Nigeria’s pension industry has committed N241 billion to a new infrastructure fund, with the National Pension Commission (PenCom) saying the amount is expected to climb close to N300 billion once more pledges are confirmed.

PenCom Director General, Omolola Oloworaran, who also chairs the Pension Industry Leadership Council (PILC), disclosed this on Thursday at a press briefing in Lagos following the council’s meeting. She said the money will flow through a special purpose vehicle being set up by the PILC in partnership with FSD Africa, described in some accounts as the Pension Industry Infrastructure Consortium.

Oloworaran stressed that the N241 billion is a commitment rather than an actual investment for now. Before any money is deployed, the industry still has to sign a memorandum of understanding with FSD Africa, appoint a fund manager and put an implementation framework in place. She said the process is expected to be completed in time for the first tranche of funds to go into projects in the second quarter of 2027.

She also noted that talks are ongoing with other development partners who could match what the pension industry has put up, and described the move as only the first step for the sector.

The commitment comes as Nigeria looks for new sources of long term financing for roads, railways, energy and healthcare at a time when public finances remain under pressure. PenCom has been building towards the fund for months, first floating the idea of a pooled investment vehicle for pension fund administrators earlier this year.

Industry data show that pension investments in infrastructure funds rose by 38 per cent year on year to N318 billion as of May 2026, while total pension assets hit a record N31.32 trillion in the same month.

The regulator has maintained that the drive to channel retirement savings into infrastructure must still protect contributors, with projects expected to be commercially viable and capable of delivering long term returns.