Nigeria's pension assets reach ₦31.8 trillion as funds lean into shares
Domestic equities now make up almost a fifth of pension fund assets, up from 14% a year earlier, while federal government securities have fallen to near their lowest share since 2013.
Key findings
- Pension fund assets reached ₦31.80 trillion in August 2026, up 22.8% in a year.
- Domestic equities rose to 19.87% of assets from 13.93% a year earlier; holdings grew from ₦3.61 trillion to ₦6.32 trillion.
- Equities reached 21.05% of assets in April 2026, the highest in any month of PenCom's monthly series, which begins in January 2013.
- Federal government securities fell to 55.97% of assets, from a peak of 74.08% in March 2017.
Nigeria's pension funds held ₦31.80 trillion at the end of August 2026, according to the National Pension Commission's latest monthly report, up 22.8% from ₦25.90 trillion a year earlier. The bigger story is where that money now sits.
- Total pension assets
- ₦31.80tn
- Domestic equities, share
- 19.87%
- FGN securities, share
- 55.97%
- Retirement savings accounts
- 11.39m
Where the money is
| Asset class | Aug 2026 (₦bn) | Share | Aug 2025 (₦bn) | Share |
|---|---|---|---|---|
| FGN securities | 17,801.1 | 55.97% | 15,824.6 | 61.11% |
| Domestic equities | 6,320.5 | 19.87% | 3,607.4 | 13.93% |
| Money market instruments | 3,272.1 | 10.29% | 2,405.0 | 9.29% |
| Corporate debt securities | 2,210.9 | 6.95% | 2,234.9 | 8.63% |
| Cash and other assets | 462.4 | 1.45% | 290.8 | 1.12% |
| State government securities | 353.0 | 1.11% | 237.8 | 0.92% |
| Infrastructure funds | 344.6 | 1.08% | 241.5 | 0.93% |
| Mutual funds | 326.6 | 1.03% | 226.5 | 0.87% |
| Foreign equities | 280.7 | 0.88% | 277.4 | 1.07% |
| Private equity | 267.0 | 0.84% | 273.3 | 1.06% |
| Real estate | 132.8 | 0.42% | 254.6 | 0.98% |
| Supranational bonds | 30.5 | 0.10% | 21.6 | 0.08% |
| Total | 31,802.2 | 100% | 25,895.3 | 100% |
The move into shares
Domestic ordinary shares were worth ₦6.32 trillion in August, up from ₦3.61 trillion a year earlier. Their share of assets climbed through the first half of 2026 to 21.05% in April, the highest in any month since PenCom's monthly series begins in January 2013, before settling at 19.87% in August.
The monthly report does not separate rising share prices from new purchases, so it cannot say how much of the shift came from market gains and how much from fund managers buying.
Government debt is still the anchor
Federal government securities, mostly FGN bonds and Treasury bills, remain by far the largest holding at ₦17.80 trillion, or 55.97% of assets. That share has fallen from a peak of 74.08% in March 2017 and is now close to its lowest since 2013. Money market instruments, at 10.29%, and corporate debt, at 6.95%, make up most of the rest.
More savers, more money
Retirement savings accounts numbered 11,391,008 in August, up from 10,882,661 a year earlier. Total assets have grown almost tenfold since January 2013, when they stood at ₦3.27 trillion.
What to watch
PenCom publishes each month's report one to two months after the month ends. The next reports will show whether equities hold their place near a fifth of assets, or whether the balance tilts back towards fixed income.
Methodology
Figures are the National Pension Commission's unaudited month-end values, read from its monthly industry reports and recorded in naira. Shares are each holding as a percentage of total net asset value, calculated by Dataminal from the reported values.
The industry total is used throughout, because the breakdown of retirement savings funds changed in July 2018 and January 2020. PenCom's monthly report does not separate changes in market prices from new purchases or sales.