Nigeria pension assets jump 51% to $22.8 billion, regulator says

President Bola Tinubu

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Nigeria's pension assets rose 51% in two years to ‌31.48 trillion naira ($22.80 billion), while membership of the country's contributory pension scheme grew by nearly 1 million workers to 11.32 million, the ⁠National Pension Commission (PenCom) said on Tuesday.

PenCom chief Omolola Oloworaran told reporters that assets under management increased from 20.79 trillion naira in July 2024, a rise attributed to stronger confidence in the pension system.

A 758 billion naira bond ‌helped ⁠clear obligations dating back to 2007, benefiting 957,045 people through pension increases, accrued rights payments and other retirement benefits, PenCom ⁠said.
The regulator said accrued pension rights had swung from 21 months in arrears ⁠in July 2024 to a 41-month surplus, while benefit approvals are ⁠now processed within 48 hours.

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