Lagos, Nigeria – Federal Government securities and domestic stocks now account for 74.85% of Nigeria’s total pension fund assets. The latest industry data shows total assets reached N28.04 trillion ($18.6 billion USD) as of January 31, 2026.
Okay News reports that the National Pension Commission released the unaudited portfolio report. The data highlights pension fund administrators’ strong preference for government-backed instruments and local equities.
The pension industry recorded monthly growth of N580.22 billion in January 2026. This increased the net asset value from N27.46 trillion at the end of December 2025. Year-on-year, total pension assets rose significantly by N5.17 trillion.
Federal Government securities and domestic ordinary shares jointly account for N20.59 trillion of the total portfolio. This concentration underscores the dominance of these two asset classes in Nigeria’s pension investment structure.
Federal Government securities alone total N16.7 trillion ($11.1 billion USD). These include Federal Government bonds, treasury bills, and other government-backed instruments. Domestic ordinary shares contribute N4.29 trillion ($2.9 billion USD) across key sectors of the economy.
This allocation pattern reflects regulatory investment limits governing pension fund administrators. These rules guide how contributors’ funds are allocated across approved asset classes.
Other investment categories also feature in the portfolio. Corporate bonds and money market instruments contribute to the remaining asset pool.
Foreign ordinary shares account for N262.99 billion ($175 million USD), largely from Fund I allocations. Corporate debt securities total N2.23 trillion ($1.5 billion USD), held mainly in Funds I and II.
Money market instruments contribute N2.75 trillion ($1.8 billion USD) to the portfolio. These include fixed deposits, bank acceptances, and treasury bills concentrated in Funds III and IV.
Nigeria’s pension system operates multiple funds structured by age and risk appetite. Fund I targets younger contributors with higher growth potential. Fund II serves as the default mid-risk option for active contributors.
Nigeria’s Revised Pension Investment Regulations protect retirement savings while enabling moderate returns. Pension fund managers may invest up to 100% of funds in Federal Government securities due to low risk profiles.
State government bonds can account for up to 20% of total assets. Corporate bonds and other debt instruments face a 30% limit. Ordinary shares are capped at 25% of pension assets.
Money market instruments can represent up to 35% of portfolios for liquidity management. Infrastructure funds typically face limits between 5% and 10%, balancing safety with long-term returns.
 as of January 31, 2026.){kind=link}