By Boluwatife Oshadiya| April 8, 2026
Key Points
- Nigeria’s pension assets rise by ₦1.39 trillion to ₦29.43 trillion in February
- Growth driven by equity market gains, fresh contributions, and portfolio revaluation
- RSA membership exceeds 11.13 million, reflecting sustained enrolment growth
Main Story
Nigeria’s total pension assets increased to ₦29.43 trillion in February, up from ₦28.04 trillion in January, according to newly released data from the National Pension Commission (PenCom).
The ₦1.39 trillion month-on-month increase represents the strongest expansion recorded since the Contributory Pension Scheme (CPS) was introduced in 2004, surpassing the previous peak growth of ₦1.18 trillion posted in January 2024. The rise was driven by a combination of fresh contributions from workers and valuation gains across key asset classes, particularly equities.
Domestic equity investments climbed to ₦5.41 trillion, highlighting growing pension fund participation in Nigeria’s stock market amid improving investor sentiment. In contrast, foreign equity exposure remained relatively limited at ₦261.99 billion, reflecting a cautious stance by fund managers amid global market volatility and currency risks.
Allocations to fixed-income instruments also expanded. Corporate debt securities rose to ₦2.25 trillion, while state government bonds stood at ₦368.99 billion. Liquidity levels remained strong, with money market instruments increasing to ₦2.74 trillion, including ₦2.50 trillion in fixed deposits and bank acceptances, and ₦209.23 billion in commercial papers.
Alternative investments continued to account for a smaller share of total assets. Infrastructure funds were valued at ₦300.02 billion, private equity at ₦258.31 billion, real estate at ₦169.52 billion, and Real Estate Investment Trusts (REITs) at ₦77.64 billion.
RSA Fund IV maintained its position as the largest fund by asset size at ₦12.67 trillion, reflecting its concentration of active contributors, while RSA Fund II also accounted for a significant share of total pension assets.
RSA membership rose to over 11.13 million as of February, indicating continued expansion of Nigeria’s pension coverage base.
What’s Being Said
“The growth in pension assets reflects both sustained contributions and improved market performance across asset classes,” PenCom stated in its monthly report.
“Stronger participation in equities suggests pension funds are positioning for long-term returns despite short-term volatility,” said Ayodeji Ebo, Managing Director, Optimus by Afrinvest.
What’s Next
- PenCom is expected to release its Q1 2026 pension industry report in April
- Continued equity market performance will influence asset growth trajectory
- Ongoing pension reform discussions may impact asset allocation guidelines
The Bottom Line:
Nigeria’s pension industry is entering a scale phase, with asset growth increasingly tied to capital market performance. Sustaining this trajectory will depend on deepening investment diversification and maintaining macroeconomic stability.
