance the investment initiative.
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