Nigeria’s pension system held ₦31.802 trillion at the end of August, with federal securities still accounting for more than half of the pool as the regulator widened room for equity investment.
The National Pension Commission (PenCom) reported that assets rose ₦289.4 billion from July in its unaudited monthly report. The system had 11,391,008 Retirement Savings Account (RSA) members as of Aug. 31, 2026.
Federal Government of Nigeria (FGN) securities were valued at ₦17.801 trillion. Domestic ordinary shares totaled ₦6.321 trillion, or about 19.9% of assets. The portfolio also included ₦2.211 trillion in corporate debt, ₦344.624 billion in infrastructure funds, ₦267.013 billion in private equity and ₦280.658 billion in foreign ordinary shares. Infrastructure funds and private equity each represented less than 1.1% of the total.
The pool was about 5.3 times its September 2016 size in nominal naira. PenCom’s report for Sept. 30, 2016, put assets at ₦5.962 trillion, with FGN bonds and Treasury bills accounting for 70.18% and quoted ordinary shares for 8.8%. The categories are not identical: the 2026 federal-securities total also includes agency bonds, Sukuk and green bonds. The comparison is not adjusted for inflation or exchange-rate changes.
PenCom’s investment rules set different limits for each pension fund type. In a Feb. 9, 2026, addendum, the commission cited a shortage of qualifying alternative assets and excess liquidity among pension fund administrators. It raised ordinary-share limits for RSA Funds I, II, III and VI Active to 35%, 33%, 15% and 33%, respectively. The rules say administrators retain ultimate fiduciary responsibility and oversight when third parties are permitted to invest or manage assets.
A proposed infrastructure fund could offer another destination for pension capital, but reporting on its size and timing differs. TheCable reported that PenCom Director-General Omolola Oloworaran said operators had committed ₦241 billion; it put the target at more than ₦300 billion and reported that the money had not yet been invested and projects had not been determined. The News Agency of Nigeria (NAN) described the commitment as potentially rising to nearly ₦300 billion and reported that investments were expected to start in the second quarter of 2027.
