Nigeria’s pension industry gains N3.36 trillion in 2023, fastest growth on record

Nigeria’s total pension asset gained a remarkable $3.5 billion in 2023, closing the year at a record high of N18.36 trillion from $15.8 billion recorded as of the previous year. This represents a year-on-year increase of 22.43%, which is the fastest growth on record.

This is according to the unaudited report on pension fund portfolio as released by the National Pension Commission (PenCom). Also, the total number of RSA registrations hit 10.19 million as of the end of December 2023, reflecting a 3.3% increase from 9.86 million recorded as of the end of 2022.

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