Nigeria’s Bureau of Public Enterprises (BPE) has said that the accumulated fund in the Contributory Pension Scheme (CPS) now stood at over N4.7trn (about $24bn).
In a statement issued by the Head, Public Communications of the BPE, Mr. Chigbo Anichebe, the bureau indicated that the contributions were made by over 6.5 million employees and added that 180,586 employers had registered for the scheme so far.
Giving these figures when he received a delegation led by the Ambassador of the European Union (EU) to Nigeria and the Economic Community of West African States (ECOWAS), Mr. Michel Arrion, in his office in Abuja, the Director General of the agency, Mr. Benjamin Dikki, said that achievements recorded so far by the scheme showed it had impacted positively on the economy.
Apart from the accumulated funds, he also hinted that 20 Pension Fund Administrators, (PFAs) seven Closed Pension Fund Administrators (CPFAs) and four Pension Fund Custodians (PFCs), had so far been registered since the commencement of the scheme in 2004.
Specifically, Dikki noted that CPS pool of funds had provided stable deposits, enabling banks to lend more long-term to those in need of finance for their business operations.
He said the various reforms carried out by the bureau were designed and implemented with the overriding objective of creating an enabling environment for private sector investments in the economy.
Dikki said that these were assured though institution of sound sector policies; liberalisation of the sector by abrogating monopoly laws; delineation of the roles of policy formulation from regulation and operations; and establishment of appropriate legal and regulatory framework.
Others are, setting up of independent regulators and mitigation of risks to encourage private sector investments.
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