Nigeria’s pension assets have reached a new milestone, totaling 26.66 trillion in October 2025. This represents a 2.19% increase from the previous month and a significant 21.63% surge year-on-year, according to data released by the National Pension Commission (PenCom). The growth in pension assets is attributed to various factors, including increased investments in money market instruments, which rose by 18.85% to 2.88 trillion.
The money market allocation now accounts for 10.80% of total pension assets, driven by fixed deposits and bank acceptances, which surged 24.89% to 2.48 trillion. However, foreign money market instruments experienced a decline of 44.80% due to foreign exchange repricing and valuation impacts resulting from naira volatility. Commercial papers also saw a moderate increase of 5.61% to 328.65 billion.
Corporate bonds, on the other hand, dipped from 2.24 trillion in September to 2.16 trillion in October, contributing 8.11% to the total assets. The decline was broad-based, with corporate bonds (HTM) down 3.70%, corporate bonds (AFS) down 2.67%, and infrastructure bonds down 7.61%.
Federal Government (FGN) instruments remain a significant component of Nigeria’s pension portfolio, expanding marginally by 1.35% to 15.96 trillion. These securities now account for 59.86% of total pension assets. Key movements within FGN securities include a 11.34% increase in Treasury Bills, an 8.14% increase in Federal Government Bonds (HTM), and a 5.33% increase in Sukuk Bonds.
Domestic equities grew 5.01% to 3.84 trillion, accounting for 14.42% of total assets, while foreign equity exposure fell 6.45% due to valuation pressures and conservative foreign exchange repositioning. The alternatives segment delivered mixed outcomes, with mutual funds advancing 1.32% to 221.88 billion and infrastructure funds increasing by 9.23% to 262.57 billion.
Retirement Savings Account (RSA) enrollments also saw a modest increase, growing from 10.93 million in September to 10.97 million in October. The distribution of RSA enrollments remained consistent with historical trends, with Fund II remaining the largest and most actively managed segment of the industry. The growth in pension assets and RSA enrollments reflects the increasing importance of pension funds in Nigeria’s financial landscape. As the pension industry continues to evolve, it is likely to play a crucial role in driving economic growth and development in the country.
