Naira devaluation: PenOp appeals for offshore investment of pension funds

PenOp also charged members of the National Assembly to consider amending the pension law to increase pension contribution for workers to guard against old age poverty being triggered by rising inflation and naira devaluation.made the appeal at the PenOp 4th National Assembly Retreat 2024, held for members of the House Committee on Pensions and members of the Senate Committee on Establishment and Public Service.

Uduanu said: “Regarding devaluation, what we need to do as a country is that we need to domesticate our economy. As we domesticate our economy and rely less on dollars, we can achieve more sustainable savings and inflation in real terms. But until we do that, the safeguard we have is to allow some of the pension funds to be invested offshore.

Also speaking, another member of PenOp and Managing Director of Fidelity Pension Managers, Mr. Donald Onuoha, stated that there is a need to increase pension contributions from the present 18 percent to a higher value.

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