Nigeria’s pension fund assets rose to N23.26 trillion in February 2025, marking a continued upward trajectory for the industry, according to the latest figures released by the National Pension Commission (PenCom). The February total represents a 1.77% increase from N22.86 trillion reported in January, and a robust 17.75% year-on-year growth from N19.75 trillion in February 2024.
The figures, obtained by BusinessNG, reflect the resilience of Nigeria’s pension sector, supported by steady contributions, strategic diversification, and consistent returns across multiple asset classes.
At the heart of the portfolio remains a dominant investment in Federal Government instruments, which accounted for N14.46 trillion, or 62.18% of total assets under management. The fund’s exposure to equities also showed strength, with investments in local ordinary shares climbing to N2.58 trillion, representing a 7.33% increase from the previous month.
In the money market space, total investments rose slightly to N2.21 trillion, while commercial paper holdings saw a significant 30.17% increase, indicating improved short-term liquidity positioning. Foreign money market instruments also ticked up by 7.77%, suggesting cautious international diversification.
Not all categories recorded gains. State government securities slipped 0.85% to N246.69 billion, while supranational bond holdings plunged 29.76% to N19.56 billion. Mutual fund assets dropped 9.08% to N84.76 billion, and cash and other assets declined by 7.72% to N399.51 billion, a potential sign of greater capital deployment into yield-bearing instruments.
Within the Retirement Savings Account (RSA) structure, Fund II maintained its lead with N9.61 trillion, representing 41.33% of total net asset value. Fund III rose modestly by 0.74% to N6.05 trillion, underscoring a conservative growth trend among older contributors.
The number of registered RSA holders also increased, reaching 10.65 million in February, up from 10.61 million in January—a 0.34% monthly rise, reflecting growing coverage under the contributory pension scheme.
Over the past 24 months, total pension assets have expanded by N4.91 trillion, rising from N18.36 trillion in February 2023 to the current N23.26 trillion. A major driver of this growth remains the fund’s increasing exposure to government securities, which gained N2.09 trillion in value over the same period.
The sustained growth has come amid regulatory reforms and stronger enforcement by PenCom. According to BusinessNG reports, the commission recently recovered N1.58 billion from defaulting employers and is pushing for the full adoption of the Contributory Pension Scheme (CPS) across all states.
Despite concerns raised about the qualifications of the new PenCom Director General, the latest figures suggest the industry remains on a solid footing, offering both stability and long-term sustainability for retirees and contributors.
