IEI Anchor Pensions Limited has called on government to initiate policies that would allow it take advantage of the more than N8.2 trillion pension assets.
The Managing Director/Chief Executive Officer of the company, Glory Etaduovie, said that would allow government to borrow from the pension fund to fix the country’s infrastructure challenges and meet its financial needs in a bid to grow and develop the nation’s economy.
Etaduovie said the funds are available, but accessibility would only require the strong commitment that accountability would guarantee. “The people’s future is tied to it, lest its purpose would be defeated and contributors lose faith in the Industry.”
Stating that the pension industry provides a pool of usable funds for Nigeria, with a chosen average of 20 per cent growth yearly, he expects the figure to double in the next five years.
At the current exchange rate to the dollar, he said, this is about half of the national foreign Reserves, while the amount also competes with 2018 national budget, which was N7.3 trillion.
Pension, he said, has played a great social role affecting people’s lives at retirement, adding: “The aged are helped to maintain some self respect and depend less on children, who in present day, may be jobless.
“It is also no news any more that pension industry has become a great player in funding development projects, growth and sustenance of many businesses.