African Union eyes $7tn pension fund by 2050

Chuks Udo Okonta 

The African Union has projected pension fund to rise to $7 trillion by 2050, Inspen has learnt.

The AU has hinged the projection on the Domestic Resource Mobilisation policy.

The Director-General National Pension Commission (PenCom) Mrs. Chinelo Anohu-Amazu, observed that the AU policy on Domestic Resource Mobilisation (DRM) stemmed from the realisation that Africa should take responsibility and possesses the resources, if properly mobilised, for its own economic development.

The AU Agenda 2063 for infrastructural development, according to her, is broken down into 10-year development plans, having identified major regional integration infrastructure projects in highways, electricity, aviation, etc.  She said pension is a major source of DRM in Africa adding “a critical assessment of the of the major sources of DRM in Africa revealed over $350 billion in pension funds and a projected rise to $7 trillion by 2050.”