The number of new Retirement Savings Accounts (RSAs) registered under Nigeria’s Contributory Pension Scheme (CPS) rose by 24.7% to 143,248 in the first quarter of 2026, up from 114,864 accounts recorded in the preceding quarter.
The National Pension Commission (PenCom), in its Q1 2026 report, said the increase pushed cumulative RSA registrations from 11.04 million at the end of December 2025 to 11.18 million by March 2026.
PenCom attributed the stronger enrolment to improved digital onboarding and sustained public sensitisation, although it noted that pension coverage remains relatively low compared with the size of Nigeria’s labour force.
“Cumulative RSA registrations rose from 11,040,227 at the end of Q4 2025 to 11,183,475 at the end of Q1 2026, on the back of 143,248 new accounts opened during the quarter,” the commission said.
It added that the quarterly registration figure was materially higher than the 114,864 new accounts recorded in Q4 2025, reflecting improved digital onboarding and continued public awareness efforts.
Despite the increase, registered pension contributors account for only about 12.1% of Nigeria’s estimated 92 million labour force, highlighting the significant gap in pension coverage, particularly among workers in the informal sector.
The five largest Pension Fund Administrators (PFAs) by new registrations accounted for 54.41% of total additions during Q1 2026, compared with 62.11% in Q4 2025.
PenCom said the decline in concentration among the leading PFAs pointed to increased competition, particularly among mid-tier operators.
The Q1 figures also showed that new pension contributors were predominantly young.
According to PenCom, people below the age of 40 accounted for 75.31% of new RSA registrations during the quarter.
The commission described the youthful membership base as a long-term strength for the pension industry, noting that younger contributors have several decades before retirement, allowing their pension savings and investments more time to accumulate.
PenCom said the age profile should also inform pension investment strategies, as longer investment horizons could provide greater capacity to accommodate appropriate levels of investment risk.
The latest figures come as the pension regulator continues to pursue reforms aimed at expanding pension coverage and strengthening the industry.
In July, PenCom disclosed plans to increase statutory pension contribution rates as part of the ongoing review of the Pension Reform Act (PRA) 2014.
Under the current framework, employers are required to contribute a minimum of 10% of an employee’s monthly emoluments, while employees contribute 8%, bringing total mandatory contributions to 18%. PenCom plans to increase the combined contribution rate under the proposed reforms.
The commission has also announced plans to establish a new investment vehicle that could channel resources from Nigeria’s pension industry into critical infrastructure projects.
Nigeria’s pension assets rose to a record N31.32 trillion in May 2026, according to PenCom’s unaudited industry report released in June.
The figure represented a 1.23% increase from N30.94 trillion recorded in April, with pension assets growing by approximately N384.98 billion within one month.
On a year-on-year basis, total pension assets increased by 29.5% from N24.18 trillion in May 2025, underscoring the continued expansion of the pension industry and the growing role of pension savings in Nigeria’s financial system.
