Nigeria’s contributory pension assets have experienced a significant growth, rising by N4.26 trillion between October 2023 and October 2024. This represents a 24.14% increase, according to data from the National Pension Commission (PenCom).
As of October 2024, the value of pension assets stood at N21.92 trillion, up from N17.66 trillion in the same period in 2023. The growth is attributed to investments in Federal Government securities, which rose from N11.42 trillion to N13.57 trillion.
Asset Composition Breakdown:
Federal Government Securities:_ N13.57 trillion (up from N11.42 trillion)
Corporate Debt Securities:_ N2.29 trillion
Money Market Instruments:_ N2.20 trillion
Mutual Funds: N106.85 billion (down 5.04% from N112.52 billion)
The number of retirement savings accounts also grew by 394,679 to 10,535,608 over the past year. On a month-on-month basis, pension assets increased by N541 billion, from N21.38 trillion in September to N21.92 trillion in October.
PenCom has lifted its suspension on pension fund administrators investing in commercial papers, following the development of draft rules by the Securities and Exchange Commission. This move aims to facilitate capital raising and ensure market stability
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