By ABDUL OLALEKAN
With over N5.3 trillion pension fund waiting to be used for investment, the Director General of the National Pension Commission (PenCom), Mrs. Chinelo Anohu-Amazu, is set to explain how the fund could be utilized for economic growth and diversification of the nation’s economy at the National Lecture Series of the Catholic Brothers United (CBU) scheduled to hold in Lagos.
There have been series of complains from government and Nigerians that the pension industry is refusing to lend the fund for infrastructural development.
The theme of the lecture, ‘The Use of Pension Funds as a Catalyst for Economic Diversification’ is considered apt as the country grapples with the challenges of acute infrastructure deficit needed to propel economic growth.
This lecture which is in its 17th year in the series is aimed at providing a national discourse on how the country can leverage on funds like the Pension Funds to accelerate economic development and growth.
In accepting to speak at the forum which holds on June 26, at the Catholic Church, Maryland, Lagos, the Director General said: “It is noteworthy that the Catholic Brothers United (CBU) has sustained the practice of community development activities that have been uplifting the Church and the entire community. The Annual Lecture is one of such programmes that is worthy of commendation”.
Anohu-Amazu, in her acceptance letter, said the proposed topic of the lecture, the Use of Pensions Funds as a Catalyst for Economic Diversification, harmonises with the renewed efforts of the commission aimed at ensuring pension funds are channelled towards economic development through viable and safe investments.
Commenting on the initiative, President of CBU, Emmanuel Uwukhor, said financing infrastructure projects using pensions funds has been a major topical issue that has generated much controversies given the experience with the previous pension scheme.
Uwukhor stated that it has become imperative to use the CBU platform to further clarify issues around such discussion as huge members of the Catholic community are subscribers to the Contributory Pensions Scheme (CPS) while others in the informal sector are itching to join the scheme.
“What we want to achieve is to sensitise the teeming Catholic faith and also the general public on the need to understand the benefits of the CPS and how the initiative will lead to fruitful retirement.
We know the family value system is collapsing and the average Nigerian is facing challenges and therefore early savings using this channel would provide them some relief at old age. So, we owe the society the responsibility as enshrined in our Corporate Social Responsibility (CSR) to educate them on government policies that aims to better their lot,” he stressed.
He also said he is aware that the PenCom is leading a nationwide enlightenment which is robustly supported by Pension Operators Association of Nigeria (PenOp) in a new initiative to launch all Nigerians into the pension scheme via the micro pension scheme.
Uwukhor noted that with the new initiative, individuals would now have the rare opportunity to become pensioners that was exclusive of public officers and lately informal sector.
Uwukhor expressed joy that PenCom has articulated the plan to attract 20 million Nigerians into the scheme by 2019 and 30 million by the year 2024, adding that such programmes as enunciated by CBU will go a long way to help realise the objective.
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