By Mmesoma Iloh
The Managing Director of IEI Anchor Pensions, Mr Glory Etaduovie in an interview over the weekend stated that harnessing Nigerians into the culture of long-term savings and pension benefits will have multiple benefits and increase living standards over time because of related economies of scale.
According to him, the micro-pension scheme will which is slated to kick off next year will expand coverage of the Contributory Pension Scheme, CPS, to include self-employed individuals such as artisans as well as employees of organizations with less than three people on their payroll.
He further disclosed that the scheme will form a major part of the government’s financial inclusion objective stating that apart from the inherent pension benefits, the target population is estimated above 60 percent of the entire Nigerian populace.
Speaking on how the pension fund has impacted the economy he said “From the common man’s viewpoint, not much can be said on present pension’s impact in repositioning the Nigerian economy. It has however created an enabling environment for a whole lot to happen in the business world from its core objective of social security for the elderly, provision of long term funds for investment in the private sector to availability of funds to a government for critical infrastructure development.”
The IEI boss disclosed that the success of the funds will be used for self-funding projects like the railways and the Nigerian airline project stating that it will have a direct impact on every Nigerian if they run efficiently. He also added that road maintenance costs and travel comfort will be greatly improved disclosing that the fortunes and employments these two create for Dubai and Turkey is massive.
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