Nigeria’s pension fund assets rose from N17.9 trillion in November 2023, to N18.36 trillion at the end of December 2023.
The Pension Fund Operators Association of Nigeria (PenoP) disclosed this in a release on its X handle.
PenoP said the growth showed a 22.4 per cent increase year-on-year.
It further said the Registered Savings Account (RSA) membership witnessed a commendable uptick of 3.34 per cent in 2023 when compared to the preceding year, 2022, adding that this surge in membership is indicative of a growing confidence and trust in the Contributory Pension Scheme (CPS).
“In 2023, the assets under the pension fund experienced substantial growth, surging by an impressive 22.49 per cent from N14.99trn in December 2022, to N18.36trn in December 2023.
“RSA membership which was 9,862,129 at the end of December 2022 rose to 10,191,400 at the end of December 2023; representing a 3.4 per cent increase.
“The increasing number of individuals opting to join the scheme suggests a positive perception of its benefits and the belief in its effectiveness in securing financial stability during retirement,” PenoP stated.