Nigeria’s pension fund assets climbed to N23.32 trillion in March 2025, reflecting a slight 0.27% uptick from the N23.26 trillion recorded in February.
The latest figures, published in the National Pension Commission’s (PenCom) monthly report and obtained by Nairametrics, underscore the industry’s sustained stability.
The marginal increase is largely driven by strategic asset allocation and a diversified investment approach, reinforcing the fund’s long-term growth trajectory.
Portfolio Allocation Breakdown
Federal Government securities continue to dominate the investment landscape, accounting for N14.48 trillion, or 62.09% of the total assets under management (AUM). Other major allocations include:
- Corporate Debt Securities: N2.34 trillion (10.07% of AUM)
- Money Market Instruments: N2.07 trillion (8.91% of AUM)
- Foreign Ordinary Shares: N263.38 billion
- Federal Government Bonds: N12.38 trillion (53.11% of AUM)
- State Government Securities: N246.72 billion
- Ordinary Shares (Local Companies): N2.57 trillion, reflecting a 0.46% dip from February’s N2.58 trillion
Notable rebounds were observed in mutual funds, which surged 81.75% to N154.95 billion, up from N84.76 billion in February.
Other key movements in March:
- Commercial Paper soared 37.67% to N250.29 billion
- Real Estate Investment Trusts (REITs) and Open/Close-End Funds posted stellar gains of 178.31% and 41.23%, respectively
- Cash & Other Assets climbed 25.72% to N502.28 billion
On the downside, Treasury Bills fell 15.12% to N593.21 billion, while Foreign Money Market Instruments recorded a 37.26% drop to N64.18 billion. Agency Bonds slipped 9.04% to N7.41 billion, and Sukuk Bonds retreated 5.85% to N89.24 billion.
Fund Allocation Insights
Fund II remains the dominant RSA fund under the Multi-Fund Structure, holding the largest share of active RSA allocations at N9.65 trillion, which represents 41.39% of the total assets under management (AUM).
Fund III maintained its position as the second-largest fund, posting a 0.51% increase from N6.05 trillion to N6.09 trillion in March 2025.
Meanwhile, Retirement Savings Account (RSA) membership saw a 0.36% uptick, reaching 10,689,846 in March, up from 10,650,990 recorded in February.
Year-on-Year Growth
Nigeria’s pension fund assets surged 18.06% year-on-year, climbing from N19.75 trillion in March 2024 to N23.32 trillion in March 2025.
The growth is primarily fueled by higher pension contributions and a rise in investment values, particularly FGN Securities, which saw its total assets under management (AUM) jump 18.72%, from N12.20 trillion to N14.48 trillion within the same period.
Nigeria Pension Fund Assets Under Management (AUM): March 2023 – March 2025
Nigeria’s pension fund assets have continued to show strong growth in Naira terms over the past three years, despite currency depreciation affecting their value in U.S. dollars.
- As of March 2023, total pension fund assets stood at N15.58 trillion, equivalent to approximately $33.53 billion at an average exchange rate of N464.67 to $1.
- By March 2024, assets had grown to N19.76 trillion, marking a significant year-on-year increase. Using the prevailing exchange rate of N1,309.39 to $1, this equates to approximately $15.09 billion.
- In March 2025, the upward trend in asset accumulation continued, with total pension assets reaching N23.32 trillion. However, due to a sharp appreciation of the Naira, with the exchange rate averaging N1,537 to $1, the dollar value of the assets stood at approximately $15.17 billion.
This trajectory highlights the robust domestic growth of Nigeria’s pension industry, even as exchange rate pressures influence its valuation in foreign currency terms. The consistent increase in Naira-denominated assets reflects rising pension contributions and investment gains, particularly in FGN Securities, which grew by 18.72% in value year-on-year.
