Nigeria’s pension industry recorded its strongest growth in over 20 years, with total assets rising to N29.43 trillion in February, a N1.39 trillion increase from January, according to the National Pension Commission (PenCom).
The surge, driven by equity gains and fresh contributions, eclipses the previous record of N1.18 trillion set in January 2024. Domestic equities now account for N5.41 trillion, highlighting growing local market exposure, while foreign holdings remain limited at N261.99 billion.
PenCom Director-General Omolola Oloworaran said pension funds now hold roughly N4 trillion in equities, about 3–4% of total market capitalization on the Nigerian Exchange. Despite this, government securities dominate portfolios, with FGN bonds and treasury bills totaling over N16.9 trillion, reflecting a preference for stable returns.
Non-sovereign debt, including corporate and state bonds, expanded to N2.62 trillion, while alternative assets such as infrastructure funds, private equity, and REITs remain modest. The largest contributor to asset growth was RSA Fund IV, with N12.67 trillion under management.
Participation in the Contributory Pension Scheme continues to rise, reaching 11.13 million members, mostly from the formal sector. PenCom is pushing to expand coverage through the Personal Pension Plan, with nationwide initiatives underway to boost participation.
The February data underscores a rapidly growing yet conservative pension sector, with future growth dependent on deeper capital markets, broader alternative investments, and supportive regulatory frameworks.
