Pension Assets Hit N31.8trn As FG Securities Retain Dominance 

Nigeria’s pension fund assets expanded by N3.8 trillion in the first eight months of 2026 to hit a record N31.8 trillion, with Federal Government securities retaining dominance as the largest asset class.

According to unaudited data from the National Pension Commission (PenCom), total assets under management rose from N28.04 trillion in January to N31.8 trillion as of August 31, 2026, representing 13.41 per cent year-to-date growth. On a month-on-month basis, assets grew by N289.4 billion or 0.92 per cent from N31.5 trillion in July.

The growth, which PenCom estimated at about $23.9 billion in dollar terms, was driven by increasing contributions, investment returns and rising participation in the contributory pension scheme. Total Retirement Savings Account (RSA) membership stood at 11,391,008 contributors as of August 2026.

Despite the growth, PenCom data showed pension fund investments remained heavily concentrated in federal government securities, which accounted for N17.80 trillion of total assets, more than half of the industry’s portfolio.

Domestic equities accounted for N6.32 trillion, while investments in foreign equities stood at N280.66 billion. The industry also maintained N3.27 trillion in money market instruments, including fixed deposits and commercial papers, while corporate debt securities accounted for N2.21 trillion.

Other allocations included mutual funds at N326.64 billion, infrastructure funds at N344.62 billion, private equity at N267.01 billion, real estate at N132.81 billion, and cash and other assets at N462.42 billion, indicating a gradual diversification push by Pension Fund Administrators seeking to balance safety, returns and long-term value creation.