At the end of 2024, the pension industry’s net asset value (NAV) grew by 23 percent on the back of yielding investments in Federal Government of Nigeria (FGN) securities, data from the National Pension Commission (PenCom) shows.
According to the report, the Assets Under Management (AUM) rose to N22.5 trillion from N4.2 trillion in March 2024 while Pension funds’ investment in FGN securities grew by 18 percent year-on-year to about N14.1 trillion in December 2024.
“The pension industry has continued to rise steadily, underscoring the impressive performance of the industry. In relative terms, the total pension assets made up only c.8% of Nigeria’s GDP in 2024, highlighting the underpenetrated state of the industry,” it said.