The National Pension Commission (PENCOM) has announced it has plans to deploy at least 40% of the total pension funds in Nigeria into investments in infrastructure development by 2019.

This would mean a total amount of about NGN2.32 trillion (US$7.39 billion).

The Director General of PENCOM, Chinelo Anohu-Amazu, said this was part of the Commission's five - year strategy to enhance inclusive growth and generate better value for contributors.

The National Pension Commission (PenCom) was established by the Pension Reform Act (PRA) 2014 and later PRA 2014 to ensure effective administration of the Nigerian Pension Industry.

The total Pension Fund Assets are NGN5.8 trillion (US$18.5 billion) at July 2016, which represents about 6 percent of the country's gross domestic product (GDP).

In May 2015, we reported PENCom set the minimum investment of local pension funds in infrastructure investment at NGN5 billion (US$25 million).

The PENCOM released a draft regulation to guide Pension Fund Administrators on its investments. According to the draft, as much as 15 % of the total value of pension funds could be invested in infrastructure through infrastructure bonds and an additional 5 % of its funds could be invested in infrastructure through infrastructure funds.