Nigeria’s Pension Assets cross N26trn in September 2025 despite market volatility 

Nigeria’s pension industry continued its steady climb in September 2025, with total pension assets rising to N26.09 trillion, up from N25.90 trillion in August. The increase represents 0.75% month-on-month growth and a strong 23.44% surge year-on-year, underscoring sustained investor confidence despite mixed capital market conditions. Fresh figures released by the National Pension Commission (PenCom) show that contributor registration under the Contributory Pension Scheme (CPS) also inched upward, growing 0.42% to 10.93 million, marking continued onboarding of new participants even as economic challenges persist. Government instruments remain the pension industry’s investment anchor, though the numbers were mixed in September. Total FGN Securities dipped 0.50% to N15.75 trillion, driven largely by: FGN Bonds down 3.37% to N12.84 trillion, and two other categories that posted declines: Sukuk – down 5.83% Agency Bonds – sharply lower by 18.42%

However, the industry saw notable gains in other government instruments: Treasury Bills jumped 2.50% to N616.33 billion; Green Bonds climbed 7.69% to N13.46 billion; State Government Securities rose 1.33% to N240.91 billion. Despite these movements, government instruments still account for 60.35% of total pension assets, reflecting the industry’s conservative posture amid inflationary pressure, exchange rate volatility, and macroeconomic uncertainty. Equity investments showed mild improvement: Domestic equities rose 1.47% to N3.66 trillion, representing 14.03% of total assets; Foreign ordinary shares were almost flat, inching up 0.04% to N277.49 billion.

The performance suggests fund managers are gradually increasing exposure to the Nigerian stock market while maintaining a cautious stance. Notably, total corporate debt securities nudged higher, up 0.12% to N2.24 trillion. Corporate Bonds (Held to Maturity) gained 1.41% to N1.41 trillion. Corporate Bonds (Available for Sale) declined 2.29% to N785.39 billion. Corporate debt now accounts for 8.58% of total pension assets, showing slow but positive momentum despite divergent performance across categories. Money market investments continued to provide stability, rising 0.74% to N2.42 trillion, with key contributors including: Fixed deposits and bank acceptances, which grew 6.14% to N1.99 trillion; Foreign money market instruments, which surged 31.73% to N124.02 billion; Commercial paper, however, declined 29%, though the segment still accounts for 9.29% of pension assets, supported by attractive short-term yields. Mutual funds fell 3.32% to N218.98 billion, indicating a more cautious stance by PFAs in these categories