KEY POINTS

• Nigeria’s collective investment scheme assets rose to ₦9.885 trillion as of October 9, 2026, up 0.44 per cent week on week.
• Money market funds accounted for ₦6.718 trillion, or 67.96 per cent of total net asset value.
• Money market and dollar funds together represented 85.66 per cent of industry assets.
• Total net asset value increased by ₦345.63 billion between August 21 and October 9, extending the industry’s weekly growth streak to seven consecutive weeks.
• Stanbic IBTC Money Market Fund remained the country’s largest individual fund, with ₦3.126 trillion in assets, according to SEC rankings dated October 2.

MAIN STORY

Nigeria’s collective investment scheme assets have climbed to ₦9.885 trillion, approaching the ₦10 trillion threshold as money market funds continue to dominate the industry’s asset base.

The Securities and Exchange Commission’s (SEC) weekly net asset value (NAV) report as of October 9, 2026, showed that industry assets increased by ₦43.76 billion, or 0.44 per cent, from ₦9.841 trillion in the preceding week.

Including ₦33.36 billion held in exchange-traded funds (ETFs), which are reported separately, the combined value reached approximately ₦9.918 trillion.

Money market funds accounted for the largest share of collective investment scheme assets, with NAV rising by ₦45.81 billion, or 0.69 per cent, to ₦6.718 trillion from ₦6.672 trillion a week earlier. Their contribution exceeded the industry’s overall weekly increase, indicating that declines in other fund categories offset part of the segment’s growth.

Dollar funds ranked second, with ₦1.750 trillion, representing 17.70 per cent of total assets. Their NAV increased by 0.22 per cent from ₦1.746 trillion.

Together, money market and dollar funds held approximately ₦8.47 trillion, equivalent to 85.66 per cent of collective investment scheme assets. The concentration highlights investors’ substantial exposure to these two categories compared with equity and bond products.

Other fund categories recorded mixed performance during the week. Real estate investment trusts declined by 0.11 per cent to ₦520.31 billion, while equity-based funds fell by 1.59 per cent to ₦239.40 billion. Bond and fixed-income funds dropped by 0.81 per cent to ₦230.92 billion.

Balanced funds increased by 0.28 per cent to ₦199.08 billion. Shariah-compliant funds declined by 0.26 per cent to ₦151.99 billion, while specialised funds rose by 0.64 per cent to ₦54.71 billion. Ethical funds fell by 0.68 per cent to ₦20.57 billion.

Across the nine categories listed in the report, four recorded gains while five registered declines.

THE ISSUES

The industry’s asset growth has been sustained over recent weeks. NAV increased from ₦9.539 trillion on August 21 to ₦9.885 trillion on October 9, a gain of ₦345.63 billion, or 3.62 per cent, over the period.

The largest weekly increase during this stretch was approximately ₦129.71 billion in the week ending October 2.

Money market funds have been a major contributor to the expansion. Their NAV rose from ₦6.366 trillion on August 14 to ₦6.718 trillion on October 9, an increase of ₦351.32 billion, or 5.52 per cent.

Balanced funds also recorded notable growth, increasing by 27.6 per cent from ₦156.06 billion to ₦199.08 billion over the period covered by the supplied figures.

Dollar funds, however, moved in the opposite direction over the longer comparison period. Their NAV declined by ₦37.98 billion, or 2.12 per cent, from ₦1.788 trillion on August 14 to ₦1.750 trillion on October 9.

Earlier industry figures cited by Nairametrics put collective investment scheme NAV at ₦8.44 trillion in March and ₦8.77 trillion in April 2026. Money market funds accounted for ₦5.45 trillion in March, or 64.90 per cent of industry assets, before rising to ₦5.68 trillion in April.

The segment subsequently reached ₦6.27 trillion by July 31, representing a 4.96 per cent increase from ₦5.97 trillion in June.

The growing concentration in money market and dollar funds means equity-based funds account for just 2.42 per cent of total assets, while bond and fixed-income funds represent 2.34 per cent. Together, the two categories account for less than 5 per cent of the industry’s NAV.

The figures describe the distribution of assets but do not, on their own, establish why investors favour particular products. Money market funds and dollar funds have different underlying exposures, and the reported NAV movements cannot be attributed entirely to fresh investments or withdrawals.

WHAT’S NEXT

The next weekly SEC NAV reports will show whether collective investment scheme assets cross the ₦10 trillion mark and whether money market funds maintain their current share of the industry.

The distinction between asset growth and fresh investment inflows will remain important when assessing the figures. NAV can change because of subscriptions, redemptions, investment income and valuation movements.

For dollar funds, reported values in naira are also affected by exchange-rate movements. Similarly, the decline in equity fund NAV coincided with a fall in the Nigerian Exchange All-Share Index, but the supplied data does not separate market-related losses from investor redemptions.

These factors mean that weekly NAV changes should be interpreted alongside market performance, exchange-rate movements and fund subscription and redemption data before drawing conclusions about investor behaviour.

BOTTOM LINE

Nigeria’s collective investment scheme assets are nearing ₦10 trillion, but the expansion remains heavily concentrated in money market and dollar funds. Together, they account for more than 85 per cent of industry assets, while equity and bond funds hold a comparatively small share.

The latest figures demonstrate growth in the value of assets managed through collective investment schemes, but they do not establish how much of that increase came from new investor money. Understanding the industry’s underlying momentum will require distinguishing fresh subscriptions from investment returns, redemptions and valuation changes.