Nigeria’s pension asset records N3.36trn gain as RSA registration increases to 10.19m in 2023

In 2023, Nigeria’s overall pension assets experienced a notable gain of N3.36 trillion, as reported by the National Pension Commission (PenCom) in its recently released unaudited pension fund portfolio report. This represents a year-on-year increase of 22.43 percent.

According to PenCom, the total number of Retirement Savings Account (RSA) registrations reached 10.19 million as of December 2023, reflecting a 3.3 percent growth from the 9.86 million recorded at the end of 2022.

Further analysis of the portfolio reveals that investments in federal government securities amounted to N11.92 trillion, constituting 64.9 percent of the total assets. This allocation aligns with PenCom regulations, emphasizing investments in fixed and less risky assets such as FGN bonds and treasury bills.

In the same year, RSA holders initiated transfers totaling N462 billion, marking a 28 percent increase compared to the N361.5 billion transferred in the preceding year. The cumulative transfers since the inception of the transfer window reached N1.14 trillion. This transfer activity adheres to the provisions of section 13 of the Pension Reform Act (PRA) 2024, allowing RSA holders to transfer their accounts from one Pension Fund Administrator (PFA) to another.