Nigeria’s pension industry maintained its growth momentum in October 2025, with total assets rising to N26.66 trillion, up 2.19% month-on-month from N26.09 trillion in September and a robust 21.63% year-on-year increase. The sector’s resilience reflects cautious rebalancing into liquid and lower-risk instruments, underpinned by sustained confidence in Federal Government securities, despite challenges from inflation, FX volatility, and uncertain capital markets.
Retirement Savings Account (RSA) enrollments grew slightly from 10.93 million to 10.97 million, signaling continued onboarding of new contributors, including micro-pension participants. FGN securities remain the backbone of pension portfolios, accounting for 59.86% of total assets, with Treasury Bills, Federal Government Bonds, Sukuk, and Green Bonds all posting modest gains.
Money market allocations surged 18.85%, driven by fixed deposits and bank acceptances, while corporate debt instruments dipped 3.41% amid elevated credit risk and higher borrowing costs. Domestic equities grew 5.01%, offsetting a 6.45% decline in foreign equities, keeping total equity exposure at 15.39%. Alternative assets delivered mixed results, with infrastructure and mutual funds rising, while real estate and private equity saw declines.
By fund category, Fund II (for contributors aged 49 and below) remained the largest at N11.25 trillion, followed by Fund III for pre-retirees at N6.85 trillion. Other funds, including Fund I (aggressive), Fund IV (retirees), Fund V (micro-pension), and Shariah-compliant Funds, also recorded modest growth, highlighting broad-based expansion across the industry.
Overall, October 2025 reinforced the pension industry’s role as a stabilizing force in Nigeria’s financial markets, with fund managers prioritizing safety, liquidity, and predictable returns while navigating a complex macroeconomic environment.
