Nigeria’s mutual funds industry sustained its growth momentum in April 2026, with total Net Asset Value climbing to N8.77 trillion, reflecting increased investor participation across major fund categories despite mixed performance in some fixed-income products.

Nairametrics reported that according to data compiled from the SEC weekly Net Asset Value shows that aggregate NAV rose from N8.44 trillion in March 2026 to N8.77 trillion in April 2026, representing a 3.89 per cent month-on-month increase.

The industry also witnessed growth in investor participation during the period; the number of registered mutual funds increased from 200 to 202, while total unitholders expanded by 51,451 from 1.26 million to 1.31 million, indicating continued retail and institutional interest in professionally managed investment products.

Money Market Funds maintained their dominance in the industry, accounting for nearly two-thirds of total industry assets, while Equity-Based Funds emerged as the strongest-performing category in terms of returns and asset growth.

Money Market Funds retained their stronghold, having recorded a NAV increase from N5.45 trillion in March to N5.68 trillion in April, representing a 4.34 per cent increase. The category also maintained the largest investor base, with unitholders rising from 702,711 to 733,302 during the month.

The category recorded a NAV increase from N5.45 trillion in March to N5.68 trillion in April, representing a 4.34 per cent growth. The number of funds in the category also rose from 46 to 47, while unitholders increased by 4.35 per cent from 702,711 to 733,302.

The category accounted for 64.83 per cent of the industry’s total NAV, making it the single largest contributor to mutual fund assets in Nigeria, while average year-to-date (YTD) yield stood at 16.67 per cent, reflecting the continued attractiveness of fixed-income instruments in a high-interest-rate environment.

Top-performing Money Market Funds include: RT Briscoe Savings & Investment Fund managed by DLM Asset Management posted a YTD yield of 23.41 per cent, NAV of N123.63 million and 30 unitholders. DLM Money Market Fund delivered a 20.52 per cent YTD return, NAV of N1.49 billion and 120 unitholders. STL Money Market Fund recorded a 19.41 per cent YTD yield, NAV of N13.54 billion, and 1,508 unitholders.

The strong performance of money market products continued to reflect elevated interest rate conditions in the fixed-income market, which allowed fund managers to lock in attractive short-term yields for investors seeking stability and liquidity.

Dollar-denominated funds held the second-largest mutual fund category by asset size as NAV rose slightly from N1.84 trillion in March to N1.85 trillion in April, translating to a 0.47 per cent increase. The number of funds increased from 37 to 38, while unitholders grew from 30,766 to 31,351, a 1.90 per cent increase.

Dollar Funds represented 21.05 per cent of total industry NAV, reinforcing their appeal as a hedge against currency risk and delivering an average YTD yield of 4.58 per cent.

Norrenberger Dollar Fund posted a 12.38 per cent YTD return, NAV of N41.36 billion and 914 unitholders. Lead Dollar Fixed Income Fund recorded 11.49 per cent, NAV of N1.53 billion and 53 unitholders. Emerging Africa Eurobond Fund delivered 9.55 per cent, NAV of N4.90 billion and 64 unitholders.

The relatively lower yields compared to naira-denominated funds reflected the more conservative nature of dollar investments and global fixed-income market conditions.

Real Estate Investment Trusts (REITs) also recorded growth in April, as NAV increased from N493.58 billion to N505.64 billion, representing a 2.44 per cent increase. The category maintained 6 funds, while unitholders rose from 223,317 to 229,787, up 2.90 per cent.

REITs accounted for 5.77 per cent of total industry NAV, while average YTD yield settled at 7.01 per cent.

MOFI Real Estate Investment Fund led the category with an 11.19 per cent YTD yield and remained the dominant REIT by asset size of N261.43 billion, while unitholders stood at 45. Nigeria Real Estate Investment Trust posted 9.40 per cent, NAV of N170.65 billion and 851 unitholders. Housing Solution Fund recorded 7.79 per cent, NAV of N2.40 billion and only 8 unitholders.

The steady growth in REIT assets suggests sustained investors’ appetite for property-backed investment vehicles amid rising inflation and demand for diversified portfolios.

Bond and Fixed Income Funds were among the few categories to post a decline during the review period as NAV fell from N241.17 billion in March to N235.71 billion in April, representing a 2.26 per cent contraction. The number of funds also dropped slightly from 39 to 38.

However, investor participation remained positive, with unitholders increasing from 64,726 to 66,244, representing a 2.35 per cent rise.

The category accounted for 2.69 per cent of total NAV, while average YTD yield stood at 9.98 per cent.

DLM Fixed Income Fund recorded a 19.94 per cent YTD yield, NAV of N2.71 billion, and 321 unitholders. Stanbic IBTC Enhanced Short-Term Fixed Income Fund posted 19.42 per cent, NAV of N5.80 billion and 6,216 unitholders. Radix Horizon Fund delivered 17.53 per cent, NAV of N1.05 billion and 189 unitholders.

The decline in NAV despite higher participation may reflect portfolio revaluations and investor reallocations toward higher-yielding equity and balanced products.

Equity-Based Funds delivered the most impressive growth across the industry in April 2026 as NAV surged the sharpest from N170.74 billion in March to N216.34 billion, representing a massive 26.71 per cent increase.

The category also posted the highest average YTD yield in the industry at 46.35 per cent, supported by the bullish performance of Nigerian equities, particularly banking, industrial, and consumer goods stocks.

Unitholders also rose significantly from 88,096 to 94,531, up 7.30 per cent, while maintaining 20 funds.

Zedcrest Equity Fund led the category with an exceptional 83.73 per cent YTD return, NAV of N6.86 billion and 1,649 unitholders. Zrosk Magna Equity Fund posted YTD yield of 61.13 per cent, NAV of N19.81 billion and 137 unitholders. Paramount Equity Fund delivered 60.05 per cent YTD yield, NAV of N21.48 billion and 17,873 unitholders.

The sharp rally in equity funds mirrored the bullish performance of the Nigerian stock market, particularly in banking, consumer goods, and industrial stocks that recorded strong capital appreciation during the period.

Balanced Funds posted strong performance in April, recording double-digit growth of 12.04 per cent as NAV rose from N122.32 billion to N137.05 billion. The number of funds increased from 29 to 30, while unitholders climbed from 87,648 to 90,894, representing a 3.70 per cent increase.

Balanced Funds contributed 1.56 per cent of total NAV, with average YTD yield standing at 30.54 per cent.

Greenwich Balanced Fund recorded a remarkable 92.90 per cent YTD yield, NAV of N378.68 million and 32 unitholders. Emerging Africa Balanced-Diversity Fund posted 41.44 per cent YTD yield, NAV of N1.08 billion and 167 unitholders. Capital Express Balanced Fund delivered 40.22 per cent YTD yield. NAV of N3.54 billion and 2,737 unitholders.

The category benefited from a combination of equity market gains and relatively attractive fixed-income yields.

Shari’ah-compliant funds maintained strong growth momentum during the month. NAV increased from N112.58 billion in March to N125.95 billion in April, representing an 11.87 per cent increase. The category maintained 20 funds, while unitholders rose from 48,965 to 50,778, up 3.70 per cent.

Shari’ah-compliant funds accounted for 1.44 per cent of total industry NAV, while average YTD yield stood at 16.36 per cent.

Stanbic IBTC Imaan Fund posted a 52.53 per cent YTD return, NAV of N28.96 billion and 6,427 unitholders. ARM Halal Balanced Fund delivered 37.33 per cent YTD yield, NAV of N14.07 billion and 6,182 unitholders. Lotus Halal Investment Fund recorded 34.70 per cent YTD yield, NAV of N15.31 billion and 16,241 unitholders.

The segment continued to attract investors seeking ethical investment products aligned with Islamic finance principles.

Ethical Funds remained the smallest category by asset size but delivered strong investment returns as NAV rose from N14.94 billion in March to N18.04 billion in April, representing a 20.76 per cent increase. The category maintained 3 funds, while unitholders increased from 15,464 to 16,257, up 5.13 per cent.

Ethical Funds accounted for just 0.21 per cent of total industry NAV but recorded an impressive 28.91 per cent average YTD yield.

Top-performing Ethical Funds: Stanbic IBTC Ethical Fund posted a 52.54 per cent YTD yield, NAV of N15.53 billion and 14,887 unitholders. ESG Impact Fund recorded 30.62 per cent YTD yield, NAV of N1.91 billion, and 1,337 unitholders. CFG Ethical Fund delivered 3.56 per cent YTD yield, NAV of N598.49 million, and 33 unitholders.

The April 2026 performance highlights a mutual fund industry increasingly driven by investor diversification, strong equity market gains, and sustained appetite for professionally managed investment products.

While Money Market Funds continued to dominate by size due to their liquidity and relative safety, Equity-Based Funds and Balanced Funds emerged as the strongest return drivers, benefiting from the ongoing rally in Nigerian equities.

The rise in total unitholders above 1.31 million also points to growing retail participation in collective investment schemes as more Nigerians seek alternatives to traditional savings products amid inflationary pressures and evolving market opportunities.