PENSION FUND WILL FINANCE ENERGY SECTOR INVESTMENTS

The huge investments needed in Nigeria’s Energy (power) sector to guarantee improvements in power supply would be funded partly by contributions to the pension fund. The power sector is expected to gulp trillions of naira in huge investments in power, transmission and distribution facilities. Of that amount the Central Bank of Nigeria is guaranteeing N400 billion out of the pension fund. About N2 trillion has been contributed into the scheme so far. The CBN governor, Sanusi Lamido Sanusi told Reuters news agency and Bloomberg in two separate interviews yesterday that the apex bank was doing this to provide credit to the sector.