The National Pension Commission reports that Nigeria’s pension fund assets climbed to N23.32 trillion in March 2025, reflecting a 0.27% growth from the N23.26 trillion noted in February.
The data demonstrates the pension industry’s sustained growth and resilience, which is supported by a diverse investment portfolio and effective asset allocation that fosters long-term growth.
Federal Government securities remained the dominant investment, accounting for N14.48 trillion or 62.09% of total assets under management.
Other major components of the portfolio include: Corporate Debt Securities – N2.34 trillion (10.07%), Money Market Instruments – N2.07 trillion (8.91%), Foreign Ordinary Shares (N263.38 billion), Federal Government Bonds – N12.38 trillion (53.11%), State Government Securities (N246.72 billion) and Ordinary Shares (Local Companies) – N2.57 trillion, reflecting a 0.46% dip from February’s N2.58 trillion.
In March, mutual funds rebounded sharply, rising 81.75% to N154.95 billion, up from N84.76 billion in February.
Other notable asset movements include: Commercial Paper (up 37.67% to N250.29 billion), REITs (surged 178.31%), Open/Close-End Funds ?increased 41.23%) while Cash & Other Assets (climbed 25.72% to N502.28 billion).
Conversely, some assets recorded declines: Treasury Bills (down 15.12% to N593.21 billion), Foreign Money Market Instruments (dropped 37.26% to N64.18 billion), Agency Bonds (fell 9.04% to N7.41 billion) and Sukuk Bonds (dipped 5.85% to N89.24 billion).
Among the Multi-Fund Structure components, Fund II maintained its lead, holding N9.65 trillion or 41.39% of the total assets.
Fund III recorded a 0.51% rise, increasing from N6.05 trillion in February to N6.09 trillion in March 2025. In the meantime, RSA membership increased by 0.36%, rising from 10,650,990 in February to 10,689,846 in March 2025.
Pension assets increased by 18.06% year-on-year, rising from N19.75 trillion in March 2024 to N23.32 trillion in March 2025. This growth is mainly attributed to increased pension contributions and a significant increase in FGN Securities, which experienced an 18.72% rise, from N12.20 trillion to N14.48 trillion during that period.
Despite strong Naira-denominated growth, the dollar value of assets has been affected by currency depreciation.
The report shows: March 2023: N15.58 trillion ($33.53 billion at N464.67/$1), March 2024: N19.76 trillion ($15.09 billion at N1,309.39/$1) and in March 2025: N23.32 trillion ($15.17 billion at N1,537/$1).
This pattern shows the strong growth of Nigeria’s pension sector, even though fluctuations in exchange rates slow down its progress when measured in foreign currency.
Data from PenCom indicates a steady increase in asset growth, supported by careful investments and regular contributions, particularly in securities backed by the government.