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:

However, the industry saw notable gains in other government instruments:

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:

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 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:

Mutual funds fell 3.32% to N218.98 billion, indicating a more cautious stance by PFAs in these categories

Despite their performance, alternatives still account for just 0.84% of total pension assets, indicating significant growth as the market matures.

One notable movement in September was the significant jump in cash holdings and other residual assets, which spiked 78.45% to N518.95 billion, now contributing 1.99% of total pension assets. This may reflect tactical shifts toward liquidity amid market swings.

Among RSA funds and legacy schemes:

The September 2025 data reinforce a clear narrative that Nigeria’s pension industry remains resilient, expanding assets despite persistent market fluctuations and macroeconomic pressure.

Government bonds continue to dominate due to their relative safety, but the measured rise in equities and REITs indicates growing diversification and a gradual appetite for market-driven returns.

For contributors, this means that the pension assets remain secure and growing; fund managers are tilting portfolios cautiously toward higher-return opportunities.

Also, the system continues to maintain stability even under challenging economic conditions.

Overall, the numbers show a pension sector that is not just sustaining momentum—but evolving.