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SOVEREIGN WEALTH WILL NOT MANAGE PENSION FUNDS —Okonjo-Iweala

By News Express on 02/08/2013

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The Nigerian Sovereign Investment Authority (NSIA) will not be involved in the management of the country’s pension funds, Minister of Finance and Coordinating Minister for the Economy, Dr. Ngozi Okonjo-Iweala, has restated.

Commenting on the possibility of investing pension funds in infrastructure, Okonjo-Iweala told newsmen during her working visit to the NSIA yesterday that there is no plan for NSIA to manage pension funds as that is the job of the National Pension Commission (PENCOM).

“Rather, the idea which is still in the preliminary stages is to help PENCOM explore profitable opportunities in infrastructural investment. NSIA has the expertise to advise PENCOM on the best ways to invest safely and profitably in investment grade opportunities,” the minister said.

She noted that all over the world pension funds boost their funds by investing in infrasatructure because both pension and infrastructure are long term funds.

“Pension funds are delicate and the focus of the government is to ensure at all times that they are handled with utmost safety in mind at all times,” Okonjo-Iweala further stated.

The first by the minister to NSIA, the visit afforded Okonjo-Iweala the opportunity of seeng how the agency midwifed by her is settling down for business.  

The Uche Orji-led NSIA was established through an Act of the National Assembly (the NSIA Act 2011). Its objective is to promote fiscal stability, build a savings base for future generations of Nigerians and enhance the development of Nigeria’s infrastructure. NSIA’s investments are made through three distinct funds: The Stabilization Fund, the Future Generations Fund, and the Nigeria Infrastructure Fund.

•Photo shows Okonjo-Iweala.

Source News Express

Posted 02/08/2013 11:25:13 AM

 

 

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