Nigeria’s pension assets have swelled to a record N24.1 trillion (US$15.6 billion), marking a N3.9 trillion year-on-year increase and reflecting renewed investor confidence and broader participation in the Contributory Pension Scheme (CPS), according to data from the National Pension Commission (PenCom).
The growth, representing a 19.23 per cent rise from the N20.2 trillion recorded in May 2024, was disclosed in PenCom’s latest unaudited industry portfolio report for the period ending 31 May 2025.
Beyond the headline figure, the increase signals a deeper trend: growing trust in Nigeria’s pension system as a stable long-term investment vehicle, even as broader economic uncertainties persist.
The number of Retirement Savings Account (RSA) holders also rose notably, reaching 10.76 million in May 2025, up from 10.35 million in April suggesting improved compliance among employers and heightened awareness of retirement planning among Nigerians.
In a separate performance dashboard, PenCom revealed that cumulative pension contributions since the inception of the scheme had reached N12.24 trillion by the first quarter of 2025. Of this, public sector employees contributed N6.4 trillion, while their private sector counterparts accounted for N5.84 trillion.
A significant portion of pension assets, over 62 per cent, or N14.48 trillion, has been invested in Federal Government securities, underlining the continued dominance of government bonds in Nigeria’s investment landscape. Corporate debt attracted N2.35 trillion, while equities stood at N2.57 trillion, suggesting a cautious but steady return of pension funds to the stock market.
Money market instruments accounted for N2.08 trillion, maintaining their role as a liquidity buffer for pension managers amid interest rate fluctuations.
While the figures reflect robust growth, analysts suggest the broader story lies in how the pension system is increasingly becoming a critical pillar of domestic capital formation, especially in a period marked by fiscal tightening and pressure on foreign reserves.
The report arrives as policymakers face rising calls to diversify pension fund investments further, particularly into infrastructure and housing, sectors considered vital for national development.
Still, challenges remain. Despite progress in enrolment, millions of Nigerian workers, especially in the informal sector, remain outside the formal pension net. Bridging this gap, experts say, will be key to sustaining long-term growth and expanding social protection.
