Nigeria’s contributory pension assets rose by N4.26tn between October 2023 and October 2024, indicating a 24.14 per cent rise, data from the National Pension Commission (PenCom) has revealed.
At the end of October, PenCom in its monthly report revealed that the value of the pension assets stood at N21.92tn, compared to N17.66tn at the end of the same period in 2023.
In terms of asset composition, the dynamics of the asset mix for pension Assets Under Management remained relatively unchanged, with the majority of pension assets concentrated in government securities.
In the period under review, investment of pension funds in Federal Government securities rose from N11.42tn to N13.57tn.
Funds invested in corporate debt securities also rose to N2.29tn, that of money market instruments stood at N2.20tn and mutual funds was N106.85bn from N112.52bn, reflecting a 5.04 per cent decline.
Over one year, the number of retirement savings accounts grew by 394,679 to 10,535,608. On a month-on-month basis, the pension assets grew by N541bn to N21. 92tn from N21.38tn in September.
