Nigerian regulators approved plans to enable the investment of as much as $20 billion of pension fund money in the development of the country's infrastructure, Finance Minister Kemi Adeosun said.
The Abuja-based Securities and Exchange Commission and the Pension Commission have approved “a new instrument that will allow pension funds to invest in infrastructure bonds,” Mr. Adeosun said at a meeting of business leaders Monday in the capital, Abuja. “That's what will drive, for example, our social housing and our roads program outside the budget.”
