Nigeria’s pension assets rose to N29.43 trillion in February 2026, marking a month-on-month increase of N1.39 trillion.
This is according to the latest data released by the National Pension Commission (PenCom).
The increase represents the strongest monthly expansion since the introduction of the Contributory Pension Scheme over two decades ago, surpassing the previous record of N1.18 trillion recorded in January 2024.
What the data is saying
PenCom data showed that total pension assets increased from N28.04 trillion in January, driven by fresh contributions and valuation gains.
- Investment in domestic equities rose to N5.41 trillion, highlighting increased pension fund participation in the Nigerian stock market.
- Foreign equity exposure remained relatively low at N261.99 billion, reflecting cautious positioning by fund managers amid global uncertainties.
- Corporate debt securities climbed to N2.25 trillion, while investments in state government bonds stood at N368.99 billion.
- Money market instruments increased to N2.74 trillion, with fixed deposits and bank acceptances accounting for N2.50 trillion and commercial paper investments at N209.23 billion.
The data indicates strong liquidity in the system alongside a gradual diversification of pension fund investments.
Get up to speed
Nigeria’s pension industry has maintained steady growth despite macroeconomic challenges.
- Total assets under management stood at N28.04 trillion in January 2026.
- This reflects a 2.11% increase from N27.46 trillion in December 2025.
- On a year-on-year basis, assets rose by 22.64% from N22.86 trillion recorded in January 2025.
- The industry added about N589 billion in January alone, extending the growth trend recorded throughout 2025.
The figures highlight the resilience of the pension sector amid economic headwinds.
More insights
Data from PenCom also showed that investments in alternative assets remain relatively low.
- Infrastructure funds stood at N300.02 billion, while private equity investments were valued at N258.31 billion.
- Real estate investments amounted to N169.52 billion, with Real Estate Investment Trusts (REITs) at N77.64 billion.
- RSA Fund IV remained the largest contributor to total pension assets, with N12.67 trillion under management.
- Total Retirement Savings Account (RSA) membership rose to over 11.13 million as of February.
The data reflects continued growth in pension enrolment and concentration of assets within key fund categories.
What you should know
PenCom recently adjusted investment guidelines to improve asset allocation across pension funds.
- The commission increased allowable investment limits for ordinary shares across key RSA fund categories.
- The adjustment was announced in an addendum released on February 9, 2026.
- It forms part of the Revised Regulation on Investment of Pension Fund Assets issued in September 2025.
The move is expected to enhance portfolio diversification and improve returns, particularly in response to the limited availability of alternative investment assets.
