Nigeria’s Pension assets surge to ₦28 trillion, record growth in January

By: Amarachi Okonkwo

The Nigerian pension fund industry kicked off 2026 on a strong note, with total pension fund assets rising to ₦28.04 trillion as of 31 January, marking a 22.64% increase from ₦22.86 trillion in January 2025.

According to the latest report on the pension fund industry portfolio, the sector recorded a monthly growth of ₦580.22 billion, up from ₦27.46 trillion at the end of the previous month. On an annual basis, the increase represents ₦5.17 trillion in added assets, reflecting robust contributions and strong investment performance.
The contributor base also expanded steadily, with Registered Savings Account (RSA) membership reaching 11,084,127 as of January 2026.

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The investment portfolio remains heavily weighted toward Federal Government of Nigeria (FGN) securities, which account for ₦16.69 trillion of total assets. Federal Government Bonds held to maturity are the single largest investment vehicle at ₦13.16 trillion, while Treasury Bills total ₦894.09 billion. Other government investments include Sukuk Bonds (HTM and AFS) of ₦100.18 billion and Green Bonds at ₦18.30 billion.

The pension industry also maintained a strong presence in the capital markets, with Domestic Ordinary Shares valued at ₦4.29 trillion. Foreign Ordinary Shares, held exclusively within Closed Pension Fund Administrators, total ₦262.99 billion. Corporate debt securities stand at ₦2.24 trillion, including ₦1.45 trillion in corporate bonds and ₦67.42 billion in corporate infrastructure bonds.

To ensure liquidity, the industry holds ₦2.75 trillion in money market instruments, mostly in fixed deposits and bank acceptances (₦2.48 trillion). Alternative assets also form part of the diversified portfolio, with infrastructure funds at ₦292.32 billion, private equities at ₦241.85 billion, real estate at ₦170.04 billion, and mutual funds at ₦240.49 billion.

Among fund structures, RSA Fund II remains the largest at ₦11.86 trillion, followed by RSA Fund III at ₦7.19 trillion, while the retiree-focused Fund IV holds ₦2.27 trillion, highlighting the industry’s commitment to delivering stable returns for retirees.

The pension industry ended January 2026 with a healthy cash and other assets position of ₦450.44 billion.