Nigeria’s National Pension Commission (PenCom) reported that total pension assets rose to N29.43 trillion in February 2026, marking a month-on-month increase of N1.39 trillion—the largest monthly growth since the introduction of the Contributory Pension Scheme over 20 years ago.
The previous record monthly expansion of N1.18 trillion was recorded in January 2024. Total assets increased from N28.04 trillion in January 2026, driven by fresh contributions and valuation gains.
Investment in domestic equities rose to N5.41 trillion, indicating growing pension fund participation in the Nigerian stock market. Exposure to foreign equities remained relatively modest at N261.99 billion, reflecting cautious positioning amid global market uncertainties. Corporate debt securities climbed to N2.25 trillion, while investments in state government bonds stood at N368.99 billion.
Money market instruments also strengthened to N2.74 trillion, with fixed deposits and bank acceptances accounting for N2.50 trillion and commercial paper at N209.23 billion. Analysts say the data highlights strong liquidity in the pension system alongside gradual diversification of fund allocations.
On a year-on-year basis, total pension assets grew 22.64% from N22.86 trillion recorded in January 2025, reflecting steady resilience despite macroeconomic challenges. In January 2026 alone, the sector added approximately N589 billion to total assets.
PenCom has also adjusted investment guidelines to improve asset allocation. In February 2026, the commission increased allowable limits for investments in ordinary shares across key RSA fund categories, following the Revised Regulation on Investment of Pension Fund Assets issued in September 2025.
The adjustments aim to enhance portfolio diversification and returns, particularly in light of limited alternative investment opportunities. The robust growth underscores the continued stability and expansion of Nigeria’s pension industry even amid economic headwinds.
