Nigeria’s pension industry has crossed a new milestone, with total pension fund assets rising to ₦28.04 trillion as of January 2026, according to the latest industry portfolio report.
The figure represents a 22.64% year-on-year increase from ₦22.86 trillion recorded in January 2025, highlighting continued expansion of the country’s contributory pension scheme.
Data from the industry report also shows that the number of Retirement Savings Account (RSA) holders has surpassed 11 million, reaching 11,084,127 registered contributors as of January 2026.
Strong asset growth
The pension industry added about ₦580.22 billion in a single month, growing from ₦27.46 trillion recorded in the previous period, reflecting steady inflows from contributions and improved investment performance.
On an annual basis, the industry recorded an increase of ₦5.17 trillion in pension assets, underscoring the growing role of pension savings in Nigeria’s financial system.
Government securities dominate investments
Nigeria’s pension funds remain heavily invested in Federal Government securities, which account for ₦16.69 trillion of the total portfolio.
Among these, Federal Government bonds represent the largest allocation, valued at ₦13.16 trillion, while other investments include treasury bills, Sukuk bonds, and green bonds.
Exposure to equities and corporate debt
Beyond government securities, pension fund administrators also maintain strong exposure to capital markets.
Investments in domestic ordinary shares stand at ₦4.29 trillion, while corporate debt securities are valued at ₦2.24 trillion, including corporate bonds and infrastructure bonds.
To maintain liquidity, the industry holds ₦2.75 trillion in money market instruments, largely in fixed deposits and bank acceptances.
Diversification into alternative assets
Pension funds are also diversifying into alternative investment classes. Current allocations include:
- Infrastructure funds: ₦292.32 billion
- Private equity: ₦241.85 billion
- Real estate: ₦170.04 billion
- Mutual funds: ₦240.49 billion
These investments are aimed at improving returns and supporting long-term economic development.
RSA Fund II remains the largest
Among the pension fund categories, RSA Fund II, which primarily serves active contributors below the age of 49, remains the largest with ₦11.86 trillion in assets.
It is followed by RSA Fund III with ₦7.19 trillion, while the retiree-focused Fund IV holds ₦2.27 trillion.
Industry analysts say the continued growth in pension assets reflects rising participation in the contributory pension scheme and sustained investment activity by pension fund administrators.
