ABUJA, July 15 – Nigeria’s pension assets have climbed by 51% over the past two years to 31.48 trillion naira ($22.8 billion), while the country’s contributory pension scheme added nearly one million new members, bringing total enrolment to 11.32 million, according to the National Pension Commission (PenCom).
PenCom Director-General Omolola Oloworaran said assets under management increased from 20.79 trillion naira in July 2024 while attributing the growth to rising confidence in Nigeria’s pension system.
The commission also said a 758 billion naira bond was used to clear outstanding pension obligations dating back to 2007. The funding supported pension increases, accrued rights payments and other retirement benefits for 957,045 people.
According to PenCom, accrued pension rights have moved from being 21 months in arrears in July 2024 to a 41-month surplus, marking a major improvement in outstanding obligations.
The regulator added that pension benefit approvals are now completed within 48 hours, significantly reducing processing time for retirees and contributors.
