Nigeria’s total pension asset achieved an N3.36 trillion gain in 2023.
The National Pension Commission, PenCom, disclosed this in its recently unaudited pension fund portfolio report.
According to PenCom, this represents a year-on-year increase of 22.43 per cent.
The report also stated that the total number of Retirement Savings Account, RSA, registrations hit 10.19 million as of December 2023, reflecting a 3.3 per cent increase from 9.86 million recorded as of the end of 2022.
A further breakdown of the portfolio showed that investments in federal government securities (N11.92 trillion) accounted for 64.9 per cent of the total assets, which is in line with PenCom regulation to invest most of the contributions in fixed, less risky assets like the FGN bonds, treasury bills etc.
In 2023, RSA holders moved a total of N462 billion, 28 per cent higher than the N361.5 billion transferred in the previous year, bringing the total since the transfer window’s inception to N1.14 trillion.
The transfer is in line with section 13 of the Pension Reform Act (PRA) 2024, which specifies that an RSA holder may transfer his/her account from one PFA to another.
