Nigeria’s pension industry recorded steady growth in March 2026 as total pension fund assets increased by N90 billion, reaching N29.52 trillion from N29.43 trillion recorded in February.
The latest figures released by the National Pension Commission (PenCom) showed that the increase represented a 0.31 per cent monthly rise, despite tight financial conditions and liquidity challenges in the economy.
According to the report, the growth was largely supported by stronger investments in domestic equities and Federal Government of Nigeria (FGN) securities, which continued to dominate pension fund portfolios.
FGN securities remained the largest component of pension investments, accounting for 58.07 per cent of total assets. Investments in government securities also rose by 1.28 per cent month-on-month to N17.14 trillion, showing that pension fund managers still consider them one of the safest investment options available.
PenCom’s data also revealed several changes across other investment classes during the month.
Real Estate Investment Trusts (REITs) recorded one of the biggest increases, jumping by 120.88 per cent to N171.48 billion. Analysts believe this sharp rise reflects growing investor interest in real estate-related investments as pension fund managers seek more diversified portfolios.
On the other hand, infrastructure funds experienced a major decline, dropping by 25.26 per cent to N224.23 billion. Open and closed-end investment funds also fell by 3.96 per cent to N170.30 billion.
Meanwhile, investments in real estate assets increased slightly by 0.25 per cent to N169.94 billion, while private equity investments rose by 0.43 per cent to N259.42 billion.
Cash holdings and other assets also moved upward, increasing by 3.17 per cent to N463.17 billion.
The report showed that gains from REITs and equities helped balance the decline seen in money market-related investments, helping the pension industry maintain stable growth overall.
PenCom also provided updates on pension participation across the country.
Retirement Savings Account (RSA) registrations increased by 0.44 per cent to 11.18 million contributors, showing gradual expansion in pension enrollment.
The micro-pension scheme, which targets workers in the informal sector, recorded even faster growth. The number of contributors rose by 26.53 per cent to 91,399, reflecting growing awareness and acceptance of pension savings among small business owners and self-employed Nigerians.
Across the different pension fund categories, Fund II — the largest pension fund category — declined by 0.58 per cent to N12.59 trillion.
However, Fund III expanded by 0.97 per cent to N7.53 trillion, while Fund IV increased by 1.53 per cent to N2.34 trillion.
Fund I recorded a stronger growth of 3.46 per cent to N560.18 billion, while Fund V posted a sharp increase of 254.31 per cent, although analysts noted that the rise came from a relatively low base.
Closed Pension Fund Administrators (CPFAs) experienced a decline of 0.94 per cent to N2.74 trillion.
Overall, the N90 billion increase highlights the resilience and stability of Nigeria’s pension sector. The continued reliance on government securities, combined with rising investments in equities and REITs, shows that pension fund managers are adjusting their strategies to cope with changing market conditions while protecting contributors’ funds.
