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Nigeria’s pension assets grow by N1.5trn in one year, as over 200,000 Nigerians open new accounts
The National Pension Commission (PenCom) has revealed an increase in the country’s pension fund assets by over N1.5 trillion or 12.46 per cent in the last year.
In the industry report posted on its website over the weekend, PenCom said the country’s pension assets now stand at N13.87 trillion at the end of March compared to the N12.46 trillion it stood in the same month last year.
The figure, according to the agency was also N11.35 billion than the N13.76 trillion reported in April.
The breakdown of the value of assets showed that Pension Fund Administrators (PFAs) for March showed PFAs increased their corporate debt securities to N1.01 trillion as of the end of March 2022.
While investment in federal government securities stiod at N8.5 trillion.
Although, the FGN Securities accounts remained the most attractive investment for pension fund managers.
Read also: PenCom faults National Assembly bill on 75% retirement funds
Investment in real estate properties by PFAs now stands at N156.39 billion.
Furthermore, the PFAs investments in the local equities market increased to N2.2 trillion.
On the flip side, the PFAs reduced their exposure to foreign equities and it now stands at N136.27 billion.
PenCom also revealed that Nigeria’s Retirement Savings Accounts (RSAs) have increased to N9.56million in March 2022 compared to N9.30 million the same month last year.
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