Nigeria’s pension fund assets climbed to a record N31.32 trillion in May 2026, underscoring the steady growth of the country’s pension industry despite persistent macroeconomic headwinds.

The figure is contained in the unaudited monthly report of the National Pension Commission for the period ended May 31, 2026, released on June 29, 2026.

The latest figure represents a 1.23 per cent increase from the N30.94 trillion recorded in April, with the pension industry adding about N384.98 billion in assets within a month.

On a year-on-year basis, pension fund assets grew by 29.5 per cent from N24.18 trillion recorded in May 2025, reflecting sustained expansion in the industry’s asset base.

The performance highlights the resilience of Nigeria’s pension industry, which has continued to expand despite persistent inflationary pressures, exchange rate volatility, and a challenging macroeconomic environment.

Data from PenCom shows that the largest share of pension fund assets remains invested in Federal Government securities, reflecting pension fund administrators’ continued preference for relatively low-risk fixed-income instruments.

Investments in Federal Government securities rose to N17.48 trillion, accounting for more than half of Nigeria’s total pension fund assets, underscoring the industry’s continued preference for government-backed investment instruments.

The report indicates that elevated yields on Federal Government securities continued to support the growth of pension fund assets, even as gains in the equity market moderated.

Investments in money market instruments stood at N3.01 trillion, while pension fund holdings in mutual funds amounted to N271 billion.

The May performance extends the industry’s strong growth trajectory since the start of the year.

Pension fund assets rose to N30.94 trillion in April 2026 from N29.52 trillion in March.

March assets had increased by 0.31 per cent month-on-month from N29.43 trillion recorded in February, reflecting steady expansion despite tight liquidity conditions and ongoing portfolio rebalancing across the industry.

A breakdown of the portfolio shows:

Federal Government Bonds (Held-to-Maturity): N13.48 trillion

Treasury Bills: N1.13 trillion

State Government Securities: N361.53 billion

Sukuk Bonds (Held-to-Maturity): N77.64 billion