Nigeria’s pension fund assets have increased to N23.26 trillion as of February 2025, according to the latest data from the National Pension Commission (PenCom).
This marks a 1.77% growth compared to N22.86 trillion reported in January 2025.
The February 2025 data, published in PenCom’s monthly report and obtained by Nairametrics, reflects ongoing stability in Nigeria’s pension industry.
The growth is attributed to a strategic asset allocation and a diversified investment approach that has consistently supported the fund’s upward trajectory.
Portfolio Allocation Breakdown
As of February 2025, the total net asset value (NAV) of the pension fund stood at N23.26 trillion, up from N22.86 trillion the previous month. Notably, the pension funds remain heavily invested in FGN securities, which account for N14.46 trillion or 62.18% of the total NAV.
Other key investments include:
- Corporate Debt Securities: N2.32 trillion
- Money Market Instruments: N2.21 trillion
- Ordinary Shares (Local Companies): N2.58 trillion, showing a 7.33% increase from N2.40 trillion in January
- Ordinary Shares (Foreign Companies): N267.72 billion
- Federal Government Bonds: N12.25 trillion
- State Government Securities: N246.69 billion
The report also highlights a rebound in money market instruments, which saw a growth to N2.21 trillion in February from N2.18 trillion in January. Additionally, there were notable increases in:
- Commercial Paper: +30.17%
- Foreign Money Market Instruments: +7.77%
However, some allocations experienced declines, such as:
- State Government Securities: A 0.85% decrease to N246.69 billion
- Supranational Bonds: A significant 29.76% decrease to N19.56 billion
- Mutual Funds: A 9.08% decline to N84.76 billion from N93.22 billion from the prior month
- Cash and Other Assets: A 7.72% reduction to N399.51 billion.
Fund Allocation Insights
Fund II, the default RSA Fund under the Multi-Fund Structure, continues to lead with the largest share of the active RSA fund allocation. It accounted for N9.61 trillion, representing 41.33% of the total NAV.
Fund III also saw a slight increase of 0.74%, rising from N6.01 trillion to N6.05 trillion, securing its position as the second-largest fund.
The number of RSA members grew by 0.34%, reaching 10,650,990 in February 2025, up from 10,615,028 members in January 2025.
Year-on-Year Growth
The total value of Nigeria’s pension fund assets has grown from N19.75 trillion in February 2024 to N23.26 trillion in February 2025, marking an impressive 17.75% increase year-on-year.
From 2023 to February 2025, pension fund assets increased by N4.91 trillion, from N18.36 trillion to N23.26 trillion.
This growth is largely driven by a surge in pension fund contributions and an increase in the value of investments, particularly FGN Securities, which saw its NAV rise from N12.37 trillion in February 2024 to N14.46 trillion in February 2025.
This consistent growth underscores the resilience of Nigeria’s pension industry and further strengthens confidence in its long-term sustainability.
