Mohammed Shosanya
Nigeria’s contributory pension assets rose by N4.26tn between October 2023 and October 2024,the National Pension Commission has said
The current figure indicates a 24.14 per cent rise,the Commission said in its monthly report,adding that the value of the pension assets stood at N21.92tn, compared to N17.66tn at the end of the same period in 2023.
According to the report,the dynamics of the asset mix for pension assets under management remaind relatively unchanged, with the majority of pension assets concentrated in government securities.
Investment of pension funds in Federal Government securities rose from N11.42tn to N13.57tn in the period in view,while funds invested in corporate debt securities also rose to N2.29tn, that of money market instruments stood at N2.20tn and mutual funds was N106.85bn from N112.52bn, reflecting a 5.04 per cent decline.
The report added that in the last one year,the number of retirement savings accounts grew by 394,679 to 10,535,608.
It said on a month-on-month basis, the pension assets grew by N541bn to N21. 92tn from N21.38tn in September.
