By David Akinmola
Nigeria’s pension industry crossed another major milestone in January 2026 as total pension fund assets rose above the N28 trillion marks, reflecting sustained growth driven largely by investment income and fresh contributions from workers.
Latest industry data released by the National Pension Commission (PenCom) showed that total pension assets increased by about N580 billion within one month, rising from N27.45 trillion recorded in December 2025 to N28.03 trillion in January 2026, representing a growth rate of about 2.2 per cent.
An analysis of the report indicated that Federal Government securities continued to dominate pension fund investments, accounting for the largest share of the portfolio.
Pension fund administrators committed about N16.6 trillion, roughly 60 per cent of the total assets, to Federal Government instruments considered relatively safe and stable.
Of this amount, investments in Federal Government Bonds stood at N15.6 trillion, while Treasury Bills accounted for about N894 billion.
Other asset classes also attracted significant allocations. Corporate debt securities accounted for about N2.23 trillion of the pension assets, while money market instruments drew investments estimated at N2.75 trillion.
Industry sources attributed the steady expansion of pension assets to a combination of investment income, new contributions into the scheme, interest from fixed-income securities and realized gains from from equities and mutual fund fund investments.
The growth comes despite persistent concerns over delays by some state governments in remitting pension contributions for their workers.
Meanwhile, the number of contributors under the Contributory Pension Scheme (CPS) also recorded a noticeable increase during the period. Data from PenCom showed that Retirement Savings Account (RSA) holders rose to 11.08 million in January 2026, up from 11.04 million recorded in December 2025.
Industry findings suggest that roughly 400,000 new workers joined the pension scheme during the month, reflecting growing paerticipation from both the public and private sectors.
Commenting on the development, Director-General of PenCom, Omolola Oloworaran, said the continued expansion highlights the resilience of the contributory pension framework, although challenges remain.
She noted that rising inflation remais a concern as it continues to weaken the purchasing power of pensioners, adding that the commission is exploring innovative measures to mitigate its impact.
