Nigeria’s pension fund assets increased to N29.52 trillion in March 2026, reflecting continued growth supported by strong performance in equities and Federal Government securities.
This was disclosed in the latest industry data released by the National Pension Commission (PenCom).
According to the report, pension assets rose by 0.31 per cent month-on-month from N29.43 trillion recorded in February 2026, highlighting steady expansion despite liquidity pressures and ongoing portfolio adjustments within the financial market.
The latest figures align with recent industry trends showing that Pension Fund Administrators (PFAs) have continued to rebalance portfolios toward higher-yield assets while maintaining steady contribution inflows.
Fixed income securities remained the dominant component of pension portfolios during the period, with investments in Federal Government of Nigeria (FGN) securities rising to N17.14 trillion, representing 58.07 per cent of total pension assets.
Within the category, FGN Bonds held to maturity increased by 0.60 per cent to N13.25 trillion, accounting for 44.88 per cent of total pension assets.
Treasury Bills also recorded strong growth, rising by 7.42 per cent to N1.06 trillion amid improved yields in the short-term debt market.
Agency bonds issued by institutions such as the Nigeria Mortgage Refinance Company and the Federal Mortgage Bank of Nigeria surged by 80.90 per cent to N20.12 billion, although from a relatively low base.
Meanwhile, Sukuk bonds declined by 3.72 per cent to N90.97 billion, while Green Bonds dipped slightly by 0.52 per cent to N16.90 billion.
State government securities also recorded moderate growth, rising by 1.17 per cent to N373.31 billion.
The report further showed that PFAs maintained confidence in the domestic equities market as local ordinary shares increased by 0.96 per cent to N5.46 trillion, representing 18.50 per cent of total pension assets.
On a year-to-date basis, domestic equities have grown by 27.30 per cent, reflecting improved investor sentiment and attractive returns in the local market.
In contrast, foreign equities declined by 5.89 per cent to N246.56 billion, reducing their share of total pension assets to 0.84 per cent.
Corporate fixed income instruments recorded mixed performance during the period. Total corporate debt securities declined marginally by 0.02 per cent to N2.25 trillion.
Corporate bonds held to maturity rose by 0.88 per cent, while available-for-sale corporate bonds fell by 2.02 per cent due to portfolio adjustments and market valuation effects.
Corporate green bonds, however, surged by 49.72 per cent, although they still account for a negligible share of total assets.
Investments in money market instruments declined by 6.99 per cent to N2.55 trillion, representing 8.65 per cent of total pension assets.
The decline was largely driven by a reduction in fixed deposits and commercial papers as PFAs shifted investments toward longer-duration assets with higher returns.
Fixed deposits fell by 6.16 per cent to N2.34 trillion, while commercial papers dropped sharply by 21.54 per cent to N164.17 billion.
Foreign money market instruments, however, rose by 18.59 per cent to N45.71 billion.
The report also highlighted continued growth in pension contributors and fund categories.
Retirement Savings Account (RSA) registrations increased to 11.18 million contributors, up from 11.13 million recorded in February.
Micro pension participation also grew significantly by 26.53 per cent to 91,399 contributors, reflecting expanding financial inclusion efforts within the pension industry.
Fund II remained the largest pension fund category at N12.59 trillion despite a slight 0.58 per cent decline, while Fund III grew by 0.97 per cent to N7.53 trillion.
Fund IV increased by 1.53 per cent to N2.34 trillion, while Fund I rose by 3.46 per cent to N560.18 billion.
The March 2026 data underscore the resilience of Nigeria’s pension industry, with fixed income securities continuing to provide stability while PFAs gradually diversify into equities, REITs, mutual funds, and alternative investments.
