According to the National Pension Commission (PenCom), Nigeria’s pension fund assets decreased marginally to N19.669 trillion as of March 31, 2024, down 0.45 per cent from N19.759 trillion reported in February 2024.
Investment in FGN securities continues to dominate portfolio allocation, constituting about N12.200 trillion or 62.03 per cent of the total net asset value (NAV). Pension funds also allocated N2.058 trillion to corporate debt securities and N1.779 trillion to money market instruments.
Investments in ordinary shares of local companies rose by 8.72 per cent to N2.082 trillion from N1.915 trillion in February.
Fund II, the default RSA Fund under the Multi-Fund Structure, held the largest share of the Active RSA Funds allocation with N8.331 trillion or 42.35 per cent of the total fund NAV. Fund III also rose by 1.19 per cent from N5.112 trillion to N5.173 trillion, maintaining its second position for fund allocation.
RSA membership for March 2024 increased by 0.22 per cent to 10,280,956 from 10,258,611 members in February 2024.
The report also indicates a significant rise in pension fund assets from N14.9 trillion in December 2022 to N19.7 trillion in March 2024, representing a N4.8 trillion or 32.21% increase. In comparison, between 2021 and 2022, pension fund assets rose by just N1.57 trillion from N13.42 trillion to N14.99 trillion. This increase is likely attributed to a surge in pension fund contributions and a rise in portfolio values. For instance, FGN Securities have seen their Net Asset Values rise from N9.64 trillion in 2022 to N11.89 trillion as of March 2024.
